Mizuho Securities USA LLC Cuts Stock Holdings in Snap-On Incorporated (NYSE:SNA)

Key Points

• Mizuho Securities USA LLC decreased its stake in Snap-On Incorporated by 15.7% during the first quarter, now owning 4,195 shares valued at approximately $1.41 million.
• Snap-On Incorporated reported an EPS of $4.72 for the last quarter, surpassing analysts’ expectations of $4.61, with a year-over-year revenue increase of 0.0% to $1.18 billion.
• The company has declared a quarterly dividend of $2.14 per share, contributing to an annualized dividend of $8.56 and a yield of 2.6%, with the payment set for September 10th.

Mizuho Securities USA LLC lowered its position in shares of Snap-On Incorporated (NYSE:SNA - Free Report) by 15.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,195 shares of the company's stock after selling 781 shares during the period. Mizuho Securities USA LLC's holdings in Snap-On were worth $1,414,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Auto Owners Insurance Co grew its holdings 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 purchasing an additional 1,070,025 shares during the last quarter. GAMMA Investing LLC increased its position in Snap-On by 65,113.6% during the first quarter. GAMMA Investing LLC now owns 703,003 shares of the company's stock worth $236,919,000 after buying an additional 701,925 shares during the period. First Trust Advisors LP increased its position in Snap-On by 29.2% during the fourth quarter. First Trust Advisors LP now owns 1,819,403 shares of the company's stock worth $617,651,000 after buying an additional 411,317 shares during the period. Northern Trust Corp lifted its stake in Snap-On by 22.4% in the fourth quarter. Northern Trust Corp now owns 798,254 shares of the company's stock valued at $270,991,000 after buying an additional 145,861 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings 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 acquiring an additional 115,306 shares during the period. Hedge funds and other institutional investors own 84.88% of the company's stock.

Snap-On Price Performance

Shares of NYSE:SNA traded down $8.79 during trading on Thursday, hitting $325.02. 250,932 shares of the stock were exchanged, compared to its average volume of 324,538. Snap-On Incorporated has a 12-month low of $268.90 and a 12-month high of $373.89. The company has a market cap of $16.95 billion, a PE ratio of 17.33, a P/E/G ratio of 2.32 and a beta of 0.76. The company has a fifty day moving average price of $319.50 and a two-hundred day moving average price of $325.50. The company has a current ratio of 4.48, a quick ratio of 3.42 and a debt-to-equity ratio of 0.21.

Snap-On (NYSE:SNA - Get Free Report) last posted its earnings results on Thursday, July 17th. The company reported $4.72 earnings per share 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 firm had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.16 billion. During the same period last year, the firm posted $5.07 EPS. The firm's revenue for the quarter was up .0% on a year-over-year basis. On average, analysts forecast that Snap-On Incorporated will post 19.79 EPS for the current year.

Snap-On Dividend Announcement

The business also recently declared 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 of this dividend is Tuesday, August 19th. Snap-On's payout ratio is 45.65%.

Insiders Place Their Bets

In other news, Director Karen L. Daniel sold 1,090 shares of the business's 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 completion of the transaction, the director owned 8,030 shares of the company's stock, valued at $2,568,957.60. The trade was a 11.95% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Nicholas T. Pinchuk sold 23,172 shares of the firm's stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $315.85, for a total transaction of $7,318,876.20. Following the sale, the chief executive officer owned 804,510 shares in the company, valued at approximately $254,104,483.50. This trade represents a 2.80% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 47,304 shares of company stock valued at $15,061,306. Insiders own 3.90% of the company's stock.

Analyst Ratings Changes

Several analysts recently commented on SNA shares. Robert W. Baird upped their price target on shares of Snap-On from $329.00 to $347.00 and gave the company a "neutral" rating in a research report on Friday, July 18th. Bank of America upped their target price on shares of Snap-On from $265.00 to $285.00 and gave the company an "underperform" rating in a report on Friday, July 18th. Wall Street Zen upgraded shares of Snap-On from a "hold" rating to a "buy" rating in a research note on Friday, May 16th. Finally, Barrington Research restated an "outperform" rating and issued a $350.00 price target on shares of Snap-On in a research report on Tuesday, July 15th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and five have assigned a buy rating to the company's stock. According to data from MarketBeat, Snap-On presently has an average rating of "Moderate Buy" and an average price target of $356.17.

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.