First Horizon Advisors Inc. Reduces Stake in Snap-on Incorporated (NYSE:SNA)

First Horizon Advisors Inc. lowered its holdings in Snap-on Incorporated (NYSE:SNA) by 27.7% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 128 shares of the company’s stock after selling 49 shares during the quarter. First Horizon Advisors Inc.’s holdings in Snap-on were worth $43,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. State Street Corp grew its stake in Snap-on by 0.5% during the 3rd quarter. State Street Corp now owns 2,115,973 shares of the company’s stock worth $613,019,000 after buying an additional 10,645 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in Snap-on by 3.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,728,792 shares of the company’s stock worth $500,848,000 after buying an additional 56,266 shares during the last quarter. Geode Capital Management LLC grew its stake in Snap-on by 4.5% during the 3rd quarter. Geode Capital Management LLC now owns 1,613,459 shares of the company’s stock worth $466,199,000 after buying an additional 69,590 shares during the last quarter. Nordea Investment Management AB grew its stake in Snap-on by 12.8% during the 4th quarter. Nordea Investment Management AB now owns 1,128,317 shares of the company’s stock worth $384,813,000 after buying an additional 127,859 shares during the last quarter. Finally, Pacer Advisors Inc. grew its stake in Snap-on by 9.4% during the 3rd quarter. Pacer Advisors Inc. now owns 907,655 shares of the company’s stock worth $262,957,000 after buying an additional 78,184 shares during the last quarter. Hedge funds and other institutional investors own 84.88% of the company’s stock.

Insiders Place Their Bets

In other Snap-on news, CFO Aldo John Pagliari sold 6,860 shares of the company’s stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $339.05, for a total transaction of $2,325,883.00. Following the sale, the chief financial officer now owns 107,096 shares in the company, valued at $36,310,898.80. This represents a 6.02 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Nicholas T. Pinchuk sold 21,783 shares of the company’s stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $354.83, for a total value of $7,729,261.89. Following the transaction, the chief executive officer now directly owns 769,738 shares of the company’s stock, valued at $273,126,134.54. This trade represents a 2.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 45,503 shares of company stock worth $15,906,074 over the last quarter. 4.10% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Separately, Barrington Research restated an “outperform” rating and set a $350.00 price target on shares of Snap-on in a research note on Monday, February 10th. One analyst has rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $345.40.

Snap-on Price Performance

SNA stock opened at $336.17 on Friday. The stock has a 50-day moving average price of $343.30 and a two-hundred day moving average price of $325.04. Snap-on Incorporated has a 12-month low of $252.98 and a 12-month high of $373.89. The company has a current ratio of 4.15, a quick ratio of 3.17 and a debt-to-equity ratio of 0.22. The company has a market cap of $17.61 billion, a PE ratio of 17.24, a price-to-earnings-growth ratio of 2.21 and a beta of 0.99.

Snap-on (NYSE:SNA) last posted its quarterly earnings results on Thursday, February 6th. The company reported $4.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.78 by $0.04. Snap-on had a return on equity of 19.20% and a net margin of 21.71%. During the same quarter in the prior year, the firm earned $4.75 earnings per share. As a group, research analysts predict that Snap-on Incorporated will post 19.79 EPS for the current year.

Snap-on Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 10th. Shareholders of record on Monday, February 24th will be paid a dividend of $2.14 per share. This represents a $8.56 dividend on an annualized basis and a dividend yield of 2.55%. The ex-dividend date of this dividend is Monday, February 24th. Snap-on’s dividend payout ratio is presently 43.90%.

Snap-on 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.