Comerica Bank decreased its holdings in shares of Snap-on Incorporated (NYSE:SNA) by 8.7% in the first quarter, HoldingsChannel reports. The institutional investor owned 14,915 shares of the company’s stock after selling 1,427 shares during the quarter. Comerica Bank’s holdings in Snap-on were worth $2,294,000 at the end of the most recent reporting period.
Several other institutional investors have also added to or reduced their stakes in SNA. BlackRock Inc. grew its holdings in shares of Snap-on by 17.9% during the fourth quarter. BlackRock Inc. now owns 4,525,663 shares of the company’s stock worth $657,532,000 after buying an additional 687,661 shares in the last quarter. Morgan Stanley grew its holdings in shares of Snap-on by 348.6% during the third quarter. Morgan Stanley now owns 623,240 shares of the company’s stock worth $114,427,000 after buying an additional 484,317 shares in the last quarter. Norges Bank purchased a new stake in shares of Snap-on during the fourth quarter worth $62,430,000. Investec Asset Management LTD grew its holdings in shares of Snap-on by 55.2% during the fourth quarter. Investec Asset Management LTD now owns 1,114,605 shares of the company’s stock worth $161,941,000 after buying an additional 396,566 shares in the last quarter. Finally, APG Asset Management N.V. grew its holdings in shares of Snap-on by 164.0% during the fourth quarter. APG Asset Management N.V. now owns 464,963 shares of the company’s stock worth $59,095,000 after buying an additional 288,815 shares in the last quarter.
Shares of SNA opened at $158.30 on Friday. The company has a quick ratio of 1.66, a current ratio of 2.42 and a debt-to-equity ratio of 0.29. Snap-on Incorporated has a 12-month low of $135.29 and a 12-month high of $189.46. The stock has a market capitalization of $8.80 billion, a P/E ratio of 13.40, a PEG ratio of 1.54 and a beta of 1.28.
Snap-on (NYSE:SNA) last announced its quarterly earnings data on Thursday, April 18th. The company reported $3.01 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.91 by $0.10. Snap-on had a net margin of 18.64% and a return on equity of 21.66%. The firm had revenue of $921.70 million during the quarter, compared to analyst estimates of $933.13 million. During the same quarter in the prior year, the firm posted $2.79 earnings per share. Snap-on’s quarterly revenue was down 1.5% on a year-over-year basis. Equities research analysts anticipate that Snap-on Incorporated will post 12.33 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 10th. Investors of record on Tuesday, May 21st will be issued a $0.95 dividend. This represents a $3.80 dividend on an annualized basis and a dividend yield of 2.40%. The ex-dividend date of this dividend is Monday, May 20th. Snap-on’s dividend payout ratio is currently 32.18%.
In related news, SVP Thomas L. Kassouf sold 18,657 shares of the company’s stock in a transaction dated Monday, February 25th. The shares were sold at an average price of $161.24, for a total value of $3,008,254.68. Following the completion of the sale, the senior vice president now owns 3,920 shares of the company’s stock, valued at $632,060.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Nicholas T. Pinchuk sold 11,783 shares of the company’s stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $156.68, for a total transaction of $1,846,160.44. The disclosure for this sale can be found here. Insiders sold 51,440 shares of company stock valued at $8,419,165 in the last three months. 3.90% of the stock is currently owned by insiders.
A number of equities research analysts have recently issued reports on the stock. Zacks Investment Research raised shares of Snap-on from a “sell” rating to a “hold” rating in a report on Wednesday, April 24th. Bank of America lowered shares of Snap-on from a “buy” rating to a “neutral” rating and set a $168.00 target price for the company. in a report on Tuesday, April 16th. Barrington Research set a $185.00 target price on shares of Snap-on and gave the stock a “buy” rating in a report on Monday, April 22nd. Northcoast Research reaffirmed a “neutral” rating on shares of Snap-on in a report on Friday, May 17th. Finally, Robert W. Baird lowered shares of Snap-on from an “outperform” rating to a “neutral” rating and dropped their price objective for the company from $186.00 to $160.00 in a report on Wednesday, April 10th. Five analysts have rated the stock with a hold rating and two have issued a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $185.20.
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Snap-on Company Profile
Snap-on Incorporated manufactures and markets tools, equipment, diagnostics, and repair information and systems solutions for professional users worldwide. It operates through Commercial and Industrial Group, Snap-on Tools Group, and Repair Systems & Information Group segments. The company offers hand tools, including wrenches, sockets, ratchet wrenches, pliers, screwdrivers, punches and chisels, saws and cutting tools, pruning tools, torque measuring instruments, and other products; power tools, such as cordless, pneumatic, hydraulic, and corded tools; and tool storage products comprising tool chests, roll cabinets, and other products.
Further Reading: Differences Between Momentum Investing and Long Term Investing
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