Swiss National Bank Sells 800 Shares of Snap-On Incorporated (NYSE:SNA)

Key Points

• The Swiss National Bank reduced its holdings in Snap-On Incorporated by 0.5%, selling 800 shares and now owning approximately 0.28% of the company, valued at around $49.9 million.
• Snap-On reported earnings of $4.72 per share, exceeding analysts' expectations of $4.61, alongside a revenue of $1.18 billion, marking a year-over-year increase.
• The company announced a quarterly dividend of $2.14 per share, with a dividend yield of 2.7%, highlighting a payout ratio of 45.65%.

Swiss National Bank trimmed its position in shares of Snap-On Incorporated (NYSE:SNA - Free Report) by 0.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 148,100 shares of the company's stock after selling 800 shares during the period. Swiss National Bank owned about 0.28% of Snap-On worth $49,911,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. TrinityPoint Wealth LLC raised its stake in shares of Snap-On by 0.8% during the fourth quarter. TrinityPoint Wealth LLC now owns 4,164 shares of the company's stock valued at $1,414,000 after acquiring an additional 33 shares during the last quarter. Cary Street Partners Investment Advisory LLC raised its stake in shares of Snap-On by 5.2% during the first quarter. Cary Street Partners Investment Advisory LLC now owns 694 shares of the company's stock valued at $234,000 after acquiring an additional 34 shares during the last quarter. Canandaigua National Trust Co of Florida raised its stake in shares of Snap-On by 5.4% during the first quarter. Canandaigua National Trust Co of Florida now owns 716 shares of the company's stock valued at $241,000 after acquiring an additional 37 shares during the last quarter. Advisors Capital Management LLC raised its stake in shares of Snap-On by 3.4% during the fourth quarter. Advisors Capital Management LLC now owns 1,178 shares of the company's stock valued at $400,000 after acquiring an additional 39 shares during the last quarter. Finally, CreativeOne Wealth LLC raised its stake in shares of Snap-On by 1.3% during the fourth quarter. CreativeOne Wealth LLC now owns 3,073 shares of the company's stock valued at $1,043,000 after acquiring an additional 40 shares during the last quarter. 84.88% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

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

Snap-On Price Performance

Shares of NYSE SNA opened at $321.67 on Monday. Snap-On Incorporated has a fifty-two week low of $267.00 and a fifty-two week high of $373.89. The company has a 50 day simple moving average of $318.92 and a two-hundred day simple moving average of $325.84. The company has a market capitalization of $16.78 billion, a price-to-earnings ratio of 17.16, a P/E/G ratio of 2.24 and a beta of 0.76. The company has a debt-to-equity ratio of 0.21, a quick ratio of 3.42 and a current ratio of 4.48.

Snap-On (NYSE:SNA - Get Free Report) last announced its earnings results on Thursday, July 17th. The company reported $4.72 earnings per share for the quarter, beating 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 the consensus estimate of $1.16 billion. During the same quarter last year, the firm earned $5.07 earnings per share. The business's revenue for the quarter was up .0% on a year-over-year basis. Analysts expect that Snap-On Incorporated will post 19.79 EPS for the current fiscal year.

Snap-On Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 10th. Shareholders of record on Tuesday, August 19th will be paid a dividend of $2.14 per share. 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 2.7%. Snap-On's dividend payout ratio (DPR) is currently 45.65%.

Insider Buying and Selling at Snap-On

In other Snap-On news, CEO Nicholas T. Pinchuk sold 23,172 shares of the firm's stock in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $315.85, for a total transaction of $7,318,876.20. Following the completion of the transaction, the chief executive officer owned 804,510 shares of the company's stock, valued at approximately $254,104,483.50. This trade represents a 2.80% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Karen L. Daniel sold 1,090 shares of the firm's stock in a transaction that occurred on Thursday, June 5th. The shares were sold at an average price of $319.92, for a total transaction of $348,712.80. Following the transaction, the director directly owned 8,030 shares of the company's stock, valued at $2,568,957.60. This represents a 11.95% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 29,815 shares of company stock valued at $9,482,532. Corporate insiders own 3.90% of the company's stock.

Snap-On Profile

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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