Twin Capital Management Inc. Sells 17,270 Shares of Snap-on Incorporated (NYSE:SNA)
Twin Capital Management Inc. reduced its position in shares of Snap-on Incorporated (NYSE:SNA) by 27.5% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 45,610 shares of the company’s stock after selling 17,270 shares during the period. Twin Capital Management Inc. owned about 0.08% of Snap-on worth $7,555,000 at the end of the most recent quarter.
A number of other hedge funds have also recently made changes to their positions in SNA. Signaturefd LLC raised its stake in shares of Snap-on by 326.7% in the first quarter. Signaturefd LLC now owns 192 shares of the company’s stock worth $30,000 after acquiring an additional 147 shares during the last quarter. FTB Advisors Inc. raised its stake in shares of Snap-on by 120.5% in the first quarter. FTB Advisors Inc. now owns 366 shares of the company’s stock worth $56,000 after acquiring an additional 200 shares during the last quarter. Zions Bancorporation N.A. bought a new position in shares of Snap-on in the first quarter worth about $56,000. Quadrant Capital Group LLC raised its stake in shares of Snap-on by 408.9% in the first quarter. Quadrant Capital Group LLC now owns 402 shares of the company’s stock worth $60,000 after acquiring an additional 323 shares during the last quarter. Finally, Icon Wealth Partners LLC bought a new position in shares of Snap-on in the first quarter worth about $65,000.
A number of equities analysts have weighed in on SNA shares. Oppenheimer set a $180.00 target price on shares of Snap-on and gave the stock a “buy” rating in a research note on Friday, July 19th. Barrington Research reaffirmed a “buy” rating and issued a $185.00 target price on shares of Snap-on in a research note on Wednesday, May 29th. ValuEngine downgraded shares of Snap-on from a “hold” rating to a “sell” rating in a research note on Friday, July 19th. Robert W. Baird set a $164.00 target price on shares of Snap-on and gave the stock a “hold” rating in a research note on Friday, July 19th. Finally, Longbow Research reaffirmed a “hold” rating on shares of Snap-on in a research note on Monday, July 1st. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and three have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $172.60.
Snap-on (NYSE:SNA) last issued its quarterly earnings results on Thursday, July 18th. The company reported $3.22 EPS for the quarter, topping the consensus estimate of $3.21 by $0.01. Snap-on had a net margin of 18.70% and a return on equity of 21.40%. The company had revenue of $951.30 million during the quarter, compared to analysts’ expectations of $959.33 million. During the same quarter in the previous year, the company earned $3.11 EPS. Snap-on’s revenue was down .3% on a year-over-year basis. On average, research analysts predict that Snap-on Incorporated will post 12.31 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 10th. Stockholders of record on Tuesday, August 20th will be given a dividend of $0.95 per share. This represents a $3.80 annualized dividend and a dividend yield of 2.62%. The ex-dividend date of this dividend is Monday, August 19th. Snap-on’s dividend payout ratio is 32.18%.
In other news, SVP Anup R. Banerjee sold 2,800 shares of Snap-on stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $150.40, for a total transaction of $421,120.00. Following the completion of the sale, the senior vice president now owns 128 shares in the company, valued at approximately $19,251.20. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Chairman Nicholas T. Pinchuk sold 19,403 shares of Snap-on stock in a transaction that occurred on Wednesday, June 19th. The stock was sold at an average price of $164.60, for a total transaction of $3,193,733.80. The disclosure for this sale can be found here. 3.90% of the stock is owned by insiders.
Snap-on Incorporated manufactures and markets tools, equipment, diagnostics, and repair information and systems solutions for professional users worldwide. It operates through Commercial and Industrial Group, Snap-on Tools Group, and Repair Systems & Information Group segments. The company offers hand tools, including wrenches, sockets, ratchet wrenches, pliers, screwdrivers, punches and chisels, saws and cutting tools, pruning tools, torque measuring instruments, and other products; power tools, such as cordless, pneumatic, hydraulic, and corded tools; and tool storage products comprising tool chests, roll cabinets, and other products.
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