Snap-on Incorporated (NYSE:SNA) Stake Cut by Canada Pension Plan Investment Board

Canada Pension Plan Investment Board reduced its stake in shares of Snap-on Incorporated (NYSE:SNA - Free Report) by 53.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 4,900 shares of the company's stock after selling 5,533 shares during the quarter. Canada Pension Plan Investment Board's holdings in Snap-on were worth $1,663,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. grew its stake in Snap-on by 0.3% in 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. Charles Schwab Investment Management Inc. raised its position in shares of Snap-on by 4.5% during the 4th 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 stake in Snap-on by 1.7% in the 4th quarter. Geode Capital Management LLC now owns 1,641,159 shares of the company's stock valued at $556,022,000 after buying an additional 27,700 shares in the last quarter. Nordea Investment Management AB grew its holdings in Snap-on by 12.8% during 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. Finally, Envestnet Asset Management Inc. increased its position in Snap-on by 2.1% during the fourth quarter. Envestnet Asset Management Inc. now owns 759,429 shares of the company's stock worth $257,811,000 after buying an additional 15,591 shares in the last quarter. 84.88% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

SNA has been the subject of a number of recent research reports. Robert W. Baird dropped their price objective on Snap-on from $349.00 to $320.00 and set a "neutral" rating for the company in a research report on Monday, April 21st. Barrington Research reissued an "outperform" rating and issued a $350.00 price objective on shares of Snap-on in a research report on Thursday, April 17th. Tigress Financial raised their target price on shares of Snap-on from $385.00 to $390.00 and gave the stock a "buy" rating in a research report on Tuesday, March 4th. Longbow Research raised shares of Snap-on from a "neutral" rating to a "buy" rating and set a $400.00 target price for the company in a research note on Monday, March 31st. Finally, StockNews.com cut 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 given a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $350.83.

Insider Activity at Snap-on

In other news, CEO Nicholas T. Pinchuk sold 22,700 shares of the 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 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 position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, SVP Jesus Arregui sold 6,451 shares of Snap-on stock in a transaction on Monday, February 10th. The stock was sold at an average price of $337.81, for a total transaction of $2,179,212.31. Following the completion of the sale, the senior vice president now owns 257 shares of the company's stock, valued at approximately $86,817.17. This trade represents a 96.17 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 36,011 shares of company stock valued at $12,116,859. Corporate insiders own 3.90% of the company's stock.

Snap-on Trading Down 0.7 %

Snap-on stock traded down $2.10 during midday trading on Friday, reaching $308.64. The stock had a trading volume of 262,956 shares, compared to its average volume of 357,703. The stock has a market capitalization of $16.14 billion, a PE ratio of 15.83, a price-to-earnings-growth ratio of 2.21 and a beta of 0.84. 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's 50-day simple moving average is $328.13 and its 200 day simple moving average is $338.59. 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 posted its earnings results on Thursday, April 17th. The company reported $4.51 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $4.81 by ($0.30). The company had revenue of $1.14 billion during the quarter, compared to analyst estimates 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 last year, the business posted $4.91 EPS. Analysts expect that Snap-on Incorporated will post 19.79 EPS for the current year.

Snap-on Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 10th. Stockholders of record on Tuesday, May 20th will be paid a $2.14 dividend. 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 (DPR) is presently 44.82%.

Snap-on Company 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.