Norges Bank Purchases Shares of 428,132 Snap-on Incorporated (NYSE:SNA)

Norges Bank acquired a new position in shares of Snap-on Incorporated (NYSE:SNA) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 428,132 shares of the company’s stock, valued at approximately $145,342,000. Norges Bank owned approximately 0.82% of Snap-on as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in SNA. Raymond James Financial Inc. bought a new stake in Snap-on in the fourth quarter valued at approximately $148,839,000. Proficio Capital Partners LLC acquired a new position in shares of Snap-on during the 4th quarter worth approximately $57,738,000. Benjamin Edwards Inc. raised its stake in Snap-on by 2,691.2% in the 3rd quarter. Benjamin Edwards Inc. now owns 158,092 shares of the company’s stock valued at $45,810,000 after acquiring an additional 152,428 shares during the period. Nordea Investment Management AB lifted its holdings in Snap-on by 12.8% during the 4th quarter. Nordea Investment Management AB now owns 1,128,317 shares of the company’s stock valued at $384,813,000 after purchasing an additional 127,859 shares during the last quarter. Finally, Amundi boosted its position in Snap-on by 137.0% during the fourth quarter. Amundi now owns 201,207 shares of the company’s stock worth $68,039,000 after purchasing an additional 116,319 shares during the period. Institutional investors and hedge funds own 84.88% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on SNA. Longbow Research raised shares of Snap-on from a “neutral” rating to a “buy” rating and set a $400.00 price objective on the stock in a research report on Monday. Barrington Research restated an “outperform” rating and set a $350.00 price objective on shares of Snap-on in a research report on Monday, February 10th. Finally, Tigress Financial boosted their price objective on Snap-on from $385.00 to $390.00 and gave the stock a “buy” rating in a report on Tuesday, March 4th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $355.33.

Snap-on Price Performance

Shares of Snap-on stock opened at $337.25 on Tuesday. The company has a quick ratio of 3.17, a current ratio of 4.15 and a debt-to-equity ratio of 0.22. The stock has a market capitalization of $17.68 billion, a price-to-earnings ratio of 17.29, a price-to-earnings-growth ratio of 2.21 and a beta of 0.99. Snap-on Incorporated has a twelve month low of $252.98 and a twelve month high of $373.90. The company has a 50-day simple moving average of $339.90 and a two-hundred day simple moving average of $334.34.

Snap-on (NYSE:SNA) last released its quarterly earnings results on Thursday, February 6th. The company reported $4.82 earnings per share for the quarter, beating analysts’ consensus estimates of $4.78 by $0.04. Snap-on had a net margin of 21.71% and a return on equity of 19.20%. During the same period in the prior year, the business earned $4.75 earnings per share. Analysts forecast that Snap-on Incorporated will post 19.79 EPS for the current year.

Snap-on Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 10th. Stockholders of record on Monday, February 24th were issued a dividend of $2.14 per share. This represents a $8.56 annualized dividend and a dividend yield of 2.54%. The ex-dividend date of this dividend was Monday, February 24th. Snap-on’s dividend payout ratio (DPR) is currently 43.90%.

Insider Buying and Selling

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

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.