Man Group plc Cuts Stock Holdings in Snap-on Incorporated (NYSE:SNA)

Man Group plc trimmed its position in shares of Snap-on Incorporated (NYSE:SNA - Free Report) by 46.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 18,079 shares of the company's stock after selling 15,868 shares during the quarter. Man Group plc's holdings in Snap-on were worth $6,137,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Nomura Holdings Inc. acquired a new position in shares of Snap-on in the fourth quarter worth approximately $587,000. NDVR Inc. acquired a new position in shares of Snap-on in the fourth quarter worth approximately $217,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Snap-on by 0.7% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 7,665 shares of the company's stock worth $2,602,000 after acquiring an additional 57 shares during the period. Lazard Asset Management LLC lifted its stake in shares of Snap-on by 14.4% in the fourth quarter. Lazard Asset Management LLC now owns 507 shares of the company's stock worth $171,000 after acquiring an additional 64 shares during the period. Finally, Laird Norton Wetherby Wealth Management LLC acquired a new position in shares of Snap-on in the fourth quarter worth approximately $229,000. 84.88% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms recently commented on SNA. Robert W. Baird cut their price objective on Snap-on from $349.00 to $320.00 and set a "neutral" rating on the stock in a research note on Monday, April 21st. Wall Street Zen upgraded Snap-on from a "hold" rating to a "buy" rating in a report on Friday, May 16th. Tigress Financial lifted their target price on Snap-on from $385.00 to $390.00 and gave the stock a "buy" rating in a report on Tuesday, March 4th. Barrington Research reiterated an "outperform" rating and issued a $350.00 target price on shares of Snap-on in a report on Monday. Finally, Longbow Research upgraded Snap-on from a "neutral" rating to a "buy" rating and set a $400.00 target price for the company in a report on Monday, March 31st. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $350.83.

Snap-on Trading Down 0.5%

SNA stock traded down $1.63 during mid-day trading on Friday, reaching $319.51. The company's stock had a trading volume of 289,667 shares, compared to its average volume of 362,664. The company has a market cap of $16.71 billion, a price-to-earnings ratio of 16.39, a price-to-earnings-growth ratio of 2.21 and a beta of 0.78. The business's 50 day moving average price is $322.12 and its 200 day moving average price is $338.48. The company has a current ratio of 4.15, a quick ratio of 3.17 and a debt-to-equity ratio of 0.22. Snap-on Incorporated has a 12 month low of $252.98 and a 12 month high of $373.90.

Snap-on (NYSE:SNA - Get Free Report) last released its quarterly earnings data on Thursday, April 17th. The company reported $4.51 EPS for the quarter, missing the consensus estimate of $4.81 by ($0.30). The firm had revenue of $1.14 billion for the quarter, compared to the consensus estimate of $1.20 billion. Snap-on had a net margin of 21.71% and a return on equity of 19.20%. During the same quarter in the prior year, the firm earned $4.91 EPS. On average, equities research analysts predict 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 will be paid on Tuesday, June 10th. Stockholders of record on Tuesday, May 20th will be issued a dividend of $2.14 per share. The ex-dividend date is Tuesday, May 20th. This represents a $8.56 annualized dividend and a dividend yield of 2.68%. Snap-on's dividend payout ratio is 44.82%.

Insider Activity

In related news, CFO Aldo John Pagliari sold 5,553 shares of Snap-on stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $326.84, for a total transaction of $1,814,942.52. Following the transaction, the chief financial officer now owns 109,560 shares of the company's stock, valued at $35,808,590.40. The trade was a 4.82% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Nicholas T. Pinchuk sold 22,700 shares of Snap-on stock in a transaction that occurred on Thursday, March 27th. The shares were sold at an average price of $335.32, for a total value of $7,611,764.00. Following the transaction, the chief executive officer now directly owns 793,932 shares in the company, valued at approximately $266,221,278.24. The trade was a 2.78% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 3.90% of the company's stock.

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.