SouthState Bank Corp lifted its position in shares of Snap-On Incorporated (NYSE:SNA – Free Report) by 6.1% in the fourth quarter, Holdings Channel reports. The institutional investor owned 27,599 shares of the company’s stock after acquiring an additional 1,598 shares during the quarter. SouthState Bank Corp’s holdings in Snap-On were worth $9,511,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Kennebec Savings Bank increased its holdings in shares of Snap-On by 3.6% during the 4th quarter. Kennebec Savings Bank now owns 783 shares of the company’s stock worth $270,000 after buying an additional 27 shares during the last quarter. Annis Gardner Whiting Capital Advisors LLC increased its holdings in shares of Snap-On by 36.4% during the 4th quarter. Annis Gardner Whiting Capital Advisors LLC now owns 105 shares of the company’s stock worth $36,000 after buying an additional 28 shares during the last quarter. CWM LLC increased its holdings in shares of Snap-On by 0.6% during the 4th quarter. CWM LLC now owns 5,517 shares of the company’s stock worth $1,901,000 after buying an additional 31 shares during the last quarter. Ritholtz Wealth Management increased its holdings in shares of Snap-On by 2.5% during the 4th quarter. Ritholtz Wealth Management now owns 1,401 shares of the company’s stock worth $483,000 after buying an additional 34 shares during the last quarter. Finally, MFA Wealth Services increased its holdings in shares of Snap-On by 2.9% during the 3rd quarter. MFA Wealth Services now owns 1,236 shares of the company’s stock worth $428,000 after buying an additional 35 shares during the last quarter. Institutional investors and hedge funds own 84.88% of the company’s stock.
Snap-On Stock Performance
Shares of SNA stock opened at $379.67 on Friday. The company has a quick ratio of 2.74, a current ratio of 3.53 and a debt-to-equity ratio of 0.15. Snap-On Incorporated has a 52 week low of $301.82 and a 52 week high of $400.88. The stock has a market capitalization of $19.67 billion, a PE ratio of 19.60, a P/E/G ratio of 2.67 and a beta of 0.73. The firm has a 50 day moving average of $372.58 and a two-hundred day moving average of $365.28.
Snap-On Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 10th. Investors of record on Wednesday, May 20th will be paid a dividend of $2.44 per share. The ex-dividend date is Wednesday, May 20th. This represents a $9.76 dividend on an annualized basis and a dividend yield of 2.6%. Snap-On’s payout ratio is presently 50.39%.
Snap-On declared that its Board of Directors has approved a share repurchase program on Thursday, April 30th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the company to buy up to 2.6% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.
Analysts Set New Price Targets
SNA has been the subject of a number of recent analyst reports. Weiss Ratings restated a “buy (b)” rating on shares of Snap-On in a report on Monday, April 20th. Wall Street Zen downgraded shares of Snap-On from a “buy” rating to a “hold” rating in a report on Saturday, February 7th. Roth Mkm reiterated a “buy” rating and issued a $431.00 target price on shares of Snap-On in a report on Friday, April 24th. Barclays initiated coverage on shares of Snap-On in a report on Thursday, May 28th. They issued an “overweight” rating and a $420.00 target price for the company. Finally, Tigress Financial lifted their target price on shares of Snap-On from $405.00 to $445.00 and gave the company a “buy” rating in a report on Friday, February 27th. Five equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Snap-On has an average rating of “Moderate Buy” and an average target price of $387.67.
Check Out Our Latest Research Report on Snap-On
Insiders Place Their Bets
In related news, CEO Nicholas T. Pinchuk sold 23,396 shares of the business’s stock in a transaction 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 owned 856,918 shares in the company, valued at approximately $322,004,076.86. The trade was a 2.66% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Aldo John Pagliari sold 5,713 shares of the business’s stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $367.19, for a total transaction of $2,097,756.47. Following the transaction, the chief financial officer owned 119,488 shares of the company’s stock, valued at approximately $43,874,798.72. The trade was a 4.56% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 30,439 shares of company stock valued at $11,393,700. Insiders own 3.80% of the company’s stock.
About Snap-On
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.
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