Avanza Fonder AB Trims Stock Position in Snap-on Incorporated (NYSE:SNA)

Avanza Fonder AB lowered its position in shares of Snap-on Incorporated (NYSE:SNA) by 1.6% in the 1st quarter, Holdings Channel.com reports. The fund owned 5,611 shares of the company’s stock after selling 93 shares during the period. Avanza Fonder AB’s holdings in Snap-on were worth $1,920,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. GAMMA Investing LLC grew its stake in Snap-on by 93.5% in the 1st quarter. GAMMA Investing LLC now owns 2,086 shares of the company’s stock worth $703,000 after buying an additional 1,008 shares in the last quarter. Portside Wealth Group LLC grew its stake in Snap-on by 4.6% in the 1st quarter. Portside Wealth Group LLC now owns 3,078 shares of the company’s stock worth $1,037,000 after buying an additional 134 shares in the last quarter. First Citizens Bank & Trust Co. grew its stake in Snap-on by 5.3% in the 1st quarter. First Citizens Bank & Trust Co. now owns 33,794 shares of the company’s stock worth $11,389,000 after buying an additional 1,705 shares in the last quarter. Park Avenue Securities LLC grew its stake in Snap-on by 1.6% in the 1st quarter. Park Avenue Securities LLC now owns 31,400 shares of the company’s stock worth $10,582,000 after buying an additional 483 shares in the last quarter. Finally, Procyon Advisors LLC purchased a new position in Snap-on in the 1st quarter worth approximately $1,498,000. Hedge funds and other institutional investors own 84.88% of the company’s stock.

Wall Street Analyst Weigh In

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

Snap-on Trading Down 0.6%

NYSE:SNA opened at $320.24 on Thursday. The company has a fifty day moving average of $318.98 and a 200 day moving average of $335.08. Snap-on Incorporated has a 52 week low of $252.98 and a 52 week high of $373.90. The company has a quick ratio of 3.17, a current ratio of 4.15 and a debt-to-equity ratio of 0.22. The firm has a market capitalization of $16.75 billion, a P/E ratio of 16.42, a P/E/G ratio of 2.21 and a beta of 0.78.

Snap-on (NYSE:SNA) last issued its quarterly earnings data on Thursday, April 17th. The company reported $4.51 EPS for the quarter, missing the consensus estimate of $4.81 by ($0.30). Snap-on had a return on equity of 19.20% and a net margin of 21.71%. The company 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 company posted $4.91 earnings per share. On average, research analysts predict that Snap-on Incorporated will post 19.79 earnings per share for the current year.

Snap-on Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 10th. Shareholders of record on Tuesday, May 20th were issued a $2.14 dividend. The ex-dividend date of this dividend was Tuesday, May 20th. This represents a $8.56 annualized dividend and a yield of 2.67%. Snap-on’s dividend payout ratio (DPR) is presently 44.82%.

Insiders Place Their Bets

In other Snap-on news, CEO Nicholas T. Pinchuk sold 22,700 shares of the company’s stock in a transaction on Thursday, March 27th. The shares were sold at an average price of $335.32, for a total value of $7,611,764.00. Following the completion of the transaction, the chief executive officer now directly owns 793,932 shares in the company, valued at approximately $266,221,278.24. This represents a 2.78% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Karen L. Daniel sold 1,090 shares of the company’s stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $319.92, for a total transaction of $348,712.80. Following the completion of the transaction, the director now owns 8,030 shares of the company’s stock, valued at $2,568,957.60. This trade represents 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 sold 52,515 shares of company stock worth $17,094,296. 3.90% of the stock is currently owned by corporate insiders.

Snap-on Company 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.