XTX Topco Ltd Lowers Stock Position in Snap-On Incorporated (NYSE:SNA)

Key Points

• XTX Topco Ltd reduced its stake in Snap-On Incorporated by 52.4%, selling 3,554 shares to hold 3,225 shares valued at $1,087,000 at the end of Q1.
• Several hedge funds have increased their holdings in Snap-On, including Wellington Management Group, which raised its stake by 5.5% to own 17,220 shares.
• Snap-On reported $4.72 earnings per share (EPS) for the quarter, exceeding expectations, while revenue rose to $1.18 billion, higher than analysts' forecasts of $1.16 billion.

XTX Topco Ltd decreased its position in shares of Snap-On Incorporated (NYSE:SNA - Free Report) by 52.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,225 shares of the company's stock after selling 3,554 shares during the quarter. XTX Topco Ltd's holdings in Snap-On were worth $1,087,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. Wellington Management Group LLP increased its stake in shares of Snap-On by 5.5% in the fourth quarter. Wellington Management Group LLP now owns 17,220 shares of the company's stock valued at $5,846,000 after purchasing an additional 901 shares during the period. Alliancebernstein L.P. lifted its position in Snap-On by 6.5% during the 4th quarter. Alliancebernstein L.P. now owns 80,250 shares of the company's stock worth $27,243,000 after acquiring an additional 4,919 shares during the last quarter. B. Metzler seel. Sohn & Co. AG boosted its position in shares of Snap-On by 92.6% in the fourth quarter. B. Metzler seel. Sohn & Co. AG now owns 2,080 shares of the company's stock valued at $706,000 after acquiring an additional 1,000 shares during the period. Franklin Resources Inc. raised its position in shares of Snap-On by 16.5% during the fourth quarter. Franklin Resources Inc. now owns 101,375 shares of the company's stock valued at $34,415,000 after buying an additional 14,349 shares during the last quarter. Finally, Resona Asset Management Co. Ltd. bought a new position in shares of Snap-On during the fourth quarter valued at $6,044,000. 84.88% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have weighed in on SNA. Robert W. Baird boosted their price target on Snap-On from $329.00 to $347.00 and gave the stock a "neutral" rating in a research report on Friday, July 18th. Barrington Research restated an "outperform" rating and set a $350.00 target price on shares of Snap-On in a research report on Tuesday, July 15th. Wall Street Zen upgraded shares of Snap-On from a "hold" rating to a "buy" rating in a research report on Friday, May 16th. Finally, Bank of America increased their price objective on shares of Snap-On from $265.00 to $285.00 and gave the company an "underperform" rating in a research note on Friday, July 18th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $356.17.

Insider Activity

In other Snap-On news, CEO Nicholas T. Pinchuk sold 23,172 shares of the stock in a transaction that occurred 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 transaction, the chief executive officer directly owned 804,510 shares in the company, valued at approximately $254,104,483.50. This trade represents a 2.80% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, 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 transaction 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 trade represents a 4.82% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 29,815 shares of company stock valued at $9,482,532. Corporate insiders own 3.90% of the company's stock.

Snap-On Price Performance

NYSE:SNA traded down $1.95 during trading hours on Thursday, hitting $321.24. The stock had a trading volume of 115,511 shares, compared to its average volume of 389,111. The company has a 50 day simple moving average of $318.93 and a two-hundred day simple moving average of $326.61. The company has a debt-to-equity ratio of 0.21, a current ratio of 4.48 and a quick ratio of 3.42. Snap-On Incorporated has a one year low of $267.00 and a one year high of $373.89. The firm has a market capitalization of $16.76 billion, a price-to-earnings ratio of 17.12, a P/E/G ratio of 2.24 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 EPS for the quarter, topping 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 company had revenue of $1.18 billion for the quarter, compared to analysts' expectations of $1.16 billion. During the same quarter last year, the company earned $5.07 EPS. The firm's revenue was up .0% compared to the same quarter last year. Research analysts forecast that Snap-On Incorporated will post 19.79 earnings per share for the current fiscal year.

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.