M&T Bank Corp Lowers Stake in Snap-On Incorporated (NYSE:SNA)

M&T Bank Corp cut its holdings in shares of Snap-On Incorporated (NYSE:SNA - Free Report) by 6.5% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 22,895 shares of the company's stock after selling 1,583 shares during the quarter. M&T Bank Corp's holdings in Snap-On were worth $7,716,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Stratos Wealth Partners LTD. grew its position in shares of Snap-On by 4.8% during the first quarter. Stratos Wealth Partners LTD. now owns 30,542 shares of the company's stock valued at $10,293,000 after purchasing an additional 1,395 shares in the last quarter. Beverly Hills Private Wealth LLC grew its position in Snap-On by 3.9% in the first quarter. Beverly Hills Private Wealth LLC now owns 1,475 shares of the company's stock worth $497,000 after acquiring an additional 56 shares in the last quarter. TD Private Client Wealth LLC grew its position in Snap-On by 4.3% in the first quarter. TD Private Client Wealth LLC now owns 11,390 shares of the company's stock worth $3,839,000 after acquiring an additional 472 shares in the last quarter. Envestnet Asset Management Inc. grew its position in Snap-On by 2.0% in the first quarter. Envestnet Asset Management Inc. now owns 774,526 shares of the company's stock worth $261,023,000 after acquiring an additional 15,097 shares in the last quarter. Finally, HM Payson & Co. grew its position in Snap-On by 79.2% in the first quarter. HM Payson & Co. now owns 550 shares of the company's stock worth $185,000 after acquiring an additional 243 shares in the last quarter. 84.88% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, CFO Aldo John Pagliari sold 5,553 shares of the business's stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $326.84, for a total transaction of $1,814,942.52. Following the sale, the chief financial officer directly owned 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 through this hyperlink. Also, Director Karen L. Daniel sold 1,090 shares of the business's stock in a transaction on Thursday, June 5th. The shares were sold at an average price of $319.92, for a total transaction of $348,712.80. Following the sale, the director directly owned 8,030 shares in the company, valued at $2,568,957.60. This trade represents a 11.95% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 29,815 shares of company stock valued at $9,482,532. 3.90% of the stock is currently owned by insiders.

Snap-On Stock Up 0.8%

NYSE:SNA traded up $2.57 during trading hours on Thursday, reaching $320.69. The company's stock had a trading volume of 268,402 shares, compared to its average volume of 367,843. The company has a market capitalization of $16.77 billion, a P/E ratio of 16.79, a price-to-earnings-growth ratio of 2.26 and a beta of 0.76. Snap-On Incorporated has a 12 month low of $256.54 and a 12 month high of $373.90. The company has a debt-to-equity ratio of 0.21, a quick ratio of 3.18 and a current ratio of 4.14. The stock has a 50 day moving average price of $317.75 and a two-hundred day moving average price of $328.83.

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

Snap-On Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 10th. Shareholders of record on Tuesday, May 20th were issued a $2.14 dividend. This represents a $8.56 annualized dividend and a yield of 2.67%. The ex-dividend date of this dividend was Tuesday, May 20th. Snap-On's dividend payout ratio is currently 44.82%.

Analyst Ratings Changes

SNA has been the subject of several analyst reports. Longbow Research raised shares of Snap-On from a "neutral" rating to a "buy" rating and set a $400.00 price objective for the company in a research note on Monday, March 31st. Wall Street Zen raised shares of Snap-On from a "hold" rating to a "buy" rating in a research note on Friday, May 16th. Barrington Research reissued an "outperform" rating and issued a $350.00 price objective on shares of Snap-On in a research note on Monday, May 19th. Finally, Robert W. Baird decreased their price objective on shares of Snap-On from $349.00 to $320.00 and set a "neutral" rating for the company in a research note on Monday, April 21st. One research analyst has rated the stock with a sell rating, one has given a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, Snap-On currently has a consensus rating of "Moderate Buy" and a consensus target price of $350.83.

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.