Snap-On Incorporated $SNA Shares Sold by Amundi

Key Points

• Amundi cut its Snap-On stake by 20.1% in the second quarter, selling 49,721 shares and retaining 198,213 shares valued at approximately $79.8 million. Institutional investors and hedge funds own 84.88% of the company.
• Analysts maintain a favorable outlook, with five Buy ratings and one Hold rating. Snap-On has an average price target of $426.20, while recent targets range from $415 to $485.
• Snap-On exceeded quarterly expectations, reporting $4.96 in earnings per share and $1.24 billion in revenue, up 4.7% year over year. The company also declared a quarterly dividend of $2.44 per share, equivalent to a 2.6% annual yield.

Amundi lessened its position in shares of Snap-On Incorporated (NYSE:SNA - Free Report) by 20.1% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 198,213 shares of the company's stock after selling 49,721 shares during the quarter. Amundi owned about 0.38% of Snap-On worth $79,759,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in SNA. Miller Howard Investments Inc. NY purchased a new position in shares of Snap-On in the first quarter valued at approximately $51,244,000. QRG Capital Management Inc. boosted its holdings in Snap-On by 9.9% in the first quarter. QRG Capital Management Inc. now owns 86,849 shares of the company's stock valued at $31,545,000 after purchasing an additional 7,798 shares in the last quarter. Fisher Asset Management LLC boosted its holdings in Snap-On by 21.8% in the fourth quarter. Fisher Asset Management LLC now owns 66,017 shares of the company's stock valued at $22,750,000 after purchasing an additional 11,808 shares in the last quarter. Hsbc Holdings PLC increased its stake in Snap-On by 0.9% in the fourth quarter. Hsbc Holdings PLC now owns 374,236 shares of the company's stock valued at $128,974,000 after purchasing an additional 3,321 shares during the last quarter. Finally, Sanctuary Advisors LLC increased its stake in Snap-On by 8.0% in the first quarter. Sanctuary Advisors LLC now owns 36,690 shares of the company's stock valued at $13,326,000 after purchasing an additional 2,714 shares during the last quarter. 84.88% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have commented on the company. Roth Capital reaffirmed a "buy" rating and set a $461.00 price target (up from $409.00) on shares of Snap-On in a research report on Friday, July 24th. Weiss Ratings restated a "buy (b)" rating on shares of Snap-On in a research report on Friday, July 17th. Barclays began coverage on shares of Snap-On in a report on Thursday, May 28th. They issued an "overweight" rating and a $420.00 target price on the stock. Tigress Financial increased their price target on shares of Snap-On from $445.00 to $485.00 and gave the stock a "buy" rating in a report on Friday, July 31st. Finally, Robert W. Baird set a $415.00 price objective on shares of Snap-On in a research report on Friday, July 24th. Five analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, Snap-On presently has an average rating of "Moderate Buy" and an average price target of $426.20.

Insider Activity

In other Snap-On news, CFO Aldo Pagliari sold 5,531 shares of the company's stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $404.25, for a total value of $2,235,906.75. Following the completion of the transaction, the chief financial officer directly owned 120,644 shares of the company's stock, valued at $48,770,337. This represents a 4.38% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Marty V. Ozolins sold 800 shares of the business's stock in a transaction on Wednesday, August 26th. The shares were sold at an average price of $400.00, for a total transaction of $320,000.00. Following the completion of the transaction, the vice president directly owned 1,526 shares in the company, valued at $610,400. This represents a 34.39% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 40,720 shares of company stock worth $16,500,198 in the last ninety days. 3.80% of the stock is currently owned by company insiders.

Snap-On Price Performance

NYSE:SNA opened at $378.04 on Thursday. Snap-On Incorporated has a 12-month low of $320.80 and a 12-month high of $423.02. The firm has a market cap of $19.56 billion, a price-to-earnings ratio of 19.28, a price-to-earnings-growth ratio of 2.67 and a beta of 0.72. The company's 50-day moving average is $401.85 and its two-hundred day moving average is $385.40. The company has a current ratio of 3.43, a quick ratio of 2.64 and a debt-to-equity ratio of 0.15.

Snap-On (NYSE:SNA - Get Free Report) last released its earnings results on Thursday, July 23rd. The company reported $4.96 earnings per share for the quarter, topping the consensus estimate of $4.95 by $0.01. The firm had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.22 billion. Snap-On had a return on equity of 17.07% and a net margin of 21.25%.The firm's revenue for the quarter was up 4.7% compared to the same quarter last year. During the same period in the prior year, the business posted $4.72 earnings per share. Research analysts expect that Snap-On Incorporated will post 19.7 EPS for the current year.

Snap-On Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 10th. Stockholders of record on Wednesday, August 19th will be given a $2.44 dividend. The ex-dividend date of this dividend is Wednesday, August 19th. This represents a $9.76 annualized dividend and a dividend yield of 2.6%. Snap-On's dividend payout ratio is presently 49.77%.

Snap-On Profile

Snap-on Incorporated is a manufacturer and distributor of professional tools, equipment, diagnostics and repair information. Its products include hand and power tools, tool storage, vehicle diagnostic systems, shop equipment, repair software and related services. The company serves professional technicians and customers in the automotive repair, commercial transportation, industrial, aviation, military, agriculture and other technical markets.

Snap-on sells products under the Snap-on brand and other brands, including Blue-Point, through a broad distribution network.

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