KLP Kapitalforvaltning AS Cuts Holdings in Snap-On Incorporated $SNA

KLP Kapitalforvaltning AS lowered its stake in shares of Snap-On Incorporated (NYSE:SNA) by 8.7% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 94,604 shares of the company’s stock after selling 9,000 shares during the quarter. KLP Kapitalforvaltning AS’s holdings in Snap-On were worth $32,783,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also added to or reduced their stakes in SNA. Kingstone Capital Partners Texas LLC purchased a new position in shares of Snap-On in the 2nd quarter worth approximately $434,938,000. First Trust Advisors LP boosted its stake in Snap-On by 40.7% in the second quarter. First Trust Advisors LP now owns 1,892,708 shares of the company’s stock valued at $588,973,000 after acquiring an additional 547,527 shares in the last quarter. Norges Bank purchased a new position in Snap-On in the second quarter worth $168,010,000. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in shares of Snap-On during the second quarter worth $56,595,000. Finally, Laurel Wealth Advisors LLC lifted its holdings in shares of Snap-On by 21,600.8% during the 2nd quarter. Laurel Wealth Advisors LLC now owns 164,926 shares of the company’s stock valued at $51,322,000 after purchasing an additional 164,166 shares during the last quarter. 84.88% of the stock is currently owned by institutional investors.

Snap-On Price Performance

Shares of NYSE SNA opened at $352.63 on Thursday. The business’s 50 day moving average price is $343.79 and its 200 day moving average price is $334.21. The firm has a market cap of $18.34 billion, a P/E ratio of 18.49, a P/E/G ratio of 2.51 and a beta of 0.80. Snap-On Incorporated has a 52 week low of $289.81 and a 52 week high of $365.78. The company has a quick ratio of 3.37, a current ratio of 4.40 and a debt-to-equity ratio of 0.20.

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

Snap-On Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, December 10th. Investors of record on Friday, November 21st were given a dividend of $2.44 per share. This is a boost from Snap-On’s previous quarterly dividend of $2.14. This represents a $9.76 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date was Friday, November 21st. Snap-On’s payout ratio is presently 51.18%.

Insider Buying and Selling at Snap-On

In other news, SVP Jesus Arregui sold 3,831 shares of the business’s stock in a transaction dated Tuesday, November 25th. The stock was sold at an average price of $337.28, for a total value of $1,292,119.68. Following the completion of the transaction, the senior vice president owned 2,642 shares of the company’s stock, valued at $891,093.76. The trade was a 59.18% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Aldo John Pagliari sold 6,779 shares of the company’s stock in a transaction dated Thursday, December 11th. The stock was sold at an average price of $352.20, for a total value of $2,387,563.80. Following the completion of the sale, the chief financial officer owned 111,888 shares in the company, valued at $39,406,953.60. The trade was a 5.71% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 40,036 shares of company stock valued at $13,710,988 in the last three months. Company insiders own 3.90% of the company’s stock.

Analyst Ratings Changes

SNA has been the topic of several research analyst reports. Weiss Ratings restated a “buy (b)” rating on shares of Snap-On in a research note on Wednesday, October 8th. Roth Capital reissued a “buy” rating and issued a $385.00 price target on shares of Snap-On in a report on Friday, October 17th. Barrington Research restated an “outperform” rating and set a $350.00 price objective on shares of Snap-On in a report on Wednesday, October 15th. Robert W. Baird lifted their target price on shares of Snap-On from $355.00 to $365.00 and gave the stock a “neutral” rating in a research note on Friday, October 17th. Finally, Tigress Financial boosted their target price on shares of Snap-On from $395.00 to $405.00 and gave the stock a “buy” rating in a research report on Tuesday, October 21st. Five investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Snap-On has a consensus rating of “Moderate Buy” and an average target price of $365.00.

About Snap-On

Snap‑On Incorporated (NYSE: SNA) is a designer, manufacturer and marketer of tools, diagnostic equipment, repair information and shop equipment for professional users. The company’s product range includes hand and power tools, tool storage and cabinets, diagnostic scan tools and software, shop equipment such as lifts and tire changers, and specialized specialty tools for automotive, aviation, marine and industrial applications. Snap‑On also offers information and workflow solutions that combine diagnostic data, repair procedures and parts information to support professional technicians.

Founded in 1920 and headquartered in Kenosha, Wisconsin, Snap‑On has established a long history in the professional tools market.