Snap-On Inc. (SNA) Shares Sold by Chevy Chase Trust Holdings Inc.
Chevy Chase Trust Holdings Inc. cut its stake in shares of Snap-On Inc. (NYSE:SNA) by 2.4% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 48,471 shares of the company’s stock after selling 1,201 shares during the period. Chevy Chase Trust Holdings Inc. owned 0.08% of Snap-On worth $7,366,000 at the end of the most recent quarter.
Other institutional investors have also recently added to or reduced their stakes in the company. Eqis Capital Management Inc. increased its position in Snap-On by 22.1% in the third quarter. Eqis Capital Management Inc. now owns 6,772 shares of the company’s stock valued at $1,029,000 after buying an additional 1,225 shares during the last quarter. Kentucky Retirement Systems Insurance Trust Fund bought a new stake in shares of Snap-On during the second quarter worth approximately $371,000. Kentucky Retirement Systems bought a new stake in shares of Snap-On during the second quarter worth approximately $780,000. Mason Street Advisors LLC bought a new stake in shares of Snap-On during the second quarter worth approximately $1,236,000. Finally, Northwestern Mutual Wealth Management Co. boosted its stake in shares of Snap-On by 117.4% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 776 shares of the company’s stock worth $122,000 after buying an additional 419 shares during the period. 87.52% of the stock is owned by hedge funds and other institutional investors.
Snap-On Inc. (NYSE:SNA) traded down 0.35% during midday trading on Tuesday, hitting $167.79. The stock had a trading volume of 488,465 shares. The stock has a market cap of $9.74 billion, a PE ratio of 18.73 and a beta of 1.08. Snap-On Inc. has a one year low of $133.09 and a one year high of $174.52. The firm has a 50 day moving average price of $158.30 and a 200 day moving average price of $156.25.
Snap-On (NYSE:SNA) last announced its earnings results on Thursday, October 20th. The company reported $2.22 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $2.15 by $0.07. Snap-On had a return on equity of 20.73% and a net margin of 15.67%. The firm had revenue of $834.10 million for the quarter, compared to analysts’ expectations of $709.70 million. During the same quarter in the previous year, the company earned $1.98 earnings per share. The firm’s quarterly revenue was up 1.5% compared to the same quarter last year. Equities analysts expect that Snap-On Inc. will post $9.15 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 9th. Investors of record on Friday, November 18th will be issued a dividend of $0.71 per share. This is a boost from Snap-On’s previous quarterly dividend of $0.61. The ex-dividend date is Wednesday, November 16th. This represents a $2.84 annualized dividend and a yield of 1.66%. Snap-On’s payout ratio is presently 31.70%.
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Separately, Zacks Investment Research cut Snap-On from a “hold” rating to a “sell” rating in a report on Tuesday, September 27th. One equities research analyst has rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $178.87.
In related news, SVP Thomas J. Ward sold 42,000 shares of the business’s stock in a transaction that occurred on Thursday, September 8th. The stock was sold at an average price of $151.60, for a total transaction of $6,367,200.00. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP Jeanne M. Moreno sold 500 shares of the business’s stock in a transaction that occurred on Monday, October 24th. The stock was sold at an average price of $160.30, for a total value of $80,150.00. Following the sale, the vice president now directly owns 7,027 shares in the company, valued at approximately $1,126,428.10. The disclosure for this sale can be found here. Corporate insiders own 3.40% of the company’s stock.
Snap-On Incorporated is a manufacturer and marketer of tools, equipment, diagnostics, repair information and systems solutions for professional users. The Company’s segments include Commercial & Industrial Group, the Snap-on Tools Group, the Repair Systems & Information Group and Financial Services. Its Commercial & Industrial Group segment consists of business operations serving a range of industrial and commercial customers across the world.
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