Truist Financial Corp Trims Position in Snap-on Incorporated (NYSE:SNA)

Truist Financial Corp trimmed its stake in Snap-on Incorporated (NYSE:SNA) by 12.1% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 27,224 shares of the company’s stock after selling 3,761 shares during the period. Truist Financial Corp owned about 0.05% of Snap-on worth $7,864,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also added to or reduced their stakes in SNA. Charles Schwab Investment Management Inc. grew its stake in Snap-on by 2.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,276,205 shares of the company’s stock worth $325,509,000 after purchasing an additional 26,260 shares in the last quarter. Nordea Investment Management AB grew its position in shares of Snap-on by 52.8% during the 4th quarter. Nordea Investment Management AB now owns 864,565 shares of the company’s stock worth $249,743,000 after buying an additional 298,727 shares in the last quarter. Northern Trust Corp increased its stake in shares of Snap-on by 4.6% during the third quarter. Northern Trust Corp now owns 834,148 shares of the company’s stock valued at $212,758,000 after buying an additional 36,556 shares during the period. Earnest Partners LLC raised its holdings in shares of Snap-on by 5.8% in the third quarter. Earnest Partners LLC now owns 775,131 shares of the company’s stock valued at $197,705,000 after acquiring an additional 42,701 shares in the last quarter. Finally, Envestnet Asset Management Inc. lifted its stake 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. 84.88% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have commented on SNA. Roth Mkm reissued a “buy” rating and set a $324.00 target price on shares of Snap-on in a research report on Thursday, April 18th. Robert W. Baird reduced their price objective on shares of Snap-on from $295.00 to $282.00 and set a “neutral” rating for the company in a research note on Friday, April 19th. Tigress Financial restated a “buy” rating and set a $336.00 target price on shares of Snap-on in a report on Friday, February 16th. Finally, Barrington Research reiterated an “outperform” rating and issued a $325.00 price target on shares of Snap-on in a report on Monday, April 15th. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Snap-on currently has a consensus rating of “Moderate Buy” and a consensus price target of $316.75.

Insider Transactions at Snap-on

In other news, CEO Nicholas T. Pinchuk sold 23,514 shares of Snap-on stock in a transaction that occurred 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 transaction, the chief executive officer now owns 742,383 shares of the company’s stock, valued at approximately $213,420,264.84. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Snap-on news, VP Richard Thomas Miller sold 704 shares of the business’s stock in a transaction that occurred on Thursday, March 28th. The shares were sold at an average price of $298.16, for a total transaction of $209,904.64. Following the sale, the vice president now owns 3,213 shares of the company’s stock, valued at approximately $957,988.08. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Nicholas T. Pinchuk sold 23,514 shares of the business’s stock in a transaction that occurred on Tuesday, March 19th. The stock was sold at an average price of $287.48, for a total transaction of $6,759,804.72. Following the sale, the chief executive officer now directly owns 742,383 shares in the company, valued at approximately $213,420,264.84. The disclosure for this sale can be found here. Insiders have sold a total of 49,930 shares of company stock valued at $14,089,523 in the last 90 days. Insiders own 4.10% of the company’s stock.

Snap-on Stock Up 1.6 %

Shares of Snap-on stock opened at $271.03 on Friday. The firm’s 50 day moving average price is $284.25 and its 200-day moving average price is $279.14. The company has a quick ratio of 2.83, a current ratio of 3.82 and a debt-to-equity ratio of 0.23. Snap-on Incorporated has a 52-week low of $247.68 and a 52-week high of $298.49. The company has a market cap of $14.29 billion, a P/E ratio of 14.22, a PEG ratio of 1.84 and a beta of 1.00.

Snap-on (NYSE:SNA) last issued its quarterly earnings data on Thursday, April 18th. The company reported $4.75 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $1.20 billion. During the same quarter in the previous year, the firm earned $4.60 EPS. The company’s quarterly revenue was down .1% compared to the same quarter last year. On average, sell-side analysts predict that Snap-on Incorporated will post 19.02 EPS for the current fiscal year.

Snap-on Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 10th. Stockholders of record on Monday, May 20th will be given a $1.86 dividend. This represents a $7.44 dividend on an annualized basis and a dividend yield of 2.75%. The ex-dividend date is Friday, May 17th. Snap-on’s payout ratio is currently 39.03%.

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.