Teacher Retirement System of Texas Sells 31,258 Shares of Snap-On Incorporated (NYSE:SNA)

Teacher Retirement System of Texas cut its position in Snap-On Incorporated (NYSE:SNA - Free Report) by 50.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 30,219 shares of the company's stock after selling 31,258 shares during the quarter. Teacher Retirement System of Texas owned about 0.06% of Snap-On worth $10,184,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Ethic Inc. boosted its position in Snap-On by 18.6% during the fourth quarter. Ethic Inc. now owns 9,212 shares of the company's stock worth $3,127,000 after purchasing an additional 1,445 shares during the period. Amundi raised its stake in Snap-On by 137.0% during the fourth quarter. Amundi now owns 201,207 shares of the company's stock worth $68,039,000 after acquiring an additional 116,319 shares in the last quarter. Geode Capital Management LLC raised its stake in Snap-On by 1.7% during the fourth quarter. Geode Capital Management LLC now owns 1,641,159 shares of the company's stock worth $556,022,000 after acquiring an additional 27,700 shares in the last quarter. Raymond James Financial Inc. acquired a new position in Snap-On during the fourth quarter worth about $148,839,000. Finally, Proficio Capital Partners LLC bought a new stake in shares of Snap-On during the fourth quarter worth about $57,738,000. 84.88% of the stock is owned by institutional investors.

Snap-On Trading Up 0.2%

SNA stock traded up $0.71 during trading on Friday, hitting $320.81. The company had a trading volume of 178,388 shares, compared to its average volume of 369,187. The stock has a market cap of $16.78 billion, a PE ratio of 16.80, a PEG ratio of 2.30 and a beta of 0.76. Snap-On Incorporated has a one year low of $255.26 and a one year high of $373.90. The business has a 50-day moving average of $317.38 and a 200-day moving average of $329.23. The company has a current ratio of 4.14, a quick ratio of 3.18 and a debt-to-equity ratio of 0.21.

Snap-On (NYSE:SNA - Get Free Report) last posted its quarterly earnings results on Thursday, April 17th. The company reported $4.51 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $4.81 by ($0.30). Snap-On had a return on equity of 18.60% and a net margin of 21.42%. The business had revenue of $1.14 billion for the quarter, compared to the consensus estimate of $1.20 billion. During the same quarter in the previous year, the company posted $4.91 earnings per share. Research analysts predict that Snap-On Incorporated will post 19.79 earnings per share for the current fiscal year.

Snap-On Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 10th. Stockholders of record on Tuesday, May 20th were given a dividend of $2.14 per share. This represents a $8.56 dividend on an annualized basis and a dividend yield of 2.67%. The ex-dividend date was Tuesday, May 20th. Snap-On's payout ratio is 44.82%.

Analysts Set New Price Targets

Several analysts have recently weighed in on the company. Barrington Research restated an "outperform" rating and set a $350.00 price target on shares of Snap-On in a report on Monday, May 19th. Longbow Research upgraded Snap-On from a "neutral" rating to a "buy" rating and set a $400.00 price target on the stock in a report on Monday, March 31st. Robert W. Baird reduced their price target on Snap-On from $349.00 to $320.00 and set a "neutral" rating on the stock in a report on Monday, April 21st. Finally, Wall Street Zen upgraded Snap-On from a "hold" rating to a "buy" rating in a report on Friday, May 16th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, Snap-On currently has a consensus rating of "Moderate Buy" and a consensus target price of $350.83.

Insider Transactions at Snap-On

In related news, CFO Aldo John Pagliari sold 5,553 shares of the stock in a transaction on Thursday, May 15th. The stock was 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 directly owned 109,560 shares of the company's stock, valued at approximately $35,808,590.40. This represents a 4.82% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Nicholas T. Pinchuk sold 23,172 shares of the stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $315.85, for a total value of $7,318,876.20. Following the completion of the sale, the chief executive officer directly owned 804,510 shares of the company's stock, valued at $254,104,483.50. The trade was a 2.80% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 29,815 shares of company stock valued at $9,482,532 over the last ninety days. 3.90% of the stock is owned by company 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.