Snap-On Incorporated (NYSE:SNA) Shares Sold by TIAA Trust National Association

Key Points

• TIAA Trust National Association significantly reduced its stake in Snap-On Incorporated, selling 2,648 shares and now holding 2,097 shares valued at approximately $707,000.
• Several hedge funds have adjusted their positions in Snap-On, with some increasing their stakes by as much as 532.2% during the same period, indicating active investor interest.
• The company's stock recently traded at $321.98, with a market cap of $16.79 billion and a consensus target price among analysts set at $356.17.

TIAA Trust National Association lowered its stake in shares of Snap-On Incorporated (NYSE:SNA - Free Report) by 55.8% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 2,097 shares of the company's stock after selling 2,648 shares during the period. TIAA Trust National Association's holdings in Snap-On were worth $707,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Choreo LLC lifted its stake in shares of Snap-On by 78.3% in the 1st quarter. Choreo LLC now owns 7,218 shares of the company's stock worth $2,432,000 after acquiring an additional 3,170 shares during the period. Ethic Inc. lifted its holdings in shares of Snap-On by 18.6% in the 4th quarter. Ethic Inc. now owns 9,212 shares of the company's stock valued at $3,127,000 after buying an additional 1,445 shares during the period. DAVENPORT & Co LLC acquired a new stake in Snap-On in the first quarter valued at $218,000. OneDigital Investment Advisors LLC lifted its holdings in Snap-On by 26.4% in the first quarter. OneDigital Investment Advisors LLC now owns 867 shares of the company's stock valued at $292,000 after acquiring an additional 181 shares during the period. Finally, Vontobel Holding Ltd. lifted its stake in shares of Snap-On by 27.4% in the first quarter. Vontobel Holding Ltd. now owns 13,636 shares of the company's stock valued at $4,595,000 after purchasing an additional 2,932 shares during the period. Institutional investors and hedge funds own 84.88% of the company's stock.

Insiders Place Their Bets

In other Snap-On 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 directly owned 804,510 shares in the company, valued at $254,104,483.50. This represents a 2.80% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Aldo John Pagliari sold 5,553 shares of the stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $326.84, for a total transaction of $1,814,942.52. Following the sale, the chief financial officer directly owned 109,560 shares of the company's stock, valued at approximately $35,808,590.40. This trade represents a 4.82% decrease in their position. The disclosure for this sale can be found here. Insiders sold 29,815 shares of company stock worth $9,482,532 over the last three months. 3.90% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. Wall Street Zen upgraded shares of Snap-On from a "hold" rating to a "buy" rating in a research note on Friday, May 16th. Bank of America lifted their price objective on Snap-On from $265.00 to $285.00 and gave the stock an "underperform" rating in a report on Friday, July 18th. Robert W. Baird lifted their price target on 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 reaffirmed an "outperform" rating and set a $350.00 price target on shares of Snap-On in a research note on Tuesday, July 15th. 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 company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $356.17.

Snap-On Price Performance

SNA stock traded up $1.12 during trading on Wednesday, hitting $323.19. The stock had a trading volume of 235,505 shares, compared to its average volume of 391,034. The company's 50 day moving average price is $318.87 and its two-hundred day moving average price is $326.63. Snap-On Incorporated has a 1-year low of $267.00 and a 1-year high of $373.89. The stock has a market cap of $16.86 billion, a price-to-earnings ratio of 17.24, a price-to-earnings-growth ratio of 2.22 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 issued its quarterly earnings results on Thursday, July 17th. The company reported $4.72 earnings per share for the quarter, beating 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 during the quarter, compared to the consensus estimate of $1.16 billion. During the same period in the previous year, the firm posted $5.07 EPS. Snap-On's revenue was up .0% on a year-over-year basis. On average, sell-side analysts forecast that Snap-On Incorporated will post 19.79 EPS for the current fiscal year.

Snap-On Company 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.