Canada Pension Plan Investment Board Cuts Position in Snap-on Incorporated (NYSE:SNA)

Canada Pension Plan Investment Board lessened its holdings in Snap-on Incorporated (NYSE:SNA - Free Report) by 53.0% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 4,900 shares of the company's stock after selling 5,533 shares during the quarter. Canada Pension Plan Investment Board's holdings in Snap-on were worth $1,663,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. NewEdge Advisors LLC grew its position in Snap-on by 2.9% in the fourth quarter. NewEdge Advisors LLC now owns 6,016 shares of the company's stock valued at $2,043,000 after acquiring an additional 168 shares during the last quarter. Master S Wealth Management Inc. acquired a new position in Snap-on during the 4th quarter worth approximately $345,000. Jump Financial LLC bought a new position in Snap-on in the 4th quarter valued at approximately $401,000. Aware Super Pty Ltd as trustee of Aware Super acquired a new stake in Snap-on in the fourth quarter valued at approximately $36,403,000. Finally, Canada Post Corp Registered Pension Plan bought a new stake in shares of Snap-on during the fourth quarter worth $265,000. Institutional investors and hedge funds own 84.88% of the company's stock.

Snap-on Trading Down 0.4 %

NYSE SNA traded down $1.23 during trading hours on Tuesday, hitting $308.56. 43,569 shares of the company's stock were exchanged, compared to its average volume of 356,624. Snap-on Incorporated has a 1-year low of $252.98 and a 1-year high of $373.90. The company has a current ratio of 4.15, a quick ratio of 3.17 and a debt-to-equity ratio of 0.22. The stock has a 50-day simple moving average of $327.48 and a 200 day simple moving average of $339.08. The firm has a market cap of $16.13 billion, a price-to-earnings ratio of 15.86, a PEG ratio of 2.21 and a beta of 0.84.

Snap-on (NYSE:SNA - Get Free Report) last announced its quarterly earnings data on Thursday, April 17th. The company reported $4.51 earnings per share for the quarter, missing the consensus estimate of $4.81 by ($0.30). The company had revenue of $1.14 billion for the quarter, compared to analyst estimates of $1.20 billion. Snap-on had a net margin of 21.71% and a return on equity of 19.20%. During the same quarter in the prior year, the company posted $4.91 EPS. On average, equities analysts forecast that Snap-on Incorporated will post 19.79 EPS for the current fiscal year.

Snap-on Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 10th. Shareholders of record on Tuesday, May 20th will be paid a dividend of $2.14 per share. The ex-dividend date is Tuesday, May 20th. This represents a $8.56 dividend on an annualized basis and a yield of 2.77%. Snap-on's dividend payout ratio (DPR) is presently 44.82%.

Insider Buying and Selling at Snap-on

In related news, CEO Nicholas T. Pinchuk sold 22,700 shares of Snap-on stock in a transaction that occurred on Thursday, March 27th. The stock was sold at an average price of $335.32, for a total transaction of $7,611,764.00. Following the transaction, the chief executive officer now owns 793,932 shares of the company's stock, valued at $266,221,278.24. The trade was a 2.78 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Jesus Arregui sold 6,451 shares of the stock in a transaction on Monday, February 10th. The shares were sold at an average price of $337.81, for a total value of $2,179,212.31. Following the completion of the sale, the senior vice president now directly owns 257 shares of the company's stock, valued at $86,817.17. The trade was a 96.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 36,011 shares of company stock valued at $12,116,859. Corporate insiders own 3.90% of the company's stock.

Analysts Set New Price Targets

SNA has been the topic of several recent research reports. Tigress Financial raised their price objective on Snap-on from $385.00 to $390.00 and gave the company a "buy" rating in a report on Tuesday, March 4th. Robert W. Baird lowered their price objective on Snap-on from $349.00 to $320.00 and set a "neutral" rating for the company in a research note on Monday, April 21st. StockNews.com lowered shares of Snap-on from a "buy" rating to a "hold" rating in a report on Friday, April 18th. Barrington Research restated an "outperform" rating and issued a $350.00 price objective on shares of Snap-on in a report on Thursday, April 17th. Finally, Longbow Research raised Snap-on from a "neutral" rating to a "buy" rating and set a $400.00 target price on the stock in a report on Monday, March 31st. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of "Hold" and an average price target of $350.83.

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.