Parallel Advisors LLC Raises Stock Holdings in Snap-on Incorporated (NYSE:SNA)

Posted by Defense World Staff on May 3rd, 2023

Parallel Advisors LLC grew its stake in Snap-on Incorporated (NYSE:SNA – Get Rating) by 18.9% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 409 shares of the company’s stock after acquiring an additional 65 shares during the quarter. Parallel Advisors LLC’s holdings in Snap-on were worth $93,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. State of Michigan Retirement System lifted its position in shares of Snap-on by 1.2% in the fourth quarter. State of Michigan Retirement System now owns 16,522 shares of the company’s stock valued at $3,775,000 after acquiring an additional 200 shares in the last quarter. Community Bank N.A. lifted its position in Snap-on by 5,900.0% during the fourth quarter. Community Bank N.A. now owns 300 shares of the company’s stock worth $69,000 after buying an additional 295 shares during the period. Achmea Investment Management B.V. lifted its position in Snap-on by 1.1% during the third quarter. Achmea Investment Management B.V. now owns 37,629 shares of the company’s stock worth $7,577,000 after buying an additional 427 shares during the period. Commerce Bank lifted its position in Snap-on by 3.0% during the third quarter. Commerce Bank now owns 3,146 shares of the company’s stock worth $633,000 after buying an additional 91 shares during the period. Finally, California Public Employees Retirement System lifted its position in Snap-on by 15.6% during the third quarter. California Public Employees Retirement System now owns 121,859 shares of the company’s stock worth $24,536,000 after buying an additional 16,429 shares during the period. 85.19% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, SVP Jesus Arregui sold 1,988 shares of the stock in a transaction dated Thursday, April 27th. The stock was sold at an average price of $256.64, for a total value of $510,200.32. Following the completion of the sale, the senior vice president now owns 3,986 shares in the company, valued at $1,022,967.04. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other Snap-on news, SVP Jesus Arregui sold 1,988 shares of the firm’s stock in a transaction that occurred on Thursday, April 27th. The stock was sold at an average price of $256.64, for a total transaction of $510,200.32. Following the completion of the sale, the senior vice president now owns 3,986 shares in the company, valued at approximately $1,022,967.04. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director William Dudley Lehman sold 363 shares of the firm’s stock in a transaction that occurred on Friday, February 10th. The shares were sold at an average price of $248.24, for a total value of $90,111.12. Following the sale, the director now owns 10,980 shares of the company’s stock, valued at approximately $2,725,675.20. The disclosure for this sale can be found here. Over the last quarter, insiders sold 73,482 shares of company stock worth $18,439,132. 4.20% of the stock is currently owned by corporate insiders.

Snap-on Price Performance

SNA stock opened at $262.08 on Wednesday. The company has a debt-to-equity ratio of 0.26, a quick ratio of 2.43 and a current ratio of 3.48. Snap-on Incorporated has a 1 year low of $190.08 and a 1 year high of $263.86. The firm has a market cap of $13.87 billion, a P/E ratio of 15.04, a price-to-earnings-growth ratio of 2.11 and a beta of 1.09. The stock has a 50-day simple moving average of $243.85 and a 200-day simple moving average of $238.62.

Snap-on (NYSE:SNA – Get Rating) last posted its earnings results on Thursday, April 20th. The company reported $4.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.14 by $0.46. Snap-on had a return on equity of 21.17% and a net margin of 20.60%. The business had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.13 billion. During the same quarter last year, the firm earned $4.00 earnings per share. The company’s revenue for the quarter was up 7.8% compared to the same quarter last year. On average, equities analysts predict that Snap-on Incorporated will post 17.64 earnings per share for the current fiscal year.

Snap-on Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, June 9th. Stockholders of record on Friday, May 19th will be paid a $1.62 dividend. The ex-dividend date is Thursday, May 18th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 2.47%. Snap-on’s dividend payout ratio (DPR) is currently 37.18%.

Analysts Set New Price Targets

Several research firms recently weighed in on SNA. Roth Capital reiterated a “neutral” rating on shares of Snap-on in a research report on Thursday, February 2nd. Robert W. Baird increased their target price on Snap-on from $265.00 to $270.00 and gave the stock a “neutral” rating in a research report on Friday, April 21st. Bank of America upped their price target on Snap-on from $230.00 to $240.00 and gave the stock an “underperform” rating in a research note on Friday, April 21st. Tigress Financial restated a “buy” rating and set a $302.00 price target (up from $298.00) on shares of Snap-on in a research note on Thursday, March 2nd. Finally, Longbow Research upgraded Snap-on from an “underperform” rating to a “neutral” rating in a research note on Friday, April 21st. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $254.33.

Snap-on Company Profile

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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.