Snap-on Incorporated (SNA) Stake Lessened by Groesbeck Investment Management Corp NJ

Groesbeck Investment Management Corp NJ lowered its stake in shares of Snap-on Incorporated (NYSE:SNA) by 44.4% during the 1st quarter, HoldingsChannel reports. The fund owned 12,773 shares of the company’s stock after selling 10,199 shares during the quarter. Snap-on accounts for about 1.5% of Groesbeck Investment Management Corp NJ’s holdings, making the stock its 22nd biggest holding. Groesbeck Investment Management Corp NJ’s holdings in Snap-on were worth $1,999,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. BlackRock Inc. increased its holdings in Snap-on by 17.9% in the 4th quarter. BlackRock Inc. now owns 4,525,663 shares of the company’s stock worth $657,532,000 after buying an additional 687,661 shares during the period. Morgan Stanley increased its holdings in Snap-on by 348.6% in the 3rd quarter. Morgan Stanley now owns 623,240 shares of the company’s stock worth $114,427,000 after buying an additional 484,317 shares during the period. Norges Bank acquired a new position in Snap-on in the 4th quarter worth approximately $62,430,000. Investec Asset Management LTD increased its holdings in Snap-on by 55.2% in the 4th quarter. Investec Asset Management LTD now owns 1,114,605 shares of the company’s stock worth $161,941,000 after buying an additional 396,566 shares during the period. Finally, Federated Investors Inc. PA increased its holdings in Snap-on by 11,813.7% in the 3rd quarter. Federated Investors Inc. PA now owns 333,225 shares of the company’s stock worth $61,180,000 after buying an additional 330,428 shares during the period.

In other Snap-on news, VP Iain Boyd sold 26,500 shares of the company’s stock in a transaction that occurred on Wednesday, February 20th. The stock was sold at an average price of $158.79, for a total value of $4,207,935.00. Following the sale, the vice president now owns 19,038 shares in the company, valued at approximately $3,023,044.02. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Chairman Nicholas T. Pinchuk sold 11,783 shares of the stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $156.68, for a total value of $1,846,160.44. The disclosure for this sale can be found here. In the last 90 days, insiders sold 78,327 shares of company stock worth $12,687,933. Insiders own 3.90% of the company’s stock.

Several brokerages recently weighed in on SNA. TheStreet upgraded shares of Snap-on from a “c+” rating to a “b-” rating in a report on Friday, January 11th. Zacks Investment Research upgraded shares of Snap-on from a “sell” rating to a “hold” rating in a report on Wednesday, April 24th. Bank of America downgraded shares of Snap-on from a “buy” rating to a “neutral” rating and set a $168.00 price target on the stock. in a report on Tuesday, April 16th. Barrington Research set a $185.00 price target on shares of Snap-on and gave the stock a “buy” rating in a report on Monday, April 22nd. Finally, Robert W. Baird downgraded shares of Snap-on from an “outperform” rating to a “neutral” rating and cut their price target for the stock from $186.00 to $160.00 in a report on Wednesday, April 10th. Five investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $185.20.

Snap-on stock opened at $167.70 on Friday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.66 and a current ratio of 2.42. Snap-on Incorporated has a 12 month low of $135.29 and a 12 month high of $189.46. The company has a market capitalization of $9.33 billion, a price-to-earnings ratio of 14.20, a P/E/G ratio of 1.66 and a beta of 1.28.

Snap-on (NYSE:SNA) last released its quarterly earnings data on Thursday, April 18th. The company reported $3.01 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $2.91 by $0.10. Snap-on had a return on equity of 21.66% and a net margin of 18.64%. The business had revenue of $921.70 million for the quarter, compared to analyst estimates of $933.13 million. During the same quarter in the prior year, the firm posted $2.79 EPS. The business’s quarterly revenue was down 1.5% compared to the same quarter last year. Sell-side analysts expect that Snap-on Incorporated will post 12.34 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 10th. Shareholders of record on Tuesday, May 21st will be given a $0.95 dividend. The ex-dividend date is Monday, May 20th. This represents a $3.80 annualized dividend and a yield of 2.27%. Snap-on’s dividend payout ratio is presently 32.18%.

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About Snap-on

Snap-on Incorporated manufactures and markets tools, equipment, diagnostics, and repair information and systems solutions for professional users worldwide. It operates through Commercial and Industrial Group, Snap-on Tools Group, and Repair Systems & Information Group segments. The company offers hand tools, including wrenches, sockets, ratchet wrenches, pliers, screwdrivers, punches and chisels, saws and cutting tools, pruning tools, torque measuring instruments, and other products; power tools, such as cordless, pneumatic, hydraulic, and corded tools; and tool storage products comprising tool chests, roll cabinets, and other products.

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Institutional Ownership by Quarter for Snap-on (NYSE:SNA)

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