Credit Suisse AG Buys 3,051 Shares of Snap-on Incorporated (NYSE:SNA)

Posted by Defense World Staff on Aug 21st, 2023

Credit Suisse AG raised its stake in Snap-on Incorporated (NYSE:SNA – Free Report) by 1.6% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 197,181 shares of the company’s stock after buying an additional 3,051 shares during the period. Credit Suisse AG owned 0.37% of Snap-on worth $48,682,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in SNA. MetLife Investment Management LLC boosted its holdings in shares of Snap-on by 22.4% during the 1st quarter. MetLife Investment Management LLC now owns 14,527 shares of the company’s stock valued at $2,985,000 after acquiring an additional 2,657 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its position in Snap-on by 6.0% during the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 7,150 shares of the company’s stock worth $1,469,000 after buying an additional 407 shares during the period. Sei Investments Co. increased its position in Snap-on by 11.3% in the 1st quarter. Sei Investments Co. now owns 125,365 shares of the company’s stock valued at $25,727,000 after acquiring an additional 12,720 shares during the period. Aviva PLC increased its holdings in Snap-on by 12.3% in the first quarter. Aviva PLC now owns 33,102 shares of the company’s stock valued at $6,802,000 after purchasing an additional 3,636 shares during the period. Finally, Prudential PLC bought a new position in Snap-on during the 1st quarter worth $302,000. Institutional investors and hedge funds own 92.45% of the company’s stock.

Insider Buying and Selling

In other news, CFO Aldo John Pagliari sold 4,108 shares of the stock in a transaction dated Tuesday, June 13th. The shares were sold at an average price of $271.11, for a total value of $1,113,719.88. Following the completion of the sale, the chief financial officer now owns 84,714 shares in the company, valued at $22,966,812.54. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, CEO Nicholas T. Pinchuk sold 22,348 shares of the stock in a transaction that occurred on Thursday, June 1st. The stock was sold at an average price of $249.48, for a total transaction of $5,575,379.04. Following the completion of the sale, the chief executive officer now directly owns 687,081 shares of the company’s stock, valued at $171,412,967.88. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Aldo John Pagliari sold 4,108 shares of the company’s stock in a transaction on Tuesday, June 13th. The shares were sold at an average price of $271.11, for a total value of $1,113,719.88. Following the completion of the transaction, the chief financial officer now owns 84,714 shares of the company’s stock, valued at approximately $22,966,812.54. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 57,244 shares of company stock worth $15,473,850. 4.20% of the stock is owned by corporate insiders.

Snap-on Stock Performance

SNA opened at $268.55 on Monday. Snap-on Incorporated has a 1-year low of $200.75 and a 1-year high of $297.26. The company has a market cap of $14.21 billion, a price-to-earnings ratio of 14.88, a PEG ratio of 1.83 and a beta of 1.11. The company’s fifty day moving average price is $277.51 and its two-hundred day moving average price is $259.62. The company has a current ratio of 3.67, a quick ratio of 2.58 and a debt-to-equity ratio of 0.25.

Snap-on (NYSE:SNA – Get Free Report) last posted its earnings results on Thursday, July 20th. The company reported $4.89 earnings per share for the quarter, topping analysts’ consensus estimates of $4.58 by $0.31. The company had revenue of $1.19 billion for the quarter, compared to analyst estimates of $1.19 billion. Snap-on had a net margin of 21.06% and a return on equity of 21.38%. The firm’s revenue was up 4.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $4.27 EPS. On average, analysts expect that Snap-on Incorporated will post 18.45 EPS for the current fiscal year.

Snap-on Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 11th. Investors of record on Friday, August 18th will be given a dividend of $1.62 per share. The ex-dividend date of this dividend is Thursday, August 17th. This represents a $6.48 annualized dividend and a dividend yield of 2.41%. Snap-on’s payout ratio is 35.90%.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on SNA shares. 888 restated a “reiterates” rating on shares of Snap-on in a research report on Wednesday, May 24th. Roth Mkm reaffirmed a “buy” rating and issued a $324.00 price objective on shares of Snap-on in a research note on Monday, August 14th. Roth Capital raised shares of Snap-on from a “neutral” rating to a “buy” rating in a research report on Thursday, May 18th. Robert W. Baird lifted their price objective on Snap-on from $270.00 to $305.00 and gave the stock a “neutral” rating in a research report on Friday, July 21st. Finally, Tigress Financial raised their target price on Snap-on from $302.00 to $328.00 in a research note on Wednesday, June 21st. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $296.83.

Get Our Latest Stock Report on Snap-on

Snap-on Company Profile

(Free Report)

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.