State Treasurer State of Michigan boosted its stake in Snap-on Incorporated (NYSE:SNA) by 0.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 19,035 shares of the company’s stock after buying an additional 100 shares during the period. State Treasurer State of Michigan’s holdings in Snap-on were worth $3,211,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently modified their holdings of SNA. Jacobi Capital Management LLC boosted its position in shares of Snap-on by 16.7% in the third quarter. Jacobi Capital Management LLC now owns 700 shares of the company’s stock worth $105,000 after buying an additional 100 shares during the last quarter. Adirondack Trust Co. boosted its position in shares of Snap-on by 2.5% in the first quarter. Adirondack Trust Co. now owns 624 shares of the company’s stock worth $105,000 after buying an additional 15 shares during the last quarter. Sunbelt Securities Inc. purchased a new position in shares of Snap-on during the fourth quarter worth about $106,000. Van ECK Associates Corp boosted its position in Snap-on by 7.5% in the fourth quarter. Van ECK Associates Corp now owns 786 shares of the company’s stock valued at $135,000 after buying an additional 55 shares in the last quarter. Finally, Robecosam AG bought a new position in Snap-on during the third quarter valued at about $146,000. 88.03% of the stock is currently owned by institutional investors.
Shares of Snap-on Incorporated (NYSE:SNA) traded up 0.33% during midday trading on Friday, reaching $164.86. 329,099 shares of the company’s stock were exchanged. The company’s 50-day moving average is $167.97 and its 200-day moving average is $169.73. Snap-on Incorporated has a one year low of $145.17 and a one year high of $181.73. The stock has a market cap of $9.55 billion, a P/E ratio of 17.48 and a beta of 1.06.
Snap-on (NYSE:SNA) last issued its quarterly earnings data on Thursday, April 20th. The company reported $2.39 EPS for the quarter, topping the Zacks’ consensus estimate of $2.34 by $0.05. The company had revenue of $887.10 million for the quarter, compared to analysts’ expectations of $877.30 million. Snap-on had a return on equity of 20.89% and a net margin of 15.93%. The firm’s quarterly revenue was up 6.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.16 earnings per share. Equities analysts expect that Snap-on Incorporated will post $10.10 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 9th. Shareholders of record on Friday, May 19th will be paid a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a dividend yield of 1.73%. The ex-dividend date is Wednesday, May 17th. Snap-on’s dividend payout ratio is presently 30.84%.
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SNA has been the topic of several research analyst reports. Wunderlich upped their target price on shares of Snap-on from $190.00 to $205.00 and gave the company a “buy” rating in a research note on Friday, February 3rd. Zacks Investment Research upgraded shares of Snap-on from a “hold” rating to a “buy” rating and set a $203.00 price objective on the stock in a research note on Tuesday, January 31st. Jefferies Group LLC reiterated a “hold” rating and issued a $175.00 price objective (up previously from $165.00) on shares of Snap-on in a research note on Sunday, April 23rd. CIBC reiterated an “outperform” rating and issued a $200.00 price objective on shares of Snap-on in a research note on Wednesday, April 12th. Finally, Oppenheimer Holdings Inc. assumed coverage on shares of Snap-on in a report on Tuesday, April 11th. They issued an “outperform” rating and a $200.00 target price for the company. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $192.83.
In related news, VP Jeanne M. Moreno sold 12,459 shares of the business’s stock in a transaction dated Monday, April 24th. The stock was sold at an average price of $176.54, for a total value of $2,199,511.86. Following the transaction, the vice president now owns 10,486 shares in the company, valued at $1,851,198.44. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Chairman Nicholas T. Pinchuk sold 20,453 shares of the business’s stock in a transaction dated Wednesday, March 1st. The stock was sold at an average price of $172.89, for a total value of $3,536,119.17. Following the completion of the transaction, the chairman now owns 376,762 shares in the company, valued at approximately $65,138,382.18. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 86,917 shares of company stock worth $15,147,946. 3.40% of the stock is currently owned by insiders.
Snap-on Incorporated is a manufacturer and marketer of tools, equipment, diagnostics, repair information and systems solutions. The Company’s segments include the Commercial & Industrial Group, the Snap-on Tools Group, the Repair Systems & Information Group, and Financial Services. The Commercial & Industrial Group consists of business operations serving a range of industrial and commercial customers, including customers in the aerospace, natural resources, government, power generation, transportation and technical education markets.
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