State of New Jersey Common Pension Fund D Sells 1,784 Shares of Snap-On Incorporated $SNA

Key Points

• The State of New Jersey Common Pension Fund D reduced its stake in Snap-On Incorporated by 10.4%, now holding 15,322 shares valued at approximately $5.16 million.
• Several institutional investors, including Charles Schwab and Auto Owners Insurance, have significantly increased their holdings in Snap-On, reflecting strong institutional interest in the stock.
• Snap-On recently announced a quarterly dividend of $2.14 per share, resulting in an annualized dividend yield of 2.6%.

State of New Jersey Common Pension Fund D decreased its position in Snap-On Incorporated (NYSE:SNA - Free Report) by 10.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 15,322 shares of the company's stock after selling 1,784 shares during the quarter. State of New Jersey Common Pension Fund D's holdings in Snap-On were worth $5,164,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. American Century Companies Inc. lifted its holdings in shares of Snap-On by 33.2% in the first quarter. American Century Companies Inc. now owns 101,706 shares of the company's stock valued at $34,276,000 after buying an additional 25,358 shares during the period. Ethic Inc. lifted its holdings in shares of Snap-On by 25.6% during the first quarter. Ethic Inc. now owns 11,568 shares of the company's stock valued at $3,928,000 after purchasing an additional 2,356 shares during the last quarter. Element Capital Management LLC purchased a new stake in shares of Snap-On during the first quarter valued at $2,724,000. Aberdeen Group plc lifted its holdings in shares of Snap-On by 67.0% during the first quarter. Aberdeen Group plc now owns 35,402 shares of the company's stock valued at $11,895,000 after purchasing an additional 14,203 shares during the last quarter. Finally, Horizon Investments LLC lifted its holdings in shares of Snap-On by 4.3% during the first quarter. Horizon Investments LLC now owns 775 shares of the company's stock valued at $261,000 after purchasing an additional 32 shares during the last quarter. Institutional investors and hedge funds own 84.88% of the company's stock.

Analysts Set New Price Targets

SNA has been the subject of several analyst reports. Bank of America upped their target price on Snap-On from $265.00 to $285.00 and gave the company an "underperform" rating in a report on Friday, July 18th. Robert W. Baird upped their target price on Snap-On from $329.00 to $347.00 and gave the company a "neutral" rating in a report on Friday, July 18th. Wall Street Zen raised Snap-On from a "hold" rating to a "buy" rating in a report on Friday, May 16th. Finally, Barrington Research reissued an "outperform" rating and set a $350.00 price target on shares of Snap-On in a research report on Tuesday, July 15th. Four analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $356.17.

Insiders Place Their Bets

In other news, CEO Nicholas T. Pinchuk sold 23,172 shares of the company's stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $315.85, for a total transaction of $7,318,876.20. Following the completion of the sale, the chief executive officer owned 804,510 shares in the company, valued at approximately $254,104,483.50. This represents a 2.80% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Aldo John Pagliari sold 4,731 shares of the company's stock in a transaction dated Thursday, August 14th. The stock was sold at an average price of $327.38, for a total value of $1,548,834.78. Following the sale, the chief financial officer owned 111,667 shares of the company's stock, valued at approximately $36,557,542.46. This trade represents a 4.06% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 52,160 shares of company stock valued at $16,650,792 in the last three months. Insiders own 3.90% of the company's stock.

Snap-On Stock Up 3.5%

SNA stock traded up $11.3710 during mid-day trading on Friday, hitting $332.7510. The stock had a trading volume of 230,404 shares, compared to its average volume of 250,540. The company has a current ratio of 4.48, a quick ratio of 3.42 and a debt-to-equity ratio of 0.21. Snap-On Incorporated has a 1-year low of $268.90 and a 1-year high of $373.89. The company has a fifty day moving average of $320.24 and a 200 day moving average of $324.05. The stock has a market capitalization of $17.36 billion, a price-to-earnings ratio of 17.75, a PEG ratio of 2.32 and a beta of 0.76.

Snap-On (NYSE:SNA - Get Free Report) last issued 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. Snap-On had a return on equity of 18.02% and a net margin of 20.98%.The company had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.16 billion. During the same period in the prior year, the firm posted $5.07 EPS. The business's revenue was up .0% compared to the same quarter last year. On average, equities analysts expect that Snap-On Incorporated will post 19.79 EPS for the current fiscal year.

Snap-On Dividend Announcement

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

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.