Snap-On Incorporated $SNA Shares Sold by Geode Capital Management LLC

Key Points

• Geode Capital Management trimmed its Snap-On stake slightly in the fourth quarter, selling 6,909 shares and ending with 1.56 million shares worth about $537 million.
• Insiders sold shares as CEO Nicholas T. Pinchuk and CFO Aldo John Pagliari both reduced their holdings through pre-arranged Rule 10b5-1 plans.
• Snap-On reported Q1 earnings of $4.69 per share, missing estimates, while revenue came in at $1.21 billion and rose 5.8% year over year. The company also authorized a $500 million share buyback and declared a quarterly dividend of $2.44 per share.

Geode Capital Management LLC reduced its stake in shares of Snap-On Incorporated (NYSE:SNA - Free Report) by 0.4% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,563,695 shares of the company's stock after selling 6,909 shares during the quarter. Geode Capital Management LLC owned 3.01% of Snap-On worth $537,027,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Snap-On by 15.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,850 shares of the company's stock valued at $2,983,000 after purchasing an additional 1,185 shares in the last quarter. Woodline Partners LP lifted its holdings in shares of Snap-On by 40.4% in the first quarter. Woodline Partners LP now owns 4,426 shares of the company's stock valued at $1,492,000 after purchasing an additional 1,273 shares in the last quarter. EverSource Wealth Advisors LLC lifted its holdings in shares of Snap-On by 100.9% in the second quarter. EverSource Wealth Advisors LLC now owns 464 shares of the company's stock valued at $144,000 after purchasing an additional 233 shares in the last quarter. Gamco Investors INC. ET AL lifted its holdings in shares of Snap-On by 32.9% in the second quarter. Gamco Investors INC. ET AL now owns 1,752 shares of the company's stock valued at $545,000 after purchasing an additional 434 shares in the last quarter. Finally, Natixis lifted its holdings in shares of Snap-On by 136.8% in the second quarter. Natixis now owns 3,048 shares of the company's stock valued at $948,000 after purchasing an additional 1,761 shares in the last quarter. 84.88% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Snap-On

In other Snap-On news, CEO Nicholas T. Pinchuk sold 23,396 shares of the firm's stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $375.77, for a total transaction of $8,791,514.92. Following the completion of the transaction, the chief executive officer directly owned 856,918 shares of the company's stock, valued at $322,004,076.86. This trade represents a 2.66% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Aldo John Pagliari sold 5,713 shares of Snap-On stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $367.19, for a total transaction of $2,097,756.47. Following the completion of the transaction, the chief financial officer directly owned 119,488 shares of the company's stock, valued at $43,874,798.72. This trade represents a 4.56% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 3.80% of the company's stock.

Analyst Ratings Changes

Several analysts have issued reports on the stock. Tigress Financial upped their price target on shares of Snap-On from $405.00 to $445.00 and gave the company a "buy" rating in a report on Friday, February 27th. Wall Street Zen downgraded shares of Snap-On from a "buy" rating to a "hold" rating in a report on Saturday, February 7th. Roth Mkm reaffirmed a "buy" rating and issued a $431.00 price target on shares of Snap-On in a report on Friday, April 24th. Weiss Ratings reissued a "buy (b)" rating on shares of Snap-On in a research note on Monday, April 20th. Finally, Robert W. Baird upped their price objective on shares of Snap-On from $380.00 to $395.00 and gave the company a "neutral" rating in a research note on Friday, April 24th. Five equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Snap-On has an average rating of "Moderate Buy" and a consensus target price of $387.67.

Snap-On Stock Performance

Shares of SNA stock opened at $371.75 on Friday. Snap-On Incorporated has a one year low of $301.82 and a one year high of $400.88. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.74 and a current ratio of 3.53. The company has a 50 day moving average price of $371.30 and a 200 day moving average price of $364.00. The firm has a market capitalization of $19.26 billion, a price-to-earnings ratio of 19.19, a price-to-earnings-growth ratio of 2.61 and a beta of 0.75.

Snap-On (NYSE:SNA - Get Free Report) last issued its earnings results on Thursday, April 23rd. The company reported $4.69 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $4.75 by ($0.06). The firm had revenue of $1.21 billion for the quarter, compared to analysts' expectations of $1.19 billion. Snap-On had a return on equity of 17.13% and a net margin of 21.28%.The firm's revenue for the quarter was up 5.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $4.51 EPS. Sell-side analysts anticipate that Snap-On Incorporated will post 19.7 EPS for the current year.

Snap-On announced that its Board of Directors has authorized a stock buyback plan on Thursday, April 30th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the company to purchase up to 2.6% of its stock through open market purchases. Stock repurchase plans are often an indication that the company's leadership believes its stock is undervalued.

Snap-On Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, June 10th. Investors of record on Wednesday, May 20th will be issued a dividend of $2.44 per share. This represents a $9.76 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date of this dividend is Wednesday, May 20th. Snap-On's dividend payout ratio (DPR) is presently 50.39%.

Snap-On Company Profile

Snap‑On Incorporated NYSE: SNA is a designer, manufacturer and marketer of tools, diagnostic equipment, repair information and shop equipment for professional users. The company's product range includes hand and power tools, tool storage and cabinets, diagnostic scan tools and software, shop equipment such as lifts and tire changers, and specialized specialty tools for automotive, aviation, marine and industrial applications. Snap‑On also offers information and workflow solutions that combine diagnostic data, repair procedures and parts information to support professional technicians.

Founded in 1920 and headquartered in Kenosha, Wisconsin, Snap‑On has established a long history in the professional tools market.

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