Artisan Partners Limited Partnership Trims Position in Snap-on Incorporated (NYSE:SNA)

Artisan Partners Limited Partnership cut its stake in shares of Snap-on Incorporated (NYSE:SNA - Free Report) by 8.9% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 63,239 shares of the company's stock after selling 6,185 shares during the period. Artisan Partners Limited Partnership owned about 0.12% of Snap-on worth $21,468,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Cerity Partners LLC raised its stake in shares of Snap-on by 103.5% in the third quarter. Cerity Partners LLC now owns 8,156 shares of the company's stock worth $2,363,000 after buying an additional 4,149 shares during the period. Daiwa Securities Group Inc. increased its stake in shares of Snap-on by 10.4% in the third quarter. Daiwa Securities Group Inc. now owns 6,453 shares of the company's stock worth $1,869,000 after purchasing an additional 610 shares in the last quarter. Private Trust Co. NA raised its position in shares of Snap-on by 38.2% during the 3rd quarter. Private Trust Co. NA now owns 217 shares of the company's stock valued at $63,000 after purchasing an additional 60 shares during the period. The Manufacturers Life Insurance Company increased its stake in Snap-on by 0.6% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 43,983 shares of the company's stock worth $12,742,000 after buying an additional 273 shares in the last quarter. Finally, FMR LLC lifted its position in shares of Snap-on by 16.3% in the third quarter. FMR LLC now owns 57,543 shares of the company's stock valued at $16,671,000 after acquiring an additional 8,073 shares in the last quarter. 84.88% of the stock is currently owned by hedge funds and other institutional investors.

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Analysts Set New Price Targets

SNA has been the topic of several recent research reports. Longbow Research raised Snap-on from a "neutral" rating to a "buy" rating and set a $400.00 price objective on the stock in a report on Monday. Tigress Financial lifted their price objective on shares of Snap-on from $385.00 to $390.00 and gave the stock a "buy" rating in a research note on Tuesday, March 4th. Finally, Barrington Research reaffirmed an "outperform" rating and issued a $350.00 price target on shares of Snap-on in a report on Monday, February 10th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $355.33.

Insider Activity

In related news, CEO Nicholas T. Pinchuk sold 22,700 shares of the business's stock in a transaction that occurred on Thursday, March 27th. The stock was sold at an average price of $335.32, for a total transaction of $7,611,764.00. Following the completion of the sale, the chief executive officer now directly owns 793,932 shares in the company, valued at approximately $266,221,278.24. The trade was a 2.78 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Aldo John Pagliari sold 6,860 shares of the company's stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $339.05, for a total transaction of $2,325,883.00. Following the sale, the chief financial officer now directly owns 107,096 shares of the company's stock, valued at $36,310,898.80. The trade was a 6.02 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 36,011 shares of company stock worth $12,116,859 over the last three months. 3.90% of the stock is currently owned by corporate insiders.

Snap-on Stock Performance

NYSE SNA traded up $1.98 during trading hours on Wednesday, reaching $341.56. The stock had a trading volume of 60,588 shares, compared to its average volume of 397,282. Snap-on Incorporated has a 52-week low of $252.98 and a 52-week high of $373.89. The stock has a fifty day moving average of $339.60 and a 200 day moving average of $334.75. The company has a debt-to-equity ratio of 0.22, a quick ratio of 3.17 and a current ratio of 4.15. The stock has a market cap of $17.90 billion, a P/E ratio of 17.52, a price-to-earnings-growth ratio of 2.21 and a beta of 0.99.

Snap-on (NYSE:SNA - Get Free Report) last issued its quarterly earnings data on Thursday, February 6th. The company reported $4.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.78 by $0.04. Snap-on had a return on equity of 19.20% and a net margin of 21.71%. During the same period in the previous year, the firm posted $4.75 earnings per share. Sell-side analysts predict that Snap-on Incorporated will post 19.79 earnings per share for the current year.

Snap-on Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 10th. Shareholders of record on Monday, February 24th were issued a $2.14 dividend. This represents a $8.56 annualized dividend and a yield of 2.51%. The ex-dividend date of this dividend was Monday, February 24th. Snap-on's payout ratio is currently 43.90%.

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 & Industrial Group, Snap-on Tools Group, Repair Systems & Information Group, and Financial Services segments.