Sprucegrove Investment Management Ltd. trimmed its position in shares of Snap-On Incorporated (NYSE:SNA - Free Report) by 64.6% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 17,180 shares of the company's stock after selling 31,400 shares during the quarter. Snap-On accounts for approximately 0.7% of Sprucegrove Investment Management Ltd.'s investment portfolio, making the stock its 16th biggest position. Sprucegrove Investment Management Ltd.'s holdings in Snap-On were worth $5,920,000 at the end of the most recent quarter.
Several other institutional investors also recently bought and sold shares of SNA. DNB Asset Management AS lifted its holdings in Snap-On by 65.5% during the 3rd quarter. DNB Asset Management AS now owns 23,702 shares of the company's stock worth $8,213,000 after buying an additional 9,377 shares in the last quarter. First Horizon Corp acquired a new position in shares of Snap-On in the fourth quarter worth $4,068,000. Pensionfund Sabic purchased a new stake in shares of Snap-On during the fourth quarter worth $1,206,000. Bahl & Gaynor Inc. boosted its holdings in Snap-On by 1.3% in the third quarter. Bahl & Gaynor Inc. now owns 381,283 shares of the company's stock valued at $132,126,000 after purchasing an additional 4,932 shares during the period. Finally, Nordea Investment Management AB grew its stake in Snap-On by 4.1% during the 4th quarter. Nordea Investment Management AB now owns 1,310,198 shares of the company's stock worth $454,206,000 after purchasing an additional 51,486 shares in the last quarter. 84.88% of the stock is owned by institutional investors and hedge funds.
Analyst Ratings Changes
Several equities analysts have recently issued reports on SNA shares. Roth Mkm reiterated a "buy" rating and issued a $431.00 price objective on shares of Snap-On in a research note on Friday, April 24th. Wall Street Zen cut shares of Snap-On from a "buy" rating to a "hold" rating in a report on Saturday, February 7th. Robert W. Baird lifted their price target on shares of Snap-On from $380.00 to $395.00 and gave the stock a "neutral" rating in a research note on Friday, April 24th. Weiss Ratings reiterated a "buy (b)" rating on shares of Snap-On in a report on Monday, April 20th. Finally, Tigress Financial raised their price objective 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. Four 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, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $381.20.
View Our Latest Stock Report on Snap-On
Insider Activity at Snap-On
In other Snap-On news, CEO Nicholas T. Pinchuk sold 23,396 shares of the company's stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $375.77, for a total value of $8,791,514.92. Following the completion of the transaction, the chief executive officer owned 856,918 shares in the company, valued at $322,004,076.86. This represents a 2.66% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP June C. Lemerand sold 1,378 shares of the firm's stock in a transaction dated Wednesday, February 25th. The stock was sold at an average price of $387.57, for a total value of $534,071.46. Following the transaction, the vice president directly owned 2,913 shares in the company, valued at approximately $1,128,991.41. The trade was a 32.11% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 55,046 shares of company stock valued at $20,921,434 over the last ninety days. Insiders own 3.80% of the company's stock.
Snap-On Price Performance
SNA stock opened at $378.76 on Wednesday. The business has a 50 day moving average price of $374.23 and a 200 day moving average price of $360.72. The company has a quick ratio of 2.74, a current ratio of 3.53 and a debt-to-equity ratio of 0.15. The stock has a market cap of $19.62 billion, a price-to-earnings ratio of 19.55, a PEG ratio of 2.61 and a beta of 0.75. Snap-On Incorporated has a fifty-two week low of $301.82 and a fifty-two week high of $400.88.
Snap-On (NYSE:SNA - Get Free Report) last released its quarterly earnings data on Thursday, April 23rd. The company reported $4.69 earnings per share for the quarter, missing analysts' consensus estimates of $4.75 by ($0.06). The company had revenue of $1.21 billion for the quarter, compared to analyst estimates 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 period in the previous year, the business posted $4.51 EPS. Equities research analysts anticipate that Snap-On Incorporated will post 19.75 earnings per share for the current fiscal year.
Snap-On Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Wednesday, June 10th. Investors of record on Wednesday, May 20th will be paid a dividend of $2.44 per share. This represents a $9.76 annualized dividend and a yield of 2.6%. The ex-dividend date is Wednesday, May 20th. Snap-On's dividend payout ratio (DPR) is currently 50.39%.
Snap-On announced that its board has authorized a stock buyback plan on Thursday, April 30th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the company to purchase up to 2.6% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company's management believes its shares are undervalued.
About Snap-On
(
Free Report)
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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