Swedbank AB Sells 3,701 Shares of Snap-On Incorporated $SNA

Swedbank AB cut its stake in Snap-On Incorporated (NYSE:SNA) by 5.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 60,549 shares of the company’s stock after selling 3,701 shares during the quarter. Swedbank AB’s holdings in Snap-On were worth $21,993,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in SNA. Thurston Springer Miller Herd & Titak Inc. bought a new stake in Snap-On during the fourth quarter valued at about $25,000. DV Equities LLC purchased a new stake in shares of Snap-On during the fourth quarter valued at about $25,000. GoalVest Advisory LLC purchased a new stake in shares of Snap-On during the fourth quarter valued at about $28,000. Montag A & Associates Inc. boosted its holdings in shares of Snap-On by 331.8% in the 4th quarter. Montag A & Associates Inc. now owns 95 shares of the company’s stock valued at $33,000 after buying an additional 73 shares in the last quarter. Finally, Quattro Advisors LLC purchased a new position in shares of Snap-On in the 4th quarter worth approximately $35,000. 84.88% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on SNA shares. Barclays started coverage on shares of Snap-On in a research note on Thursday, May 28th. They set an “overweight” rating and a $420.00 price objective for the company. Roth Capital reaffirmed a “buy” rating and issued a $431.00 price target on shares of Snap-On in a report on Friday, April 24th. Robert W. Baird upped their price target on Snap-On from $380.00 to $395.00 and gave the stock a “neutral” rating in a research report on Friday, April 24th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Snap-On in a report on Monday, April 20th. Five equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $387.67.

Snap-On Trading Down 0.4%

NYSE SNA opened at $399.59 on Friday. The company has a fifty day simple moving average of $382.50 and a two-hundred day simple moving average of $374.34. The stock has a market cap of $20.70 billion, a P/E ratio of 20.63, a P/E/G ratio of 2.82 and a beta of 0.73. Snap-On Incorporated has a 12-month low of $310.23 and a 12-month high of $414.62. 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 announced its quarterly earnings data on Thursday, April 23rd. The company reported $4.69 earnings per share for the quarter, missing analysts’ consensus estimates of $4.75 by ($0.06). Snap-On had a net margin of 21.28% and a return on equity of 17.13%. The firm had revenue of $1.21 billion during the quarter, compared to analyst estimates of $1.19 billion. During the same period in the prior year, the company posted $4.51 earnings per share. The firm’s revenue for the quarter was up 5.8% on a year-over-year basis. On average, analysts forecast that Snap-On Incorporated will post 19.7 earnings per share for the current year.

Snap-On Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 10th. Investors of record on Wednesday, May 20th were issued a $2.44 dividend. This represents a $9.76 annualized dividend and a yield of 2.4%. The ex-dividend date was Wednesday, May 20th. Snap-On’s dividend payout ratio is 50.39%.

Snap-On announced that its board has approved a stock repurchase plan on Thursday, April 30th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 2.5% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its shares are undervalued.

Insider Buying and Selling at Snap-On

In other Snap-On news, CEO Nicholas T. Pinchuk sold 23,396 shares of the firm’s stock in a transaction that occurred 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 directly owned 856,918 shares of the company’s stock, valued at approximately $322,004,076.86. This trade represents a 2.66% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Jesus Arregui sold 4,251 shares of Snap-On stock in a transaction that occurred on Wednesday, June 10th. The shares were sold at an average price of $383.92, for a total transaction of $1,632,043.92. Following the sale, the senior vice president owned 4,439 shares of the company’s stock, valued at approximately $1,704,220.88. The trade was a 48.92% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 37,117 shares of company stock worth $14,003,922 in the last 90 days. Corporate insiders own 3.80% of the company’s stock.

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.