Fifth Third Bancorp Reduces Stock Position in Snap-On Incorporated $SNA

Fifth Third Bancorp cut its holdings in shares of Snap-On Incorporated (NYSE:SNA) by 3.2% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 11,508 shares of the company’s stock after selling 378 shares during the quarter. Fifth Third Bancorp’s holdings in Snap-On were worth $3,581,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Charles Schwab Investment Management Inc. increased its holdings in Snap-On by 6.4% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,921,584 shares of the company’s stock worth $647,593,000 after purchasing an additional 115,306 shares during the last quarter. Kingstone Capital Partners Texas LLC purchased a new stake in Snap-On during the 2nd quarter worth approximately $434,938,000. Auto Owners Insurance Co raised its position in shares of Snap-On by 35,967.2% during the 1st quarter. Auto Owners Insurance Co now owns 1,073,000 shares of the company’s stock valued at $361,612,000 after acquiring an additional 1,070,025 shares in the last quarter. Northern Trust Corp raised its position in shares of Snap-On by 5.4% during the 1st quarter. Northern Trust Corp now owns 841,721 shares of the company’s stock valued at $283,668,000 after acquiring an additional 43,467 shares in the last quarter. Finally, Envestnet Asset Management Inc. raised its position in shares of Snap-On by 2.0% during the 1st quarter. Envestnet Asset Management Inc. now owns 774,526 shares of the company’s stock valued at $261,023,000 after acquiring an additional 15,097 shares in the last quarter. 84.88% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Snap-On

In other news, CFO Aldo John Pagliari sold 4,731 shares of the stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $327.38, for a total value of $1,548,834.78. Following the completion of the transaction, the chief financial officer owned 111,667 shares of the company’s stock, valued at approximately $36,557,542.46. This represents a 4.06% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Nicholas T. Pinchuk sold 23,042 shares of the firm’s stock in a transaction dated Monday, August 11th. The shares were sold at an average price of $320.88, for a total value of $7,393,716.96. Following the transaction, the chief executive officer directly owned 815,219 shares of the company’s stock, valued at $261,587,472.72. This represents a 2.75% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 27,898 shares of company stock valued at $8,983,203. Company insiders own 3.90% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the company. Bank of America upped their price target on Snap-On from $265.00 to $285.00 and gave the company an “underperform” rating in a research report on Friday, July 18th. Barrington Research reissued an “outperform” rating and set a $350.00 price target on shares of Snap-On in a research report on Tuesday. Robert W. Baird upped their price target on Snap-On from $329.00 to $347.00 and gave the company a “neutral” rating in a research report on Friday, July 18th. Finally, Tigress Financial upped their price target on Snap-On from $390.00 to $395.00 and gave the company a “buy” rating in a research report on Friday, August 29th. Four investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Snap-On has an average rating of “Moderate Buy” and a consensus target price of $357.00.

Snap-On Trading Up 1.5%

Shares of SNA stock opened at $341.94 on Friday. Snap-On Incorporated has a 1 year low of $284.38 and a 1 year high of $373.89. The firm has a market capitalization of $17.84 billion, a PE ratio of 18.24, a price-to-earnings-growth ratio of 2.34 and a beta of 0.77. The stock has a fifty day moving average of $328.29 and a two-hundred day moving average of $323.05. The company has a debt-to-equity ratio of 0.21, a quick ratio of 3.42 and a current ratio of 4.48.

Snap-On (NYSE:SNA) last released its quarterly earnings results on Thursday, July 17th. The company reported $4.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.61 by $0.11. Snap-On had a return on equity of 18.02% and a net margin of 20.98%.The company had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $1.16 billion. During the same quarter in the prior year, the business posted $5.07 earnings per share. The company’s revenue for the quarter was up .0% compared to the same quarter last year. As a group, research analysts expect that Snap-On Incorporated will post 19.79 EPS for the current year.

Snap-On Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 10th. Stockholders of record on Tuesday, August 19th were paid a $2.14 dividend. The ex-dividend date of this dividend was Tuesday, August 19th. This represents a $8.56 annualized dividend and a dividend yield of 2.5%. Snap-On’s dividend payout ratio is presently 45.65%.

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.