Maryland State Retirement & Pension System Has $1.15 Million Position in Snap-on Incorporated (NYSE:SNA)

Posted by Defense World Staff on Sep 23rd, 2023

Maryland State Retirement & Pension System lessened its holdings in Snap-on Incorporated (NYSE:SNA – Free Report) by 3.4% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,973 shares of the company’s stock after selling 140 shares during the period. Maryland State Retirement & Pension System’s holdings in Snap-on were worth $1,145,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Envestnet Asset Management Inc. boosted its position in Snap-on by 968.6% during the 1st quarter. Envestnet Asset Management Inc. now owns 5,349,981 shares of the company’s stock worth $134,881,000 after acquiring an additional 4,849,325 shares during the period. Norges Bank acquired a new stake in shares of Snap-on during the fourth quarter worth approximately $112,490,000. Wellington Management Group LLP grew its position in Snap-on by 7,194.3% during the first quarter. Wellington Management Group LLP now owns 241,149 shares of the company’s stock valued at $49,551,000 after purchasing an additional 237,843 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in Snap-on by 9.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,269,093 shares of the company’s stock valued at $289,975,000 after buying an additional 114,488 shares during the period. Finally, Morgan Stanley lifted its position in Snap-on by 12.8% in the 4th quarter. Morgan Stanley now owns 758,417 shares of the company’s stock worth $173,291,000 after buying an additional 85,896 shares in the last quarter. Hedge funds and other institutional investors own 83.90% of the company’s stock.

Wall Street Analyst Weigh In

SNA has been the topic of several research analyst reports. Tigress Financial boosted their price target on shares of Snap-on from $302.00 to $328.00 in a report on Wednesday, June 21st. Barrington Research reaffirmed an “outperform” rating and issued a $325.00 target price on shares of Snap-on in a research report on Monday, July 24th. Roth Mkm reiterated a “buy” rating and set a $324.00 price target on shares of Snap-on in a report on Monday, August 14th. Robert W. Baird increased their price objective on Snap-on from $270.00 to $305.00 and gave the stock a “neutral” rating in a report on Friday, July 21st. Finally, CL King started coverage on shares of Snap-on in a research note on Friday, July 7th. They issued a “neutral” rating for the company. One analyst has rated the stock with a sell rating, four have assigned a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $296.83.

View Our Latest Analysis on Snap-on

Snap-on Stock Up 0.3 %

Shares of Snap-on stock opened at $255.86 on Friday. Snap-on Incorporated has a 12-month low of $200.75 and a 12-month high of $297.26. The stock has a market capitalization of $13.54 billion, a P/E ratio of 14.18, a PEG ratio of 1.74 and a beta of 1.10. The company has a quick ratio of 2.58, a current ratio of 3.67 and a debt-to-equity ratio of 0.25. The stock has a 50 day moving average price of $268.66 and a two-hundred day moving average price of $261.60.

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

Snap-on Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 11th. Stockholders of record on Friday, August 18th were paid a $1.62 dividend. The ex-dividend date was Thursday, August 17th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 2.53%. Snap-on’s payout ratio is presently 35.90%.

Insider Activity at Snap-on

In other Snap-on news, SVP Timothy L. Chambers sold 4,598 shares of Snap-on stock in a transaction that occurred on Friday, June 30th. The stock was sold at an average price of $289.07, for a total value of $1,329,143.86. Following the transaction, the senior vice president now directly owns 13,276 shares of the company’s stock, valued at approximately $3,837,693.32. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other Snap-on news, CEO Nicholas T. Pinchuk sold 22,078 shares of the stock in a transaction on Tuesday, September 19th. The shares were sold at an average price of $258.16, for a total value of $5,699,656.48. Following the completion of the sale, the chief executive officer now owns 697,506 shares in the company, valued at $180,068,148.96. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, SVP Timothy L. Chambers sold 4,598 shares of the business’s stock in a transaction dated Friday, June 30th. The stock was sold at an average price of $289.07, for a total transaction of $1,329,143.86. Following the transaction, the senior vice president now owns 13,276 shares in the company, valued at $3,837,693.32. The disclosure for this sale can be found here. Insiders sold a total of 49,698 shares of company stock worth $13,556,417 in the last 90 days. 4.20% of the stock is owned by company insiders.

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.