Pinebridge Investments L.P. Sells 34,393 Shares of Snap-on Incorporated (NYSE:SNA)

Pinebridge Investments L.P. lowered its holdings in Snap-on Incorporated (NYSE:SNA) by 62.5% during the 4th quarter, HoldingsChannel.com reports. The firm owned 20,625 shares of the company’s stock after selling 34,393 shares during the quarter. Pinebridge Investments L.P.’s holdings in Snap-on were worth $7,002,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently modified their holdings of the business. UMB Bank n.a. grew its stake in Snap-on by 70.5% in the 4th quarter. UMB Bank n.a. now owns 75 shares of the company’s stock valued at $25,000 after buying an additional 31 shares in the last quarter. SBI Securities Co. Ltd. purchased a new position in shares of Snap-on in the fourth quarter valued at $26,000. Migdal Insurance & Financial Holdings Ltd. bought a new stake in shares of Snap-on during the 4th quarter valued at $28,000. CoreFirst Bank & Trust purchased a new stake in Snap-on during the 4th quarter worth about $40,000. Finally, TCTC Holdings LLC boosted its stake in Snap-on by 41.3% in the 4th quarter. TCTC Holdings LLC now owns 147 shares of the company’s stock worth $50,000 after purchasing an additional 43 shares during the period. 84.88% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on SNA. Tigress Financial upped their price target on Snap-on from $385.00 to $390.00 and gave the company a “buy” rating in a research report on Tuesday, March 4th. Robert W. Baird decreased their target price on shares of Snap-on from $349.00 to $320.00 and set a “neutral” rating on the stock in a report on Monday. StockNews.com downgraded shares of Snap-on from a “buy” rating to a “hold” rating in a report on Friday, April 18th. Barrington Research reaffirmed an “outperform” rating and issued a $350.00 price target 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 price objective for the company in a research note on Monday, March 31st. One research 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’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $350.83.

Insider Transactions at Snap-on

In other Snap-on news, SVP Jesus Arregui sold 6,451 shares of the company’s stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $337.81, for a total transaction of $2,179,212.31. Following the completion of the sale, the senior vice president now directly owns 257 shares in the company, valued at $86,817.17. This represents a 96.17 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Nicholas T. Pinchuk sold 22,700 shares of the firm’s stock in a transaction dated Thursday, March 27th. The shares were sold at an average price of $335.32, for a total value of $7,611,764.00. Following the transaction, the chief executive officer now directly owns 793,932 shares in the company, valued at $266,221,278.24. This trade represents a 2.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 36,011 shares of company stock worth $12,116,859. 3.90% of the stock is currently owned by insiders.

Snap-on Price Performance

Shares of NYSE:SNA opened at $310.66 on Friday. Snap-on Incorporated has a one year low of $252.98 and a one year high of $373.90. The company has a debt-to-equity ratio of 0.22, a current ratio of 4.15 and a quick ratio of 3.17. The firm has a market capitalization of $16.28 billion, a price-to-earnings ratio of 15.93, a PEG ratio of 2.21 and a beta of 0.84. The company’s fifty day moving average price is $328.80 and its 200-day moving average price is $338.07.

Snap-on (NYSE:SNA) last released its earnings results 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 21.71% and a return on equity of 19.20%. The firm had revenue of $1.14 billion during the quarter, compared to the consensus estimate of $1.20 billion. During the same period in the prior year, the company earned $4.91 EPS. On average, equities research analysts anticipate that Snap-on Incorporated will post 19.79 earnings per share 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. This represents a $8.56 annualized dividend and a dividend yield of 2.76%. Snap-on’s dividend payout ratio (DPR) is presently 44.82%.

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.