New York State Teachers Retirement System Sells 5,057 Shares of Snap-On Incorporated $SNA

Key Points

• The New York State Teachers Retirement System reduced its holdings in Snap-On Incorporated by 8.9%, selling 5,057 shares and retaining about 51,803 shares valued at $16.12 million.
• Several analysts have recently upgraded their ratings on Snap-On, with Bank of America raising the target price from $265 to $285, while Barrington Research set a price target of $350.
• Snap-On announced a quarterly dividend of $2.14 per share, resulting in an annualized dividend of $8.56, with a yield of 2.5%.

New York State Teachers Retirement System reduced its holdings in shares of Snap-On Incorporated (NYSE:SNA - Free Report) by 8.9% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 51,803 shares of the company's stock after selling 5,057 shares during the quarter. New York State Teachers Retirement System owned approximately 0.10% of Snap-On worth $16,120,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in SNA. Alpine Bank Wealth Management acquired a new position in shares of Snap-On in the first quarter valued at $25,000. Ameritas Advisory Services LLC bought a new stake in shares of Snap-On during the 2nd quarter worth about $30,000. Golden State Wealth Management LLC grew its stake in Snap-On by 421.1% in the 1st quarter. Golden State Wealth Management LLC now owns 99 shares of the company's stock valued at $33,000 after buying an additional 80 shares during the last quarter. Cullen Frost Bankers Inc. grew its stake in Snap-On by 248.3% in the 1st quarter. Cullen Frost Bankers Inc. now owns 101 shares of the company's stock valued at $34,000 after buying an additional 72 shares during the last quarter. Finally, Ransom Advisory Ltd bought a new position in Snap-On in the 1st quarter valued at about $34,000. Institutional investors own 84.88% of the company's stock.

Analyst Ratings Changes

Several research firms have recently commented on SNA. Bank of America upped their target price on Snap-On from $265.00 to $285.00 and gave the company an "underperform" rating in a research report on Friday, July 18th. Wall Street Zen raised Snap-On from a "hold" rating to a "buy" rating in a research report on Saturday. Barrington Research reaffirmed an "outperform" rating and issued a $350.00 price objective on shares of Snap-On in a report on Wednesday. Roth Capital reiterated a "buy" rating and set a $385.00 target price on shares of Snap-On in a research report on Friday. Finally, Weiss Ratings restated a "buy (b)" rating on shares of Snap-On in a research report on Wednesday, October 8th. Six investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $363.57.

Insider Buying and Selling

In other Snap-On news, CEO Nicholas T. Pinchuk sold 23,042 shares of the firm's stock in a transaction that occurred on Monday, August 11th. The shares were sold at an average price of $320.88, for a total value of $7,393,716.96. Following the sale, the chief executive officer owned 815,219 shares in the company, valued at $261,587,472.72. This trade represents a 2.75% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO Aldo John Pagliari sold 125 shares of the company's stock in a transaction on Friday, August 15th. The stock was sold at an average price of $325.21, for a total transaction of $40,651.25. Following the transaction, the chief financial officer owned 111,721 shares of the company's stock, valued at $36,332,786.41. This trade represents a 0.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 27,898 shares of company stock worth $8,983,203. 3.90% of the stock is currently owned by corporate insiders.

Snap-On Trading Down 1.3%

Shares of SNA stock opened at $339.61 on Friday. Snap-On Incorporated has a fifty-two week low of $289.81 and a fifty-two week high of $373.89. The stock's fifty day moving average price is $332.77 and its two-hundred day moving average price is $323.71. The company has a debt-to-equity ratio of 0.20, a quick ratio of 3.42 and a current ratio of 4.40. The company has a market cap of $17.71 billion, a PE ratio of 17.81, a P/E/G ratio of 2.36 and a beta of 0.78.

Snap-On (NYSE:SNA - Get Free Report) last announced its quarterly earnings data on Thursday, October 16th. The company reported $4.71 earnings per share for the quarter, topping the consensus estimate of $4.59 by $0.12. The business had revenue of $1.19 billion during the quarter, compared to the consensus estimate of $1.16 billion. Snap-On had a return on equity of 17.71% and a net margin of 21.08%.Snap-On's revenue for the quarter was up 3.8% on a year-over-year basis. During the same period in the prior year, the company earned $4.70 EPS. Equities analysts predict that Snap-On Incorporated will post 19.79 EPS for the current fiscal year.

Snap-On Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 10th. Stockholders of record on Tuesday, August 19th were paid a $2.14 dividend. This represents a $8.56 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date was Tuesday, August 19th. Snap-On's dividend payout ratio (DPR) is presently 44.89%.

Snap-On Company Profile

Snap-on Incorporated manufactures and markets tools, equipment, diagnostics, and repair information and systems solutions for professional users worldwide. It operates through Commercial & Industrial Group, Snap-on Tools Group, Repair Systems & Information Group, and Financial Services segments.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.