Raymond James Financial Inc. Sells 42,331 Shares of Snap-On Incorporated $SNA

Key Points

• Raymond James Financial Inc. has reduced its stake in Snap-On Incorporated by 9.7%, holding 396,104 shares valued at approximately $133.49 million after selling 42,331 shares.
• Snap-On reported $4.72 EPS for the latest quarter, exceeding analyst expectations, with a net margin of 20.98% and revenue growth year-over-year.
• The company has declared a quarterly dividend of $2.14 per share, representing a dividend yield of 2.6%, with a payout ratio of 45.65%.

Raymond James Financial Inc. reduced its holdings in Snap-On Incorporated (NYSE:SNA - Free Report) by 9.7% in the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 396,104 shares of the company's stock after selling 42,331 shares during the quarter. Raymond James Financial Inc. owned approximately 0.76% of Snap-On worth $133,491,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Auto Owners Insurance Co increased its position in shares of Snap-On by 35,967.2% during the first quarter. Auto Owners Insurance Co now owns 1,073,000 shares of the company's stock worth $361,612,000 after buying an additional 1,070,025 shares during the period. GAMMA Investing LLC grew its holdings in Snap-On by 65,113.6% in the first quarter. GAMMA Investing LLC now owns 703,003 shares of the company's stock worth $236,919,000 after purchasing an additional 701,925 shares during the period. Northern Trust Corp grew its holdings in Snap-On by 22.4% in the fourth quarter. Northern Trust Corp now owns 798,254 shares of the company's stock worth $270,991,000 after purchasing an additional 145,861 shares during the period. Nuveen LLC bought a new position in shares of Snap-On in the first quarter valued at $45,711,000. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of Snap-On by 6.4% in the first quarter. Charles Schwab Investment Management Inc. now owns 1,921,584 shares of the company's stock valued at $647,593,000 after buying an additional 115,306 shares in the last quarter. 84.88% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Snap-On

In other news, CEO Nicholas T. Pinchuk sold 23,042 shares of the business'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 completion of the sale, the chief executive officer directly owned 815,219 shares in the company, valued at approximately $261,587,472.72. The trade was a 2.75% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Aldo John Pagliari sold 125 shares of the business's stock in a transaction that occurred 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 completion of the sale, the chief financial officer owned 111,721 shares of the company's stock, valued at approximately $36,332,786.41. The trade was a 0.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 52,160 shares of company stock worth $16,650,792. 3.90% of the stock is currently owned by insiders.

Snap-On Price Performance

NYSE:SNA traded up $11.3710 during mid-day trading on Friday, hitting $332.7510. 230,404 shares of the stock traded hands, compared to its average volume of 250,540. The business's 50-day moving average price is $320.24 and its 200 day moving average price is $324.28. The company has a market cap of $17.36 billion, a PE ratio of 17.75, a price-to-earnings-growth ratio of 2.24 and a beta of 0.76. Snap-On Incorporated has a 12-month low of $268.90 and a 12-month high of $373.89. The company has a quick ratio of 3.42, a current ratio of 4.48 and a debt-to-equity ratio of 0.21.

Snap-On (NYSE:SNA - Get Free Report) last issued its quarterly earnings data on Thursday, July 17th. The company reported $4.72 EPS for the quarter, beating the consensus estimate of $4.61 by $0.11. Snap-On had a net margin of 20.98% and a return on equity of 18.02%. The company had revenue of $1.18 billion during the quarter, compared to analysts' expectations of $1.16 billion. During the same quarter in the previous year, the company earned $5.07 earnings per share. Snap-On's revenue for the quarter was up .0% on a year-over-year basis. On average, analysts expect that Snap-On Incorporated will post 19.79 EPS for the current fiscal year.

Snap-On Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 10th. Stockholders of record on Tuesday, August 19th will be issued a $2.14 dividend. This represents a $8.56 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date is Tuesday, August 19th. Snap-On's payout ratio is presently 45.65%.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Bank of America raised their price objective on shares of Snap-On from $265.00 to $285.00 and gave the company an "underperform" rating in a research note on Friday, July 18th. Wall Street Zen raised shares of Snap-On from a "hold" rating to a "buy" rating in a research report on Friday, May 16th. Barrington Research reiterated an "outperform" rating and issued a $350.00 target price on shares of Snap-On in a research note on Tuesday, July 15th. Finally, Robert W. Baird lifted their target price on shares of Snap-On from $329.00 to $347.00 and gave the stock a "neutral" rating in a research note on Friday, July 18th. Four equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $356.17.

Snap-On 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.