CENTRAL TRUST Co Reduces Holdings in Snap-On Incorporated $SNA

CENTRAL TRUST Co cut its stake in Snap-On Incorporated (NYSE:SNA) by 35.8% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 409 shares of the company’s stock after selling 228 shares during the period. CENTRAL TRUST Co’s holdings in Snap-On were worth $127,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Charles Schwab Investment Management Inc. boosted its position in shares of Snap-On by 6.4% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,921,584 shares of the company’s stock valued at $647,593,000 after purchasing an additional 115,306 shares during the period. Kingstone Capital Partners Texas LLC acquired a new stake in shares of Snap-On in the second quarter valued at approximately $434,938,000. Nordea Investment Management AB grew its position in shares of Snap-On by 3.7% during the second quarter. Nordea Investment Management AB now owns 1,221,748 shares of the company’s stock worth $376,775,000 after acquiring an additional 43,430 shares during the last quarter. Auto Owners Insurance Co raised its position in Snap-On by 35,967.2% in the 1st quarter. Auto Owners Insurance Co now owns 1,073,000 shares of the company’s stock valued at $361,612,000 after purchasing an additional 1,070,025 shares during the last quarter. Finally, Northern Trust Corp boosted its stake in Snap-On by 5.4% during the 1st quarter. Northern Trust Corp now owns 841,721 shares of the company’s stock worth $283,668,000 after purchasing an additional 43,467 shares during the period. Institutional investors and hedge funds own 84.88% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on SNA shares. Roth Capital reiterated a “buy” rating and issued a $385.00 target price on shares of Snap-On in a research note on Friday, October 17th. Robert W. Baird raised their target price on shares of Snap-On from $355.00 to $365.00 and gave the company a “neutral” rating in a report on Friday, October 17th. Bank of America lifted their price objective on Snap-On from $265.00 to $285.00 and gave the stock an “underperform” rating in a research report on Friday, July 18th. Wall Street Zen raised shares of Snap-On from a “hold” rating to a “buy” rating in a research report on Saturday, October 18th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Snap-On in a research report on Wednesday, October 8th. Five research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $365.00.

Snap-On Price Performance

Snap-On stock opened at $329.43 on Friday. Snap-On Incorporated has a 1 year low of $289.81 and a 1 year 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. The firm has a 50 day moving average price of $338.62 and a 200 day moving average price of $327.07. The company has a market cap of $17.13 billion, a price-to-earnings ratio of 17.27, a PEG ratio of 2.33 and a beta of 0.81.

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

Snap-On Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 10th. Shareholders of record on Friday, November 21st will be paid a dividend of $2.44 per share. This is a boost from Snap-On’s previous quarterly dividend of $2.14. This represents a $9.76 annualized dividend and a yield of 3.0%. The ex-dividend date is Friday, November 21st. Snap-On’s payout ratio is currently 51.18%.

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.