Snap-On Incorporated $SNA Shares Sold by Royal Bank of Canada

Key Points

• Royal Bank of Canada reduced its stake in Snap-On by 8.0%, selling 8,085 shares and holding 93,537 shares worth approximately $31.5 million at the end of the first quarter.
• Several institutional investors significantly increased their positions in Snap-On during the same period, with Auto Owners Insurance Co boosting their holdings by over 35,967%.
• Snap-On's quarterly earnings beat consensus estimates, reporting $4.72 EPS and a revenue of $1.18 billion, with a dividend yield of 2.6% announced for the upcoming payment.

Royal Bank of Canada lowered its position in shares of Snap-On Incorporated (NYSE:SNA - Free Report) by 8.0% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 93,537 shares of the company's stock after selling 8,085 shares during the quarter. Royal Bank of Canada owned 0.18% of Snap-On worth $31,523,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of SNA. Auto Owners Insurance Co boosted its position in shares of Snap-On by 35,967.2% during the 1st quarter. Auto Owners Insurance Co now owns 1,073,000 shares of the company's stock valued at $361,612,000 after purchasing an additional 1,070,025 shares in the last quarter. GAMMA Investing LLC lifted its stake in Snap-On by 65,113.6% during the first quarter. GAMMA Investing LLC now owns 703,003 shares of the company's stock valued at $236,919,000 after purchasing an additional 701,925 shares during the last quarter. Ameriprise Financial Inc. boosted its holdings in Snap-On by 54.3% during the first quarter. Ameriprise Financial Inc. now owns 681,857 shares of the company's stock worth $229,793,000 after buying an additional 239,908 shares in the last quarter. Nuveen LLC bought a new stake in Snap-On during the first quarter worth approximately $45,711,000. Finally, Charles Schwab Investment Management Inc. grew its position in 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 worth $647,593,000 after buying an additional 115,306 shares during the last quarter. 84.88% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research firms have recently weighed in on SNA. Wall Street Zen raised Snap-On from a "hold" rating to a "buy" rating in a research note on Friday, May 16th. Tigress Financial upped their target price on Snap-On from $390.00 to $395.00 and gave the company a "buy" rating in a report on Friday, August 29th. Bank of America lifted their price target on Snap-On from $265.00 to $285.00 and gave the stock an "underperform" rating in a research note on Friday, July 18th. Barrington Research restated an "outperform" rating and set a $350.00 price objective on shares of Snap-On in a report on Tuesday, July 15th. Finally, Robert W. Baird raised their target price on shares of Snap-On from $329.00 to $347.00 and gave the stock a "neutral" rating in a report on Friday, July 18th. Four analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, Snap-On has an average rating of "Moderate Buy" and a consensus target price of $357.00.

Snap-On Trading Down 0.0%

NYSE:SNA opened at $328.65 on Friday. The stock has a market cap of $17.14 billion, a PE ratio of 17.53, a price-to-earnings-growth ratio of 2.29 and a beta of 0.77. Snap-On Incorporated has a fifty-two week low of $268.90 and a fifty-two week high of $373.89. The company has a debt-to-equity ratio of 0.21, a current ratio of 4.48 and a quick ratio of 3.42. The stock's 50-day moving average is $323.96 and its two-hundred day moving average is $323.20.

Snap-On (NYSE:SNA - Get Free Report) last posted its quarterly earnings results on Thursday, July 17th. The company reported $4.72 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.61 by $0.11. Snap-On had a net margin of 20.98% and a return on equity of 18.02%. The business had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.16 billion. During the same period in the prior year, the firm earned $5.07 earnings per share. The firm's revenue was up .0% compared to the same quarter last year. As a group, equities research analysts forecast that Snap-On Incorporated will post 19.79 earnings per share for the current fiscal year.

Snap-On Announces Dividend

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 paid a $2.14 dividend. The ex-dividend date of this dividend is Tuesday, August 19th. This represents a $8.56 dividend on an annualized basis and a dividend yield of 2.6%. Snap-On's dividend payout ratio is 45.65%.

Insider Buying and Selling at Snap-On

In related news, CEO Nicholas T. Pinchuk sold 23,042 shares of Snap-On stock in a transaction on Monday, August 11th. The stock was sold at an average price of $320.88, for a total transaction of $7,393,716.96. Following the completion of the sale, the chief executive officer owned 815,219 shares of the company's stock, valued at approximately $261,587,472.72. This trade represents a 2.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Aldo John Pagliari sold 125 shares of the business's stock in a transaction dated Friday, August 15th. The shares were sold at an average price of $325.21, for a total value of $40,651.25. Following the completion of the transaction, the chief financial officer owned 111,721 shares in the company, valued at $36,332,786.41. This trade represents a 0.11% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 27,898 shares of company stock valued at $8,983,203. 3.90% of the stock is owned by corporate insiders.

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.

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