Bank of New York Mellon Corp reduced its stake in Snap-on Incorporated (NYSE:SNA – Get Rating) by 4.7% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 783,528 shares of the company’s stock after selling 38,335 shares during the period. Bank of New York Mellon Corp owned 1.47% of Snap-on worth $157,763,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently bought and sold shares of SNA. Parkside Financial Bank & Trust boosted its stake in Snap-on by 57.3% in the first quarter. Parkside Financial Bank & Trust now owns 129 shares of the company’s stock valued at $27,000 after acquiring an additional 47 shares during the period. NuWave Investment Management LLC bought a new stake in shares of Snap-on during the third quarter valued at approximately $29,000. Trustcore Financial Services LLC raised its holdings in shares of Snap-on by 200.0% during the third quarter. Trustcore Financial Services LLC now owns 150 shares of the company’s stock valued at $30,000 after buying an additional 100 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in shares of Snap-on during the second quarter valued at approximately $41,000. Finally, Brown Brothers Harriman & Co. raised its holdings in shares of Snap-on by 7,566.7% during the first quarter. Brown Brothers Harriman & Co. now owns 230 shares of the company’s stock valued at $47,000 after buying an additional 227 shares during the last quarter. 85.19% of the stock is currently owned by institutional investors and hedge funds.
Insiders Place Their Bets
In other Snap-on news, CEO Nicholas T. Pinchuk sold 22,800 shares of Snap-on stock in a transaction that occurred on Thursday, March 16th. The shares were sold at an average price of $236.05, for a total value of $5,381,940.00. Following the transaction, the chief executive officer now owns 676,929 shares in the company, valued at $159,789,090.45. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other Snap-on news, SVP Timothy L. Chambers sold 6,769 shares of Snap-on stock in a transaction that occurred on Thursday, February 2nd. The shares were sold at an average price of $259.08, for a total transaction of $1,753,712.52. Following the transaction, the senior vice president now directly owns 13,905 shares in the company, valued at approximately $3,602,507.40. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Nicholas T. Pinchuk sold 22,800 shares of Snap-on stock in a transaction that occurred on Thursday, March 16th. The stock was sold at an average price of $236.05, for a total transaction of $5,381,940.00. Following the transaction, the chief executive officer now owns 676,929 shares in the company, valued at $159,789,090.45. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 41,744 shares of company stock worth $10,207,319. 4.30% of the stock is owned by insiders.
Snap-on Price Performance
Snap-on (NYSE:SNA – Get Rating) last posted its quarterly earnings results on Thursday, February 2nd. The company reported $4.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.09 by $0.33. The firm had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.15 billion. Snap-on had a net margin of 20.29% and a return on equity of 20.83%. The firm’s quarterly revenue was up 4.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $4.10 earnings per share. Equities research analysts anticipate that Snap-on Incorporated will post 17.1 earnings per share for the current fiscal year.
Snap-on Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Friday, March 10th. Shareholders of record on Thursday, February 23rd were given a $1.62 dividend. The ex-dividend date of this dividend was Wednesday, February 22nd. This represents a $6.48 annualized dividend and a yield of 2.80%. Snap-on’s dividend payout ratio (DPR) is 38.50%.
Analyst Upgrades and Downgrades
SNA has been the topic of a number of recent analyst reports. Tigress Financial reaffirmed a “buy” rating and set a $302.00 price target (up previously from $298.00) on shares of Snap-on in a report on Thursday, March 2nd. Roth Capital reaffirmed a “neutral” rating on shares of Snap-on in a report on Thursday, February 2nd. Oppenheimer cut Snap-on from an “outperform” rating to a “market perform” rating in a report on Tuesday, December 6th. Robert W. Baird boosted their target price on Snap-on from $253.00 to $265.00 in a report on Friday, February 3rd. Finally, MKM Partners boosted their target price on Snap-on from $238.00 to $259.00 in a report on Friday, February 3rd. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $250.25.
Snap-On, Inc engages in the manufacture and marketing of tools, equipment, diagnostics, repair information, and systems solutions for professional users performing critical tasks. Its products and services include hand and power tools, tool storage, diagnostics software, handheld and PC-based diagnostic products, information and management systems, shop equipment and other solutions for vehicle dealerships and repair centers, as well as for customers in industries such as aviation and aerospace, agriculture, construction, government and military, mining, natural resources, power generation, and technical education.
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