Geode Capital Management LLC Sells 268,283 Shares of Snap-On Incorporated $SNA

Geode Capital Management LLC cut its holdings in Snap-On Incorporated (NYSE:SNA) by 15.3% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,480,910 shares of the company’s stock after selling 268,283 shares during the quarter. Geode Capital Management LLC owned 2.84% of Snap-On worth $459,066,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Tobam purchased a new position in shares of Snap-On in the second quarter worth $29,000. Ameritas Advisory Services LLC bought a new stake in Snap-On in the 2nd quarter worth about $30,000. Ransom Advisory Ltd purchased a new position in Snap-On in the 1st quarter worth about $34,000. Cullen Frost Bankers Inc. lifted its stake in Snap-On by 248.3% during the 1st quarter. Cullen Frost Bankers Inc. now owns 101 shares of the company’s stock valued at $34,000 after acquiring an additional 72 shares during the period. Finally, Thurston Springer Miller Herd & Titak Inc. boosted its holdings in shares of Snap-On by 52.8% during the 2nd quarter. Thurston Springer Miller Herd & Titak Inc. now owns 110 shares of the company’s stock valued at $34,000 after acquiring an additional 38 shares during the last quarter. Institutional investors own 84.88% of the company’s stock.

Wall Street Analysts Forecast Growth

SNA has been the subject of several research reports. Weiss Ratings reissued a “buy (b)” rating on shares of Snap-On in a report on Wednesday, October 8th. Barrington Research reiterated an “outperform” rating and set a $350.00 target price on shares of Snap-On in a research note on Wednesday, October 15th. Wall Street Zen upgraded Snap-On from a “hold” rating to a “buy” rating in a research note on Saturday, October 18th. Tigress Financial lifted their price objective on Snap-On from $395.00 to $405.00 and gave the stock a “buy” rating in a report on Tuesday, October 21st. Finally, Robert W. Baird increased their target price on Snap-On from $355.00 to $365.00 and gave the company a “neutral” rating in a report on Friday, October 17th. Five analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $365.00.

Snap-On Price Performance

Shares of Snap-On stock opened at $329.43 on Friday. The stock has a market cap of $17.13 billion, a P/E ratio of 17.27, a P/E/G ratio of 2.33 and a beta of 0.81. The company has a debt-to-equity ratio of 0.20, a quick ratio of 3.37 and a current ratio of 4.40. The stock’s fifty day moving average is $338.62 and its 200 day moving average is $327.19. Snap-On Incorporated has a one year low of $289.81 and a one year high of $373.89.

Snap-On (NYSE:SNA) last released its quarterly earnings results on Thursday, October 16th. The company reported $4.71 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.59 by $0.12. Snap-On had a return on equity of 17.71% and a net margin of 21.08%.The business had revenue of $1.19 billion during the quarter, compared to analyst estimates of $1.16 billion. During the same quarter in the previous year, the company posted $4.70 earnings per share. Snap-On’s revenue for the quarter was up 3.8% on a year-over-year basis. Sell-side analysts anticipate that Snap-On Incorporated will post 19.79 earnings per share for the current year.

Snap-On Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 10th. Investors of record on Friday, November 21st will be issued a $2.44 dividend. The ex-dividend date of this dividend is Friday, November 21st. This represents a $9.76 annualized dividend and a yield of 3.0%. This is a positive change from Snap-On’s previous quarterly dividend of $2.14. Snap-On’s payout ratio is currently 51.18%.

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.