Pinebridge Investments L.P. Lowers Stock Position in Snap-on Incorporated (NYSE:SNA)

Pinebridge Investments L.P. cut its holdings in Snap-on Incorporated (NYSE:SNA - Free Report) by 62.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 20,625 shares of the company's stock after selling 34,393 shares during the quarter. Pinebridge Investments L.P.'s holdings in Snap-on were worth $7,002,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Vanguard Group Inc. raised its stake in Snap-on by 0.3% during the 4th quarter. Vanguard Group Inc. now owns 6,404,599 shares of the company's stock valued at $2,174,233,000 after acquiring an additional 19,328 shares during the last quarter. First Trust Advisors LP increased its holdings in shares of Snap-on by 29.2% in the fourth quarter. First Trust Advisors LP now owns 1,819,403 shares of the company's stock valued at $617,651,000 after purchasing an additional 411,317 shares during the period. Charles Schwab Investment Management Inc. raised its stake in shares of Snap-on by 4.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,806,278 shares of the company's stock worth $613,195,000 after purchasing an additional 77,486 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Snap-on by 1.7% during the fourth quarter. Geode Capital Management LLC now owns 1,641,159 shares of the company's stock worth $556,022,000 after purchasing an additional 27,700 shares during the period. Finally, Nordea Investment Management AB grew its position in Snap-on by 12.8% in the 4th quarter. Nordea Investment Management AB now owns 1,128,317 shares of the company's stock valued at $384,813,000 after buying an additional 127,859 shares during the last quarter. 84.88% of the stock is owned by hedge funds and other institutional investors.

Snap-on Price Performance

Shares of SNA stock traded up $0.72 during trading hours on Monday, hitting $309.48. The company's stock had a trading volume of 393,663 shares, compared to its average volume of 357,846. The business has a fifty day moving average of $327.48 and a 200-day moving average of $339.08. The stock has a market cap of $16.18 billion, a price-to-earnings ratio of 15.87, a P/E/G ratio of 2.21 and a beta of 0.84. The company has a current ratio of 4.15, a quick ratio of 3.17 and a debt-to-equity ratio of 0.22. Snap-on Incorporated has a twelve month low of $252.98 and a twelve month high of $373.90.

Snap-on (NYSE:SNA - Get Free Report) last issued its quarterly earnings data on Thursday, April 17th. The company reported $4.51 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.81 by ($0.30). The company had revenue of $1.14 billion during the quarter, compared to analysts' expectations of $1.20 billion. Snap-on had a net margin of 21.71% and a return on equity of 19.20%. During the same quarter in the prior year, the company earned $4.91 earnings per share. As a group, equities research analysts anticipate that Snap-on Incorporated will post 19.79 EPS for the current year.

Snap-on Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 10th. Shareholders of record on Tuesday, May 20th will be paid a dividend of $2.14 per share. The ex-dividend date is Tuesday, May 20th. This represents a $8.56 annualized dividend and a dividend yield of 2.77%. Snap-on's dividend payout ratio is currently 44.82%.

Insider Transactions at Snap-on

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

Wall Street Analysts Forecast Growth

Several analysts have recently commented on SNA shares. Robert W. Baird reduced their target price on shares of Snap-on from $349.00 to $320.00 and set a "neutral" rating for the company in a research note on Monday, April 21st. Barrington Research reaffirmed an "outperform" rating and issued a $350.00 price objective on shares of Snap-on in a report on Thursday, April 17th. Tigress Financial increased their target price on Snap-on from $385.00 to $390.00 and gave the stock a "buy" rating in a research note on Tuesday, March 4th. Longbow Research upgraded Snap-on from a "neutral" rating to a "buy" rating and set a $400.00 price target on the stock in a research note on Monday, March 31st. Finally, StockNews.com lowered Snap-on from a "buy" rating to a "hold" rating in a report on Friday, April 18th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $350.83.

Snap-on Profile

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.