Snap-On Incorporated (NYSE:SNA) Shares Purchased by SouthState Corp

Key Points

• SouthState Corp increased its stake in Snap-On Incorporated by 6.7%, now owning 23,503 shares valued at approximately $7.92 million.
• Snap-On announced a quarterly dividend of $2.14 per share, with an annualized total of $8.56 and a dividend yield of 2.7%.
• The company's recent earnings report showed $4.72 earnings per share, beating estimates, with revenue of $1.18 billion for the quarter.

SouthState Corp lifted its holdings in Snap-On Incorporated (NYSE:SNA - Free Report) by 6.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 23,503 shares of the company's stock after buying an additional 1,478 shares during the quarter. SouthState Corp's holdings in Snap-On were worth $7,921,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. CCM Investment Group LLC purchased a new stake in Snap-On during the 1st quarter valued at about $897,000. Nuveen LLC purchased a new stake in Snap-On during the 1st quarter valued at about $45,711,000. Entropy Technologies LP purchased a new stake in Snap-On during the 1st quarter valued at about $775,000. Invesco Ltd. grew its position in Snap-On by 7.5% during the 1st quarter. Invesco Ltd. now owns 684,875 shares of the company's stock valued at $230,810,000 after purchasing an additional 47,557 shares during the last quarter. Finally, Benjamin Edwards Inc. grew its position in Snap-On by 12.4% during the 1st quarter. Benjamin Edwards Inc. now owns 179,433 shares of the company's stock valued at $60,471,000 after purchasing an additional 19,736 shares during the last quarter. 84.88% of the stock is owned by hedge funds and other institutional investors.

Snap-On Trading Up 2.6%

NYSE SNA traded up $8.34 on Wednesday, hitting $333.90. 236,247 shares of the stock were exchanged, compared to its average volume of 384,641. The company has a debt-to-equity ratio of 0.21, a quick ratio of 3.42 and a current ratio of 4.48. The stock has a fifty day moving average price of $319.10 and a two-hundred day moving average price of $325.64. The firm has a market capitalization of $17.42 billion, a P/E ratio of 17.81, a P/E/G ratio of 2.23 and a beta of 0.76. Snap-On Incorporated has a 52-week low of $268.90 and a 52-week high of $373.89.

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

Snap-On Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 10th. Shareholders of record on Tuesday, August 19th will be issued a $2.14 dividend. The ex-dividend date is Tuesday, August 19th. This represents a $8.56 dividend on an annualized basis and a yield of 2.6%. Snap-On's payout ratio is currently 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 dated Thursday, June 5th. The stock was sold at an average price of $319.92, for a total transaction of $348,712.80. Following the sale, the director owned 8,030 shares in the company, valued at approximately $2,568,957.60. The trade was a 11.95% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Aldo John Pagliari sold 5,553 shares of the company's stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $326.84, for a total value of $1,814,942.52. Following the completion of the sale, the chief financial officer owned 109,560 shares in the company, valued at approximately $35,808,590.40. This represents a 4.82% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 52,857 shares of company stock worth $16,876,248. 3.90% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the stock. Barrington Research restated an "outperform" rating and set a $350.00 target price on shares of Snap-On in a research note on Tuesday, July 15th. 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 research note on Friday, July 18th. Robert W. Baird upped their target price on shares of Snap-On from $329.00 to $347.00 and gave the company a "neutral" rating in a research note on Friday, July 18th. Finally, Wall Street Zen upgraded shares of Snap-On from a "hold" rating to a "buy" rating in a research note on Friday, May 16th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, Snap-On presently has a consensus rating of "Moderate Buy" and a consensus 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.