Texas Permanent School Fund Corp Decreases Position in Snap-On Incorporated $SNA

Texas Permanent School Fund Corp decreased its position in Snap-On Incorporated (NYSE:SNA) by 38.5% during the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 3,566 shares of the company’s stock after selling 2,233 shares during the period. Texas Permanent School Fund Corp’s holdings in Snap-On were worth $1,110,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the company. Quantbot Technologies LP purchased a new position in Snap-On during the 1st quarter valued at about $255,000. Kestra Advisory Services LLC increased its stake in shares of Snap-On by 1.2% during the 1st quarter. Kestra Advisory Services LLC now owns 10,909 shares of the company’s stock worth $3,676,000 after purchasing an additional 130 shares in the last quarter. Jump Financial LLC raised its position in shares of Snap-On by 367.7% during the 1st quarter. Jump Financial LLC now owns 5,523 shares of the company’s stock worth $1,861,000 after purchasing an additional 4,342 shares during the last quarter. Synovus Financial Corp raised its position in shares of Snap-On by 3.1% during the 1st quarter. Synovus Financial Corp now owns 3,977 shares of the company’s stock worth $1,340,000 after purchasing an additional 119 shares during the last quarter. Finally, CreativeOne Wealth LLC grew its holdings in Snap-On by 9.5% during the 1st quarter. CreativeOne Wealth LLC now owns 3,364 shares of the company’s stock valued at $1,134,000 after buying an additional 291 shares during the last quarter. Hedge funds and other institutional investors own 84.88% of the company’s stock.

Snap-On Stock Up 0.3%

SNA opened at $352.91 on Thursday. Snap-On Incorporated has a 12 month low of $289.81 and a 12 month high of $365.78. The business has a 50-day moving average of $342.12 and a two-hundred day moving average of $331.53. The company has a debt-to-equity ratio of 0.20, a current ratio of 4.40 and a quick ratio of 3.37. The stock has a market capitalization of $18.36 billion, a price-to-earnings ratio of 18.51, a price-to-earnings-growth ratio of 2.66 and a beta of 0.78.

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

Snap-On Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, December 10th. Stockholders of record on Friday, November 21st were issued a dividend of $2.44 per share. This represents a $9.76 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date was Friday, November 21st. This is a positive change from Snap-On’s previous quarterly dividend of $2.14. Snap-On’s payout ratio is currently 51.18%.

Insider Transactions at Snap-On

In related news, CFO Aldo John Pagliari sold 6,779 shares of Snap-On stock in a transaction on Thursday, December 11th. The stock was sold at an average price of $352.20, for a total value of $2,387,563.80. Following the transaction, the chief financial officer owned 111,888 shares in the company, valued at approximately $39,406,953.60. This trade represents a 5.71% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Richard Thomas Miller sold 2,000 shares of the company’s stock in a transaction dated Thursday, December 4th. The stock was sold at an average price of $348.27, for a total value of $696,540.00. Following the sale, the vice president owned 4,158 shares of the company’s stock, valued at $1,448,106.66. This represents a 32.48% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 40,036 shares of company stock valued at $13,710,988. Corporate insiders own 3.90% of the company’s stock.

Wall Street Analysts Forecast Growth

SNA has been the subject of a number of analyst reports. Barrington Research reissued an “outperform” rating and issued a $350.00 price target on shares of Snap-On in a report on Wednesday, October 15th. Robert W. Baird lifted their price objective on Snap-On from $355.00 to $365.00 and gave the stock a “neutral” rating in a research report on Friday, October 17th. Tigress Financial boosted their target price on shares of Snap-On from $395.00 to $405.00 and gave the company a “buy” rating in a research note on Tuesday, October 21st. Wall Street Zen upgraded shares of Snap-On from a “hold” rating to a “buy” rating in a report on Saturday, October 18th. Finally, Roth Capital reiterated a “buy” rating and set a $385.00 price target on shares of Snap-On in a report on Friday, October 17th. Five investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Snap-On presently has a consensus rating of “Moderate Buy” and a consensus price target of $365.00.

Snap-On Company Profile

Snap‑On Incorporated (NYSE: SNA) is a designer, manufacturer and marketer of tools, diagnostic equipment, repair information and shop equipment for professional users. The company’s product range includes hand and power tools, tool storage and cabinets, diagnostic scan tools and software, shop equipment such as lifts and tire changers, and specialized specialty tools for automotive, aviation, marine and industrial applications. Snap‑On also offers information and workflow solutions that combine diagnostic data, repair procedures and parts information to support professional technicians.

Founded in 1920 and headquartered in Kenosha, Wisconsin, Snap‑On has established a long history in the professional tools market.