Bank of America Corp DE lowered its holdings in Snap-on Incorporated (NYSE:SNA – Get Rating) by 16.3% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 621,569 shares of the company’s stock after selling 120,879 shares during the period. Bank of America Corp DE’s holdings in Snap-on were worth $127,721,000 as of its most recent SEC filing.
Other hedge funds also recently modified their holdings of the company. Parkside Financial Bank & Trust lifted its holdings in shares of Snap-on by 57.3% in the first quarter. Parkside Financial Bank & Trust now owns 129 shares of the company’s stock valued at $27,000 after purchasing an additional 47 shares in the last quarter. Cyrus J. Lawrence LLC purchased a new stake in shares of Snap-on in the first quarter valued at $27,000. Zullo Investment Group Inc. lifted its holdings in shares of Snap-on by 391.7% in the first quarter. Zullo Investment Group Inc. now owns 177 shares of the company’s stock valued at $36,000 after purchasing an additional 141 shares in the last quarter. Bromfield Sneider Wealth Advisors purchased a new stake in shares of Snap-on during the first quarter worth $38,000. Finally, Brown Brothers Harriman & Co. raised its holdings in shares of Snap-on by 7,566.7% during the first quarter. Brown Brothers Harriman & Co. now owns 230 shares of the company’s stock worth $47,000 after acquiring an additional 227 shares in the last quarter. Hedge funds and other institutional investors own 87.31% of the company’s stock.
Analysts Set New Price Targets
SNA has been the subject of several recent research reports. MKM Partners initiated coverage on Snap-on in a report on Thursday, June 9th. They set a “neutral” rating and a $238.00 price objective for the company. UBS Group cut their price objective on Snap-on to $175.00 in a report on Friday, July 22nd.
Snap-on Trading Down 2.3 %
Snap-on (NYSE:SNA – Get Rating) last issued its quarterly earnings results on Thursday, July 21st. The company reported $4.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.91 by $0.36. The company had revenue of $1.14 billion for the quarter, compared to the consensus estimate of $1.10 billion. Snap-on had a return on equity of 20.51% and a net margin of 19.83%. The firm’s revenue was up 5.1% compared to the same quarter last year. During the same period last year, the business posted $3.76 earnings per share. On average, analysts forecast that Snap-on Incorporated will post 16.14 earnings per share for the current fiscal year.
Snap-on Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Friday, September 9th. Stockholders of record on Friday, August 19th were given a $1.42 dividend. This represents a $5.68 annualized dividend and a dividend yield of 2.69%. The ex-dividend date was Thursday, August 18th. Snap-on’s dividend payout ratio is currently 35.63%.
In other news, CFO Aldo John Pagliari sold 6,607 shares of the firm’s stock in a transaction dated Tuesday, September 13th. The stock was sold at an average price of $220.04, for a total value of $1,453,804.28. Following the sale, the chief financial officer now directly owns 73,114 shares of the company’s stock, valued at $16,088,004.56. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, CFO Aldo John Pagliari sold 6,607 shares of Snap-on stock in a transaction dated Tuesday, September 13th. The stock was sold at an average price of $220.04, for a total transaction of $1,453,804.28. Following the sale, the chief financial officer now directly owns 73,114 shares of the company’s stock, valued at $16,088,004.56. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, SVP Jesus Arregui sold 488 shares of Snap-on stock in a transaction dated Friday, August 5th. The stock was sold at an average price of $223.31, for a total value of $108,975.28. Following the sale, the senior vice president now directly owns 2,409 shares in the company, valued at $537,953.79. The disclosure for this sale can be found here. 4.30% of the stock is currently owned by company insiders.
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.
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