Sarasin & Partners LLP Takes $26.36 Million Position in Snap-on Incorporated (NYSE:SNA)

Sarasin & Partners LLP acquired a new position in shares of Snap-on Incorporated (NYSE:SNA) in the first quarter, Holdings Channel reports. The institutional investor acquired 78,215 shares of the company’s stock, valued at approximately $26,359,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. SBI Securities Co. Ltd. acquired a new position in shares of Snap-on in the 4th quarter worth approximately $26,000. CoreFirst Bank & Trust acquired a new position in Snap-on in the fourth quarter valued at $40,000. TCTC Holdings LLC lifted its holdings in Snap-on by 41.3% in the fourth quarter. TCTC Holdings LLC now owns 147 shares of the company’s stock valued at $50,000 after buying an additional 43 shares during the period. Mizuho Bank Ltd. bought a new stake in Snap-on during the fourth quarter valued at $61,000. Finally, Orion Capital Management LLC acquired a new stake in Snap-on during the 4th quarter worth about $65,000. 84.88% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Snap-on

In related news, CFO Aldo John Pagliari sold 5,553 shares of Snap-on stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $326.84, for a total value of $1,814,942.52. Following the completion of the transaction, the chief financial officer now directly owns 109,560 shares in the company, valued at approximately $35,808,590.40. The trade was a 4.82% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Karen L. Daniel sold 1,090 shares of the business’s stock in a transaction on Thursday, June 5th. The shares were sold at an average price of $319.92, for a total transaction of $348,712.80. Following the sale, the director now directly owns 8,030 shares in the company, valued at $2,568,957.60. The trade was a 11.95% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 52,515 shares of company stock worth $17,094,296. 3.90% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

SNA has been the subject of several recent analyst reports. Barrington Research reaffirmed an “outperform” rating and set a $350.00 target price on shares of Snap-on in a research note on Monday, May 19th. Wall Street Zen raised Snap-on from a “hold” rating to a “buy” rating in a research note on Friday, May 16th. Tigress Financial upped their price objective on shares of Snap-on from $385.00 to $390.00 and gave the stock a “buy” rating in a report on Tuesday, March 4th. Robert W. Baird dropped their target price on Snap-on from $349.00 to $320.00 and set a “neutral” rating on the stock in a report on Monday, April 21st. Finally, Longbow Research upgraded shares of Snap-on from a “neutral” rating to a “buy” rating and set a $400.00 target price for the company in a research note on Monday, March 31st. One investment analyst has rated the stock with a sell rating, one has given a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, Snap-on has a consensus rating of “Moderate Buy” and an average price target of $350.83.

Snap-on Stock Performance

Shares of SNA opened at $320.73 on Tuesday. Snap-on Incorporated has a 12 month low of $252.98 and a 12 month high of $373.90. The company has a market capitalization of $16.77 billion, a price-to-earnings ratio of 16.45, a PEG ratio of 2.21 and a beta of 0.78. The stock has a 50 day moving average of $318.98 and a 200 day moving average of $335.28. The company has a current ratio of 4.15, a quick ratio of 3.17 and a debt-to-equity ratio of 0.22.

Snap-on (NYSE:SNA) last released 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). The company had revenue of $1.14 billion during the quarter, compared to analysts’ expectations of $1.20 billion. Snap-on had a net margin of 21.71% and a return on equity of 19.20%. During the same quarter in the previous year, the firm earned $4.91 earnings per share. As a group, sell-side analysts forecast that Snap-on Incorporated will post 19.79 earnings per share for the current year.

Snap-on Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 10th. Stockholders of record on Tuesday, May 20th will be given a dividend of $2.14 per share. The ex-dividend date of this dividend is Tuesday, May 20th. This represents a $8.56 dividend on an annualized basis and a dividend yield of 2.67%. Snap-on’s dividend payout ratio is presently 44.82%.

Snap-on Profile

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.