Snap-On Incorporated $SNA Shares Bought by SouthState Bank Corp

SouthState Bank Corp boosted its stake in shares of Snap-On Incorporated (NYSE:SNA) by 6.1% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 27,599 shares of the company’s stock after purchasing an additional 1,598 shares during the period. SouthState Bank Corp owned approximately 0.05% of Snap-On worth $9,511,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in Snap-On during the 4th quarter worth about $25,000. GoalVest Advisory LLC acquired a new stake in Snap-On during the 4th quarter worth about $28,000. Montag A & Associates Inc. grew its position in Snap-On by 331.8% during the 4th quarter. Montag A & Associates Inc. now owns 95 shares of the company’s stock worth $33,000 after purchasing an additional 73 shares during the period. Annis Gardner Whiting Capital Advisors LLC grew its position in Snap-On by 36.4% during the 4th quarter. Annis Gardner Whiting Capital Advisors LLC now owns 105 shares of the company’s stock worth $36,000 after purchasing an additional 28 shares during the period. Finally, United Community Bank acquired a new stake in Snap-On during the 4th quarter worth about $43,000. 84.88% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. Barclays started coverage on Snap-On in a research report on Thursday, May 28th. They set an “overweight” rating and a $420.00 price target on the stock. Robert W. Baird increased their target price on shares of Snap-On from $380.00 to $395.00 and gave the stock a “neutral” rating in a research note on Friday, April 24th. Tigress Financial increased their target price on shares of Snap-On from $405.00 to $445.00 and gave the stock a “buy” rating in a research note on Friday, February 27th. Weiss Ratings reissued a “buy (b)” rating on shares of Snap-On in a research note on Monday, April 20th. Finally, Roth Mkm reissued a “buy” rating and set a $431.00 target price on shares of Snap-On in a research note on Friday, April 24th. Five investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $387.67.

Snap-On Trading Up 0.2%

Shares of Snap-On stock opened at $379.67 on Friday. The firm has a market capitalization of $19.67 billion, a PE ratio of 19.60, a P/E/G ratio of 2.67 and a beta of 0.73. Snap-On Incorporated has a twelve month low of $301.82 and a twelve month high of $400.88. The firm’s 50-day moving average price is $372.58 and its 200 day moving average price is $365.28. The company has a current ratio of 3.53, a quick ratio of 2.74 and a debt-to-equity ratio of 0.15.

Snap-On (NYSE:SNA) last released its quarterly earnings data on Thursday, April 23rd. The company reported $4.69 EPS for the quarter, missing analysts’ consensus estimates of $4.75 by ($0.06). The business had revenue of $1.21 billion during the quarter, compared to analyst estimates of $1.19 billion. Snap-On had a net margin of 21.28% and a return on equity of 17.13%. The firm’s revenue was up 5.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $4.51 EPS. On average, sell-side analysts predict that Snap-On Incorporated will post 19.7 EPS for the current fiscal year.

Snap-On Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 10th. Shareholders of record on Wednesday, May 20th will be issued a $2.44 dividend. The ex-dividend date is Wednesday, May 20th. This represents a $9.76 dividend on an annualized basis and a yield of 2.6%. Snap-On’s dividend payout ratio is presently 50.39%.

Snap-On announced that its board has approved a share buyback plan on Thursday, April 30th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the company to buy up to 2.6% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its shares are undervalued.

Insider Transactions at Snap-On

In other Snap-On news, CEO Nicholas T. Pinchuk sold 23,396 shares of the stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $375.77, for a total value of $8,791,514.92. Following the completion of the sale, the chief executive officer owned 856,918 shares in the company, valued at approximately $322,004,076.86. This represents a 2.66% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Aldo John Pagliari sold 1,330 shares of the stock in a transaction dated Thursday, June 4th. The shares were sold at an average price of $379.27, for a total transaction of $504,429.10. Following the completion of the sale, the chief financial officer owned 118,158 shares of the company’s stock, valued at approximately $44,813,784.66. The trade was a 1.11% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 30,439 shares of company stock valued at $11,393,700. 3.80% of the stock is owned by insiders.

Snap-On Company Profile

Snap‑On Incorporated (NYSE: SNA) is a designer, manufacturer and marketer of tools, diagnostic equipment, repair information and shop equipment for professional users. The company’s product range includes hand and power tools, tool storage and cabinets, diagnostic scan tools and software, shop equipment such as lifts and tire changers, and specialized specialty tools for automotive, aviation, marine and industrial applications. Snap‑On also offers information and workflow solutions that combine diagnostic data, repair procedures and parts information to support professional technicians.

Founded in 1920 and headquartered in Kenosha, Wisconsin, Snap‑On has established a long history in the professional tools market.