Federated Hermes Inc. lifted its holdings in shares of Snap-on Incorporated (NYSE:SNA – Get Rating) by 99.5% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 12,026 shares of the company’s stock after buying an additional 5,998 shares during the period. Federated Hermes Inc.’s holdings in Snap-on were worth $2,421,000 at the end of the most recent reporting period.
A number of other large investors have also modified their holdings of the business. Parkside Financial Bank & Trust grew its holdings in Snap-on by 57.3% during the 1st quarter. Parkside Financial Bank & Trust now owns 129 shares of the company’s stock valued at $27,000 after buying an additional 47 shares during the last quarter. NuWave Investment Management LLC acquired a new stake in shares of Snap-on during the third quarter valued at about $29,000. Trustcore Financial Services LLC grew its stake in shares of Snap-on by 200.0% during the third quarter. Trustcore Financial Services LLC now owns 150 shares of the company’s stock valued at $30,000 after acquiring an additional 100 shares in the last quarter. Truvestments Capital LLC acquired a new position in Snap-on in the second quarter worth about $40,000. Finally, Healthcare of Ontario Pension Plan Trust Fund acquired a new position in Snap-on in the second quarter worth about $41,000. 85.19% of the stock is owned by hedge funds and other institutional investors.
Snap-on Price Performance
Shares of NYSE:SNA opened at $240.16 on Friday. Snap-on Incorporated has a 12 month low of $190.08 and a 12 month high of $259.78. The stock has a market cap of $12.75 billion, a price-to-earnings ratio of 14.27, a PEG ratio of 2.08 and a beta of 1.10. The stock’s 50 day moving average price is $245.95 and its 200 day moving average price is $231.05. The company has a debt-to-equity ratio of 0.26, a current ratio of 3.47 and a quick ratio of 2.40.
Snap-on Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Friday, March 10th. Shareholders of record on Thursday, February 23rd were given a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a yield of 2.70%. The ex-dividend date of this dividend was Wednesday, February 22nd. Snap-on’s payout ratio is 38.50%.
Insiders Place Their Bets
In other news, VP Iain Boyd sold 2,736 shares of the business’s stock in a transaction on Friday, February 3rd. The shares were sold at an average price of $259.01, for a total transaction of $708,651.36. Following the transaction, the vice president now directly owns 6,249 shares in the company, valued at approximately $1,618,553.49. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, CFO Aldo John Pagliari sold 8,090 shares of the business’s stock in a transaction on Tuesday, December 13th. The shares were sold at an average price of $236.77, for a total transaction of $1,915,469.30. Following the transaction, the chief financial officer now directly owns 77,541 shares in the company, valued at approximately $18,359,382.57. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, VP Iain Boyd sold 2,736 shares of Snap-on stock in a transaction on Friday, February 3rd. The shares were sold at an average price of $259.01, for a total transaction of $708,651.36. Following the completion of the sale, the vice president now directly owns 6,249 shares of the company’s stock, valued at approximately $1,618,553.49. The disclosure for this sale can be found here. In the last three months, insiders have sold 27,034 shares of company stock worth $6,740,849. Corporate insiders own 4.30% of the company’s stock.
Wall Street Analyst Weigh In
A number of brokerages have commented on SNA. Oppenheimer downgraded Snap-on from an “outperform” rating to a “market perform” rating in a research note on Tuesday, December 6th. MKM Partners lifted their target price on Snap-on from $238.00 to $259.00 in a research note on Friday, February 3rd. Roth Capital reaffirmed a “neutral” rating on shares of Snap-on in a report on Thursday, February 2nd. Tigress Financial reaffirmed a “buy” rating and set a $302.00 price target (up previously from $298.00) on shares of Snap-on in a report on Thursday, March 2nd. Finally, Robert W. Baird lifted their price target on Snap-on from $253.00 to $265.00 in a report on Friday, February 3rd. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $250.25.
Snap-on Company Profile
Snap-On, Inc engages in the manufacture and marketing of tools, equipment, diagnostics, repair information, and systems solutions for professional users performing critical tasks. Its products and services include hand and power tools, tool storage, diagnostics software, handheld and PC-based diagnostic products, information and management systems, shop equipment and other solutions for vehicle dealerships and repair centers, as well as for customers in industries such as aviation and aerospace, agriculture, construction, government and military, mining, natural resources, power generation, and technical education.
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