Miller Howard Investments Inc. NY lessened its position in shares of Snap-On Incorporated (NYSE:SNA – Free Report) by 1.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 139,212 shares of the company’s stock after selling 1,667 shares during the quarter. Miller Howard Investments Inc. NY’s holdings in Snap-On were worth $50,583,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors and hedge funds have also modified their holdings of the company. BlackRock Inc. bought a new position in Snap-On in the second quarter worth $1,715,363,000. Bank of America Corp DE acquired a new stake in Snap-On during the second quarter worth $329,779,000. Caisse de depot et placement du Quebec acquired a new stake in Snap-On during the second quarter worth $181,969,000. Bank of New York Mellon Corp bought a new stake in Snap-On in the 2nd quarter valued at $174,736,000. Finally, Legal & General Group Plc bought a new stake in Snap-On in the 2nd quarter valued at $144,220,000. 84.88% of the stock is currently owned by institutional investors.
Insiders Place Their Bets
In other Snap-On news, CFO Aldo Pagliari sold 5,531 shares of Snap-On stock in a transaction on Thursday, August 13th. The stock was sold at an average price of $404.25, for a total transaction of $2,235,906.75. Following the completion of the transaction, the chief financial officer directly owned 120,644 shares of the company’s stock, valued at approximately $48,770,337. This trade represents a 4.38% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Marty V. Ozolins sold 800 shares of Snap-On stock in a transaction on Wednesday, August 26th. The shares were sold at an average price of $400.00, for a total value of $320,000.00. Following the transaction, the vice president directly owned 1,526 shares of the company’s stock, valued at approximately $610,400. The trade was a 34.39% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 29,220 shares of company stock worth $11,704,411 over the last three months. 3.80% of the stock is currently owned by corporate insiders.
Wall Street Analysts Forecast Growth
A number of equities analysts have recently issued reports on SNA shares. Roth Capital restated a “buy” rating and issued a $461.00 price objective (up from $409.00) on shares of Snap-On in a research note on Friday, July 24th. Barclays decreased their target price on shares of Snap-On from $435.00 to $405.00 and set an “overweight” rating on the stock in a research report on Monday. Robert W. Baird set a $385.00 target price on shares of Snap-On in a research report on Friday. Tigress Financial upped their target price on shares of Snap-On from $445.00 to $485.00 and gave the company a “buy” rating in a research note on Friday, July 31st. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Snap-On in a research report on Thursday, October 15th. Four equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $434.00.
Check Out Our Latest Stock Analysis on SNA
Snap-On Trading Up 0.1%
Shares of SNA opened at $357.53 on Tuesday. The company has a current ratio of 3.55, a quick ratio of 2.71 and a debt-to-equity ratio of 0.14. The stock has a market cap of $18.44 billion, a PE ratio of 18.59, a PEG ratio of 2.40 and a beta of 0.71. Snap-On Incorporated has a 1 year low of $320.80 and a 1 year high of $423.02. The stock has a 50 day simple moving average of $374.77 and a 200-day simple moving average of $380.19.
Snap-On (NYSE:SNA – Get Free Report) last announced its quarterly earnings results on Thursday, October 22nd. The company reported $4.64 EPS for the quarter, missing the consensus estimate of $4.93 by ($0.29). The company had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.24 billion. Snap-On had a net margin of 20.82% and a return on equity of 16.77%. Snap-On’s quarterly revenue was down .6% compared to the same quarter last year. During the same period in the prior year, the firm earned $4.71 EPS. On average, sell-side analysts predict that Snap-On Incorporated will post 19.50 EPS for the current fiscal year.
Snap-On Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 10th. Shareholders of record on Wednesday, August 19th were paid a dividend of $2.44 per share. This represents a $9.76 annualized dividend and a yield of 2.7%. The ex-dividend date was Wednesday, August 19th. Snap-On’s dividend payout ratio is currently 50.75%.
About Snap-On
Snap-on Incorporated is a manufacturer and distributor of professional tools, equipment, diagnostics, and related services. Its offerings include hand and power tools, tool storage, vehicle repair equipment, diagnostic systems, and repair information and management software. The company serves professional users who work in automotive repair, heavy-duty transportation, aviation, agriculture, construction, industrial production, government, and other technical fields.
Snap-on markets products under the Snap-on brand and other brands, including Blue-Point, Bahco, and Williams.
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