Pictet Asset Management Holding SA Sells 4,791 Shares of Snap-On Incorporated $SNA

Pictet Asset Management Holding SA reduced its stake in shares of Snap-On Incorporated (NYSE:SNA) by 6.4% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 69,550 shares of the company’s stock after selling 4,791 shares during the quarter. Pictet Asset Management Holding SA’s holdings in Snap-On were worth $23,969,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in SNA. Generali Asset Management SPA SGR acquired a new stake in shares of Snap-On in the 3rd quarter valued at $2,068,000. DNB Asset Management AS lifted its stake in shares of Snap-On by 65.5% during the third quarter. DNB Asset Management AS now owns 23,702 shares of the company’s stock valued at $8,213,000 after acquiring an additional 9,377 shares during the period. Pensionfund Sabic bought a new position in Snap-On in the fourth quarter valued at about $1,206,000. Bahl & Gaynor Inc. boosted its holdings in Snap-On by 1.3% in the third quarter. Bahl & Gaynor Inc. now owns 381,283 shares of the company’s stock valued at $132,126,000 after acquiring an additional 4,932 shares during the last quarter. Finally, Nordea Investment Management AB increased its position in Snap-On by 4.1% in the fourth quarter. Nordea Investment Management AB now owns 1,310,198 shares of the company’s stock worth $454,206,000 after purchasing an additional 51,486 shares during the period. Institutional investors and hedge funds own 84.88% of the company’s stock.

Insider Buying and Selling at Snap-On

In other Snap-On news, CEO Nicholas T. Pinchuk sold 23,229 shares of Snap-On stock in a transaction on Monday, February 23rd. The shares were sold at an average price of $383.36, for a total value of $8,905,069.44. Following the sale, the chief executive officer directly owned 846,562 shares in the company, valued at approximately $324,538,008.32. The trade was a 2.67% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Aldo John Pagliari sold 7,043 shares of the business’s stock in a transaction dated Thursday, February 19th. The stock was sold at an average price of $382.05, for a total transaction of $2,690,778.15. Following the sale, the chief financial officer directly owned 117,183 shares in the company, valued at $44,769,765.15. This trade represents a 5.67% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 39,650 shares of company stock worth $15,210,959. Company insiders own 3.80% of the company’s stock.

Analyst Ratings Changes

SNA has been the topic of a number of research reports. Robert W. Baird upped their target price on shares of Snap-On from $380.00 to $395.00 and gave the company a “neutral” rating in a research report on Friday, April 24th. Roth Mkm reiterated a “buy” rating and set a $431.00 price target on shares of Snap-On in a research report on Friday, April 24th. Tigress Financial raised their price objective on shares of Snap-On from $405.00 to $445.00 and gave the company a “buy” rating in a research note on Friday, February 27th. Weiss Ratings reissued a “buy (b)” rating on shares of Snap-On in a research report on Monday, April 20th. Finally, Wall Street Zen lowered shares of Snap-On from a “buy” rating to a “hold” rating in a report on Saturday, February 7th. Four equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Snap-On presently has a consensus rating of “Moderate Buy” and a consensus price target of $381.20.

Snap-On Stock Up 1.5%

NYSE:SNA opened at $384.00 on Friday. The stock has a 50-day simple moving average of $374.37 and a 200 day simple moving average of $360.04. Snap-On Incorporated has a 52-week low of $301.82 and a 52-week high of $400.88. The company has a market cap of $19.89 billion, a PE ratio of 19.82, a PEG ratio of 2.66 and a beta of 0.77. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.74 and a current ratio of 3.53.

Snap-On (NYSE:SNA) last released its earnings results on Thursday, April 23rd. The company reported $4.69 EPS for the quarter, missing the consensus estimate of $4.75 by ($0.06). Snap-On had a net margin of 21.28% and a return on equity of 17.13%. The firm had revenue of $1.21 billion during the quarter, compared to the consensus estimate of $1.19 billion. During the same quarter in the previous year, the firm posted $4.51 EPS. The company’s revenue was up 5.8% on a year-over-year basis. On average, sell-side analysts expect that Snap-On Incorporated will post 19.75 EPS for the current fiscal year.

Snap-On announced that its board has initiated a share repurchase plan on Thursday, April 30th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the company to buy up to 2.6% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its shares are undervalued.

Snap-On Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 10th. Stockholders of record on Wednesday, May 20th will be given a $2.44 dividend. This represents a $9.76 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date of this dividend is Wednesday, May 20th. Snap-On’s payout ratio is currently 50.39%.

Snap-On Company Profile

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.