Allspring Global Investments Holdings LLC Cuts Holdings in Snap-on Incorporated (NYSE:SNA)

Allspring Global Investments Holdings LLC cut its position in shares of Snap-on Incorporated (NYSE:SNA) by 21.6% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 3,959 shares of the company’s stock after selling 1,093 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Snap-on were worth $1,144,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in SNA. Nordea Investment Management AB boosted its holdings in Snap-on by 52.8% during the fourth quarter. Nordea Investment Management AB now owns 864,565 shares of the company’s stock worth $249,743,000 after purchasing an additional 298,727 shares during the last quarter. Envestnet Asset Management Inc. raised its position in Snap-on by 25.1% in the third quarter. Envestnet Asset Management Inc. now owns 738,473 shares of the company’s stock worth $188,355,000 after acquiring an additional 147,997 shares during the period. FMR LLC raised its position in Snap-on by 229.8% in the third quarter. FMR LLC now owns 154,401 shares of the company’s stock worth $39,381,000 after acquiring an additional 107,582 shares during the period. Qube Research & Technologies Ltd raised its position in Snap-on by 388.0% in the third quarter. Qube Research & Technologies Ltd now owns 127,656 shares of the company’s stock worth $32,560,000 after acquiring an additional 101,499 shares during the period. Finally, QRG Capital Management Inc. bought a new stake in Snap-on in the third quarter worth about $23,490,000. 84.88% of the stock is currently owned by hedge funds and other institutional investors.

Snap-on Trading Up 1.0 %

NYSE:SNA opened at $271.30 on Wednesday. The company has a fifty day moving average of $283.80 and a 200 day moving average of $278.68. Snap-on Incorporated has a 52 week low of $247.68 and a 52 week high of $298.49. The company has a quick ratio of 2.83, a current ratio of 3.82 and a debt-to-equity ratio of 0.23. The firm has a market capitalization of $14.30 billion, a P/E ratio of 14.23, a P/E/G ratio of 1.92 and a beta of 0.99.

Snap-on (NYSE:SNA) last posted its quarterly earnings results on Thursday, April 18th. The company reported $4.75 EPS for the quarter, beating analysts’ consensus estimates of $4.66 by $0.09. Snap-on had a net margin of 21.69% and a return on equity of 20.46%. The company had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.20 billion. During the same period in the prior year, the business posted $4.60 EPS. The firm’s revenue was down .1% compared to the same quarter last year. On average, research analysts predict that Snap-on Incorporated will post 19.24 earnings per share for the current year.

Snap-on Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 11th. Shareholders of record on Monday, February 26th were issued a $1.86 dividend. The ex-dividend date of this dividend was Friday, February 23rd. This represents a $7.44 annualized dividend and a yield of 2.74%. Snap-on’s dividend payout ratio (DPR) is presently 39.03%.

Analyst Ratings Changes

Several analysts have commented on the stock. Tigress Financial reaffirmed a “buy” rating and issued a $336.00 price objective on shares of Snap-on in a research report on Friday, February 16th. Robert W. Baird lowered their price target on shares of Snap-on from $295.00 to $282.00 and set a “neutral” rating on the stock in a research report on Friday, April 19th. Roth Mkm reissued a “buy” rating and issued a $324.00 price target on shares of Snap-on in a research report on Thursday, April 18th. Finally, Barrington Research reissued an “outperform” rating and issued a $325.00 price target on shares of Snap-on in a research report on Monday, April 15th. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $316.75.

Insiders Place Their Bets

In other Snap-on news, CEO Nicholas T. Pinchuk sold 23,514 shares of the company’s stock in a transaction on Tuesday, March 19th. The shares were sold at an average price of $287.48, for a total value of $6,759,804.72. Following the completion of the transaction, the chief executive officer now directly owns 742,383 shares in the company, valued at approximately $213,420,264.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Nicholas T. Pinchuk sold 23,514 shares of the stock in a transaction dated Tuesday, March 19th. The shares were sold at an average price of $287.48, for a total value of $6,759,804.72. Following the completion of the transaction, the chief executive officer now directly owns 742,383 shares in the company, valued at approximately $213,420,264.84. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Aldo John Pagliari sold 3,231 shares of the stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $270.58, for a total transaction of $874,243.98. Following the completion of the transaction, the chief financial officer now owns 93,183 shares of the company’s stock, valued at $25,213,456.14. The disclosure for this sale can be found here. In the last ninety days, insiders sold 47,368 shares of company stock worth $13,399,449. 4.10% of the stock is currently owned by corporate insiders.

About Snap-on

Snap-on Incorporated manufactures and markets tools, equipment, diagnostics, and repair information and systems solutions for professional users worldwide. It operates through Commercial & Industrial Group, Snap-on Tools Group, Repair Systems & Information Group, and Financial Services segments.