Principal Financial Group Inc. Sells 805 Shares of Snap-On Incorporated (NYSE:SNA)

Principal Financial Group Inc. lowered its position in shares of Snap-On Incorporated (NYSE:SNA - Free Report) by 0.3% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 298,869 shares of the company's stock after selling 805 shares during the quarter. Principal Financial Group Inc. owned 0.57% of Snap-On worth $100,722,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Alpine Bank Wealth Management purchased a new position in Snap-On in the first quarter worth $25,000. SBI Securities Co. Ltd. purchased a new position in shares of Snap-On in the 4th quarter worth about $26,000. Golden State Wealth Management LLC grew its position in Snap-On by 421.1% during the first 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 period. Opal Wealth Advisors LLC bought a new position in Snap-On during the first quarter valued at about $35,000. Finally, CoreFirst Bank & Trust purchased a new stake in Snap-On during the fourth quarter worth about $40,000. Hedge funds and other institutional investors own 84.88% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the stock. Wall Street Zen raised shares of Snap-On from a "hold" rating to a "buy" rating in a research report on Friday, May 16th. Robert W. Baird reduced their price objective on Snap-On from $349.00 to $320.00 and set a "neutral" rating for the company in a report on Monday, April 21st. Longbow Research upgraded Snap-On from a "neutral" rating to a "buy" rating and set a $400.00 target price on the stock in a research note on Monday, March 31st. Finally, Barrington Research reiterated an "outperform" rating and set a $350.00 price target on shares of Snap-On in a research note on Monday, May 19th. One analyst has rated the stock with a sell rating, one has issued a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $350.83.

Snap-On Trading Up 0.2%

NYSE:SNA opened at $320.81 on Friday. Snap-On Incorporated has a 1 year low of $252.98 and a 1 year high of $373.90. The stock's fifty day moving average price is $317.38 and its two-hundred day moving average price is $329.29. The company has a debt-to-equity ratio of 0.21, a current ratio of 4.14 and a quick ratio of 3.18. The company has a market cap of $16.78 billion, a P/E ratio of 16.80, a P/E/G ratio of 2.30 and a beta of 0.76.

Snap-On (NYSE:SNA - Get Free Report) last issued its quarterly earnings data on Thursday, April 17th. The company reported $4.51 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $4.81 by ($0.30). Snap-On had a return on equity of 18.60% and a net margin of 21.42%. The company had revenue of $1.14 billion for the quarter, compared to analysts' expectations of $1.20 billion. During the same period last year, the company posted $4.91 EPS. As a group, analysts expect that Snap-On Incorporated will post 19.79 EPS for the current year.

Snap-On Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 10th. Stockholders of record on Tuesday, May 20th were given a $2.14 dividend. The ex-dividend date was Tuesday, May 20th. This represents a $8.56 dividend on an annualized basis and a dividend yield of 2.67%. Snap-On's dividend payout ratio (DPR) is currently 44.82%.

Insider Activity at Snap-On

In other Snap-On news, Director Karen L. Daniel sold 1,090 shares of the stock in a transaction that occurred on Thursday, June 5th. The shares were sold at an average price of $319.92, for a total value of $348,712.80. Following the sale, the director directly owned 8,030 shares in the company, valued at $2,568,957.60. This represents a 11.95% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Nicholas T. Pinchuk sold 23,172 shares of the business's stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $315.85, for a total transaction of $7,318,876.20. Following the transaction, the chief executive officer owned 804,510 shares of the company's stock, valued at $254,104,483.50. This trade represents a 2.80% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 29,815 shares of company stock valued at $9,482,532. Corporate insiders own 3.90% of the company's stock.

About Snap-On

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.

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