Snap-On Incorporated $SNA Shares Sold by Legal & General Group Plc

Legal & General Group Plc cut its stake in Snap-On Incorporated (NYSE:SNA) by 4.4% in the fourth quarter, Holdings Channel reports. The firm owned 366,954 shares of the company’s stock after selling 16,758 shares during the period. Legal & General Group Plc’s holdings in Snap-On were worth $126,452,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently bought and sold shares of the stock. Kennebec Savings Bank boosted its stake in Snap-On by 3.6% in the 4th quarter. Kennebec Savings Bank now owns 783 shares of the company’s stock worth $270,000 after purchasing an additional 27 shares in the last quarter. CWM LLC boosted its stake in Snap-On by 0.6% in the 4th quarter. CWM LLC now owns 5,517 shares of the company’s stock worth $1,901,000 after purchasing an additional 31 shares in the last quarter. Ritholtz Wealth Management boosted its stake in Snap-On by 2.5% in the 4th quarter. Ritholtz Wealth Management now owns 1,401 shares of the company’s stock worth $483,000 after purchasing an additional 34 shares in the last quarter. MFA Wealth Services boosted its stake in Snap-On by 2.9% in the 3rd quarter. MFA Wealth Services now owns 1,236 shares of the company’s stock worth $428,000 after purchasing an additional 35 shares in the last quarter. Finally, Oakworth Capital Inc. boosted its stake in Snap-On by 9.7% in the 4th quarter. Oakworth Capital Inc. now owns 406 shares of the company’s stock worth $140,000 after purchasing an additional 36 shares in the last quarter. 84.88% of the stock is currently owned by institutional investors and hedge funds.

Snap-On Stock Performance

Shares of NYSE SNA opened at $374.53 on Friday. 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 Incorporated has a 12 month low of $301.82 and a 12 month high of $400.88. The company has a 50 day simple moving average of $371.10 and a two-hundred day simple moving average of $363.95. The stock has a market cap of $19.40 billion, a price-to-earnings ratio of 19.34, a PEG ratio of 2.62 and a beta of 0.75.

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

Snap-On declared that its board has initiated a stock repurchase plan on Thursday, April 30th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the company to repurchase up to 2.6% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

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 paid a dividend of $2.44 per share. This represents a $9.76 annualized dividend and a yield of 2.6%. The ex-dividend date is Wednesday, May 20th. Snap-On’s payout ratio is presently 50.39%.

Insider Buying and Selling at Snap-On

In related news, CFO Aldo John Pagliari sold 5,713 shares of the business’s stock in a transaction on Thursday, May 14th. The shares were sold at an average price of $367.19, for a total value of $2,097,756.47. Following the completion of the transaction, the chief financial officer directly owned 119,488 shares in the company, valued at $43,874,798.72. The trade was a 4.56% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Nicholas T. Pinchuk sold 23,396 shares of the business’s stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $375.77, for a total transaction of $8,791,514.92. Following the completion of the transaction, the chief executive officer owned 856,918 shares of the company’s stock, valued at approximately $322,004,076.86. This represents a 2.66% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 3.80% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently commented on SNA. Tigress Financial lifted 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. Robert W. Baird lifted 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. Barclays began coverage on shares of Snap-On in a research note on Thursday. They issued an “overweight” rating and a $420.00 target price for the company. Roth Mkm reiterated a “buy” rating and issued a $431.00 target price on shares of Snap-On in a research note on Friday, April 24th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Snap-On in a research note on Monday, April 20th. Five investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $387.67.

About Snap-On

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.