Allspring Global Investments Holdings LLC Has $5.70 Million Stake in Snap-On Incorporated $SNA

Allspring Global Investments Holdings LLC trimmed its stake in shares of Snap-On Incorporated (NYSE:SNA) by 7.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 17,919 shares of the company’s stock after selling 1,538 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Snap-On were worth $5,696,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the stock. Kingstone Capital Partners Texas LLC acquired a new position in Snap-On in the second quarter valued at approximately $434,938,000. Auto Owners Insurance Co lifted its holdings in Snap-On by 35,967.2% in the first quarter. Auto Owners Insurance Co now owns 1,073,000 shares of the company’s stock valued at $361,612,000 after buying an additional 1,070,025 shares during the period. Ameriprise Financial Inc. lifted its holdings in Snap-On by 54.3% in the first quarter. Ameriprise Financial Inc. now owns 681,857 shares of the company’s stock valued at $229,793,000 after buying an additional 239,908 shares during the period. Nuveen LLC acquired a new position in Snap-On in the first quarter valued at approximately $45,711,000. Finally, Charles Schwab Investment Management Inc. lifted its holdings in Snap-On by 6.4% in the first quarter. Charles Schwab Investment Management Inc. now owns 1,921,584 shares of the company’s stock valued at $647,593,000 after buying an additional 115,306 shares during the period. 84.88% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Snap-On

In other news, CFO Aldo John Pagliari sold 125 shares of the stock in a transaction on Friday, August 15th. The shares were sold at an average price of $325.21, for a total transaction of $40,651.25. Following the completion of the sale, the chief financial officer owned 111,721 shares of the company’s stock, valued at $36,332,786.41. This represents a 0.11% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Nicholas T. Pinchuk sold 23,042 shares of the stock in a transaction on Monday, August 11th. The stock was sold at an average price of $320.88, for a total transaction of $7,393,716.96. Following the transaction, the chief executive officer owned 815,219 shares of the company’s stock, valued at $261,587,472.72. The trade was a 2.75% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 27,898 shares of company stock valued at $8,983,203 in the last three months. 3.90% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on SNA shares. Weiss Ratings restated a “buy (b)” rating on shares of Snap-On in a report on Wednesday, October 8th. Wall Street Zen upgraded shares of Snap-On from a “hold” rating to a “buy” rating in a report on Saturday. Barrington Research reaffirmed an “outperform” rating and issued a $350.00 target price on shares of Snap-On in a research note on Wednesday, October 15th. Roth Capital reaffirmed a “buy” rating and issued a $385.00 target price on shares of Snap-On in a research note on Friday. Finally, Tigress Financial upped their target price on shares of Snap-On from $390.00 to $395.00 and gave the company a “buy” rating in a research note on Friday, August 29th. Six equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $363.57.

Snap-On Stock Down 1.3%

Shares of SNA stock opened at $339.61 on Monday. The firm has a fifty day moving average of $332.77 and a 200-day moving average of $323.68. The company has a quick ratio of 3.37, a current ratio of 4.40 and a debt-to-equity ratio of 0.20. Snap-On Incorporated has a 12-month low of $289.81 and a 12-month high of $373.89. The company has a market capitalization of $17.66 billion, a price-to-earnings ratio of 17.81, a P/E/G ratio of 2.36 and a beta of 0.78.

Snap-On (NYSE:SNA) last issued its quarterly earnings data on Thursday, October 16th. The company reported $4.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.59 by $0.12. Snap-On had a net margin of 21.08% and a return on equity of 17.71%. The company had revenue of $1.19 billion during the quarter, compared to the consensus estimate of $1.16 billion. During the same quarter in the prior year, the firm earned $4.70 earnings per share. The firm’s revenue was up 3.8% compared to the same quarter last year. As a group, equities research analysts predict that Snap-On Incorporated will post 19.79 earnings per share for the current fiscal year.

Snap-On Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 10th. Stockholders of record on Tuesday, August 19th were given a dividend of $2.14 per share. 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 currently 44.89%.

Snap-On 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.