Principal Financial Group Inc. Reduces Holdings in Snap-On Incorporated $SNA

Principal Financial Group Inc. decreased its stake in shares of Snap-On Incorporated (NYSE:SNA) by 5.9% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 238,936 shares of the company’s stock after selling 14,936 shares during the quarter. Principal Financial Group Inc.’s holdings in Snap-On were worth $86,791,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of SNA. Kennebec Savings Bank raised its position in Snap-On by 3.6% in the fourth quarter. Kennebec Savings Bank now owns 783 shares of the company’s stock valued at $270,000 after purchasing an additional 27 shares during the period. Annis Gardner Whiting Capital Advisors LLC boosted its stake in shares of Snap-On by 36.4% in the fourth quarter. Annis Gardner Whiting Capital Advisors LLC now owns 105 shares of the company’s stock valued at $36,000 after purchasing an additional 28 shares during the period. Verition Fund Management LLC grew its holdings in Snap-On by 1.5% during the 4th quarter. Verition Fund Management LLC now owns 1,844 shares of the company’s stock valued at $635,000 after purchasing an additional 28 shares in the last quarter. CWM LLC increased its stake in Snap-On by 0.6% during the 4th quarter. CWM LLC now owns 5,517 shares of the company’s stock worth $1,901,000 after buying an additional 31 shares during the period. Finally, Ritholtz Wealth Management increased its position in shares of Snap-On by 2.5% during the fourth quarter. Ritholtz Wealth Management now owns 1,401 shares of the company’s stock worth $483,000 after acquiring an additional 34 shares during the last quarter. Institutional investors and hedge funds own 84.88% of the company’s stock.

Insider Buying and Selling at Snap-On

In other Snap-On news, CEO Nicholas T. Pinchuk sold 23,396 shares of Snap-On stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $375.77, for a total value of $8,791,514.92. Following the completion of the transaction, the chief executive officer directly owned 856,918 shares in the company, valued at $322,004,076.86. The trade was a 2.66% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Jesus Arregui sold 4,251 shares of the company’s stock in a transaction that occurred on Wednesday, June 10th. The shares were sold at an average price of $383.92, for a total value of $1,632,043.92. Following the transaction, the senior vice president directly owned 4,439 shares of the company’s stock, valued at $1,704,220.88. This trade represents a 48.92% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 37,117 shares of company stock worth $14,003,922 in the last quarter. 3.80% of the stock is currently owned by corporate insiders.

Snap-On Stock Performance

SNA stock opened at $404.05 on Thursday. The stock’s 50 day simple moving average is $384.20 and its 200 day simple moving average is $375.77. Snap-On Incorporated has a 12-month low of $310.23 and a 12-month high of $414.62. The firm has a market cap of $20.93 billion, a P/E ratio of 20.86, a P/E/G ratio of 2.85 and a beta of 0.73. The company has a current ratio of 3.53, a quick ratio of 2.74 and a debt-to-equity ratio of 0.15.

Snap-On (NYSE:SNA) last released its earnings results on Thursday, April 23rd. The company reported $4.69 earnings per share for the quarter, missing the consensus estimate of $4.75 by ($0.06). The business had revenue of $1.21 billion for the quarter, compared to the consensus estimate of $1.19 billion. Snap-On had a net margin of 21.28% and a return on equity of 17.13%. The firm’s revenue for the quarter was up 5.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $4.51 EPS. As a group, equities research analysts predict that Snap-On Incorporated will post 19.7 EPS for the current year.

Snap-On declared that its Board of Directors has approved a share buyback program on Thursday, April 30th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the company to repurchase up to 2.5% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Snap-On Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 10th. Investors of record on Wednesday, May 20th were given a dividend of $2.44 per share. This represents a $9.76 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date of this dividend was Wednesday, May 20th. Snap-On’s dividend payout ratio is currently 50.39%.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on SNA shares. Barclays initiated coverage on Snap-On in a report on Thursday, May 28th. They issued an “overweight” rating and a $420.00 price target for the company. Roth Capital reaffirmed a “buy” rating and issued a $431.00 target price on shares of Snap-On in a research report on Friday, April 24th. Robert W. Baird increased their target price on Snap-On from $380.00 to $395.00 and gave the company a “neutral” rating in a research note on Friday, April 24th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Snap-On in a research note on Monday, April 20th. Five equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Snap-On presently has a consensus rating of “Moderate Buy” and a consensus price target of $387.67.

Snap-On Company Profile

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.