Arizona State Retirement System Reduces Position in Snap-On Incorporated (NYSE:SNA)

Arizona State Retirement System lessened its holdings in shares of Snap-On Incorporated (NYSE:SNA) by 0.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 15,180 shares of the company’s stock after selling 122 shares during the quarter. Arizona State Retirement System’s holdings in Snap-On were worth $5,116,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also modified their holdings of the company. Vanguard Group Inc. lifted its stake in shares of Snap-On by 0.3% during the 4th quarter. Vanguard Group Inc. now owns 6,404,599 shares of the company’s stock valued at $2,174,233,000 after buying an additional 19,328 shares in the last quarter. First Trust Advisors LP lifted its stake in shares of Snap-On by 29.2% during the 4th quarter. First Trust Advisors LP now owns 1,819,403 shares of the company’s stock valued at $617,651,000 after buying an additional 411,317 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of Snap-On by 1.7% during the 4th quarter. Geode Capital Management LLC now owns 1,641,159 shares of the company’s stock valued at $556,022,000 after buying an additional 27,700 shares in the last quarter. Earnest Partners LLC lifted its stake in shares of Snap-On by 1.9% during the 4th quarter. Earnest Partners LLC now owns 963,866 shares of the company’s stock valued at $327,213,000 after buying an additional 18,209 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in shares of Snap-On by 5.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 927,564 shares of the company’s stock valued at $314,896,000 after buying an additional 50,187 shares in the last quarter. Hedge funds and other institutional investors own 84.88% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. Longbow Research upgraded shares of Snap-On from a “neutral” rating to a “buy” rating and set a $400.00 target price on the stock in a research note on Monday, March 31st. Wall Street Zen upgraded shares of Snap-On from a “hold” rating to a “buy” rating in a research note on Friday, May 16th. Barrington Research reiterated an “outperform” rating and issued a $350.00 price target on shares of Snap-On in a research note on Monday, May 19th. Finally, Robert W. Baird decreased their price target on shares of Snap-On from $349.00 to $320.00 and set a “neutral” rating on the stock in a research note on Monday, April 21st. One research analyst has rated the stock with a sell rating, one has issued a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $350.83.

Insider Activity at Snap-On

In related news, CEO Nicholas T. Pinchuk sold 23,172 shares of the company’s stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of $315.85, for a total transaction of $7,318,876.20. Following the transaction, the chief executive officer directly owned 804,510 shares in the company, valued at approximately $254,104,483.50. This represents a 2.80% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Karen L. Daniel sold 1,090 shares of the company’s stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $319.92, for a total transaction of $348,712.80. Following the transaction, the director owned 8,030 shares in the company, valued at $2,568,957.60. The trade was a 11.95% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 29,815 shares of company stock worth $9,482,532. Insiders own 3.90% of the company’s stock.

Snap-On Stock Performance

Snap-On stock opened at $319.36 on Tuesday. The company’s 50-day moving average price is $317.94 and its 200-day moving average price is $328.23. Snap-On Incorporated has a twelve month low of $266.55 and a twelve month high of $373.90. The company has a quick ratio of 3.18, a current ratio of 4.14 and a debt-to-equity ratio of 0.21. The company has a market cap of $16.70 billion, a PE ratio of 16.72, a price-to-earnings-growth ratio of 2.27 and a beta of 0.76.

Snap-On (NYSE:SNA) last posted its earnings results on Thursday, April 17th. The company reported $4.51 earnings per share for the quarter, missing analysts’ consensus estimates of $4.81 by ($0.30). Snap-On had a return on equity of 18.60% and a net margin of 21.42%. The business had revenue of $1.14 billion during the quarter, compared to the consensus estimate of $1.20 billion. During the same quarter last year, the firm earned $4.91 earnings per share. On average, equities research analysts forecast that Snap-On Incorporated will post 19.79 EPS for the current fiscal year.

Snap-On Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 10th. Investors of record on Tuesday, May 20th were issued a dividend of $2.14 per share. The ex-dividend date was Tuesday, May 20th. This represents a $8.56 annualized dividend and a yield of 2.68%. Snap-On’s payout ratio is 44.82%.

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.