Townsend & Associates Inc Has $17.82 Million Stock Holdings in Snap-On Incorporated (NYSE:SNA)

Townsend & Associates Inc trimmed its holdings in Snap-On Incorporated (NYSE:SNA - Free Report) by 9.1% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 52,890 shares of the company's stock after selling 5,280 shares during the period. Snap-On accounts for approximately 1.8% of Townsend & Associates Inc's holdings, making the stock its 18th largest position. Townsend & Associates Inc owned about 0.10% of Snap-On worth $17,824,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the business. Canandaigua National Trust Co of Florida increased its holdings in shares of Snap-On by 5.4% during the 1st 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. KBC Group NV lifted its holdings in Snap-On by 4.1% in the 1st quarter. KBC Group NV now owns 44,587 shares of the company's stock worth $15,027,000 after purchasing an additional 1,767 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its position in Snap-On by 8.4% during the first quarter. Allspring Global Investments Holdings LLC now owns 19,457 shares of the company's stock worth $6,607,000 after purchasing an additional 1,506 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its holdings in Snap-On by 13.5% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 49,268 shares of the company's stock valued at $16,224,000 after purchasing an additional 5,867 shares during the last quarter. Finally, Achmea Investment Management B.V. grew its holdings in Snap-On by 57.2% during the first quarter. Achmea Investment Management B.V. now owns 67,508 shares of the company's stock valued at $22,751,000 after purchasing an additional 24,557 shares during the last quarter. Institutional investors and hedge funds own 84.88% of the company's stock.

Snap-On Price Performance

Shares of Snap-On stock opened at $310.77 on Monday. The company has a debt-to-equity ratio of 0.21, a current ratio of 4.14 and a quick ratio of 3.18. The company has a market cap of $16.25 billion, a PE ratio of 16.27, a price-to-earnings-growth ratio of 2.22 and a beta of 0.78. The firm has a fifty day moving average price of $315.94 and a two-hundred day moving average price of $330.16. Snap-On Incorporated has a fifty-two week low of $252.98 and a fifty-two week high of $373.90.

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

Snap-On Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 10th. Shareholders of record on Tuesday, May 20th were given a $2.14 dividend. The ex-dividend date was Tuesday, May 20th. This represents a $8.56 dividend on an annualized basis and a dividend yield of 2.75%. Snap-On's dividend payout ratio is currently 44.82%.

Insiders Place Their Bets

In related news, Director Karen L. Daniel sold 1,090 shares of the company's stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $319.92, for a total value of $348,712.80. Following the completion of the transaction, the director now directly owns 8,030 shares in the company, valued at approximately $2,568,957.60. This represents a 11.95% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Nicholas T. Pinchuk sold 23,172 shares of the firm's stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $315.85, for a total value of $7,318,876.20. Following the completion of the transaction, the chief executive officer now directly owns 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 disclosure for this sale can be found here. In the last quarter, insiders sold 29,815 shares of company stock worth $9,482,532. 3.90% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of analysts have recently weighed in on SNA shares. Robert W. Baird reduced their price objective on shares of Snap-On from $349.00 to $320.00 and set a "neutral" rating for the company in a research note on Monday, April 21st. Wall Street Zen raised shares of Snap-On from a "hold" rating to a "buy" rating in a research report on Friday, May 16th. Longbow Research upgraded shares of Snap-On from a "neutral" rating to a "buy" rating and set a $400.00 price target for the company in a report on Monday, March 31st. Tigress Financial lifted their price objective on Snap-On from $385.00 to $390.00 and gave the stock a "buy" rating in a research note on Tuesday, March 4th. Finally, Barrington Research reissued an "outperform" rating and set a $350.00 price objective on shares of Snap-On in a research report on Monday, May 19th. One analyst has rated the stock with a sell rating, one has issued a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, Snap-On currently has a consensus rating of "Moderate Buy" and an average target price of $350.83.

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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