Auto Owners Insurance Co Sells 1,070,025 Shares of Snap-On Incorporated $SNA

Auto Owners Insurance Co trimmed its holdings in Snap-On Incorporated (NYSE:SNA) by 99.7% in the 2nd quarter, Holdings Channel reports. The fund owned 2,975 shares of the company’s stock after selling 1,070,025 shares during the quarter. Auto Owners Insurance Co’s holdings in Snap-On were worth $926,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of SNA. GAMMA Investing LLC boosted its position in shares of Snap-On by 93.5% in the first quarter. GAMMA Investing LLC now owns 2,086 shares of the company’s stock valued at $703,000 after acquiring an additional 1,008 shares during the period. Golden State Wealth Management LLC lifted its position in Snap-On by 421.1% in the first quarter. Golden State Wealth Management LLC now owns 99 shares of the company’s stock worth $33,000 after purchasing an additional 80 shares during the period. Perigon Wealth Management LLC lifted its position in Snap-On by 7.5% in the first quarter. Perigon Wealth Management LLC now owns 933 shares of the company’s stock worth $315,000 after purchasing an additional 65 shares during the period. Allspring Global Investments Holdings LLC lifted its position in Snap-On by 8.4% in the first quarter. Allspring Global Investments Holdings LLC now owns 19,457 shares of the company’s stock worth $6,607,000 after purchasing an additional 1,506 shares during the period. Finally, KBC Group NV lifted its position in Snap-On by 4.1% in the first quarter. KBC Group NV now owns 44,587 shares of the company’s stock worth $15,027,000 after purchasing an additional 1,767 shares during the period. 84.88% of the stock is owned by institutional investors.

Snap-On Stock Down 1.0%

Shares of NYSE SNA opened at $342.93 on Wednesday. The stock has a market cap of $17.84 billion, a PE ratio of 17.98, a PEG ratio of 2.40 and a beta of 0.78. The business has a fifty day moving average of $335.37 and a two-hundred day moving average of $324.96. Snap-On Incorporated has a 52-week low of $289.81 and a 52-week high of $373.89. The company has a debt-to-equity ratio of 0.20, a quick ratio of 3.37 and a current ratio of 4.40.

Snap-On (NYSE:SNA) last issued its quarterly earnings data on Thursday, October 16th. The company reported $4.71 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.59 by $0.12. The company had revenue of $1.19 billion during the quarter, compared to analysts’ expectations of $1.16 billion. Snap-On had a return on equity of 17.71% and a net margin of 21.08%.The business’s revenue was up 3.8% on a year-over-year basis. During the same period last year, the business earned $4.70 earnings per share. As a group, equities research analysts expect that Snap-On Incorporated will post 19.79 earnings per share for the current fiscal year.

Snap-On Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 10th. Shareholders of record on Tuesday, August 19th were issued a dividend of $2.14 per share. The ex-dividend date of this dividend was Tuesday, August 19th. This represents a $8.56 dividend on an annualized basis and a dividend yield of 2.5%. Snap-On’s dividend payout ratio (DPR) is presently 44.89%.

Insiders Place Their Bets

In related news, CFO Aldo John Pagliari sold 4,731 shares of Snap-On stock in a transaction dated Thursday, August 14th. The stock was sold at an average price of $327.38, for a total value of $1,548,834.78. Following the completion of the transaction, the chief financial officer directly owned 111,667 shares of the company’s stock, valued at $36,557,542.46. The trade was a 4.06% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Nicholas T. Pinchuk sold 23,042 shares of Snap-On stock in a transaction dated Monday, August 11th. The shares were sold at an average price of $320.88, for a total value of $7,393,716.96. Following the completion of the transaction, the chief executive officer directly owned 815,219 shares of the company’s stock, valued at $261,587,472.72. This represents a 2.75% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 27,898 shares of company stock valued at $8,983,203. Company insiders own 3.90% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently commented on SNA shares. Wall Street Zen raised Snap-On from a “hold” rating to a “buy” rating in a research report on Saturday, October 18th. Bank of America raised their target price on Snap-On from $265.00 to $285.00 and gave the stock an “underperform” rating in a research report on Friday, July 18th. Robert W. Baird raised their target price on Snap-On from $355.00 to $365.00 and gave the stock a “neutral” rating in a research report on Friday, October 17th. Roth Capital reaffirmed a “buy” rating and issued a $385.00 target price on shares of Snap-On in a research report on Friday, October 17th. Finally, Tigress Financial raised their target price on Snap-On from $395.00 to $405.00 and gave the stock a “buy” rating in a research report on Tuesday, October 21st. Five 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. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $365.00.

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.