Bank of New York Mellon Corp Reduces Stock Position in Snap-on Incorporated (NYSE:SNA)

Bank of New York Mellon Corp lowered its stake in shares of Snap-on Incorporated (NYSE:SNA) by 21.3% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 354,067 shares of the company’s stock after selling 95,909 shares during the period. Bank of New York Mellon Corp owned 0.67% of Snap-on worth $120,199,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in SNA. UMB Bank n.a. lifted its position in shares of Snap-on by 70.5% during the fourth quarter. UMB Bank n.a. now owns 75 shares of the company’s stock worth $25,000 after acquiring an additional 31 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. purchased a new stake in shares of Snap-on in the fourth quarter worth $28,000. Reston Wealth Management LLC purchased a new stake in shares of Snap-on in the third quarter worth $30,000. Brooklyn Investment Group purchased a new stake in shares of Snap-on in the third quarter worth $39,000. Finally, Private Trust Co. NA raised its position in shares of Snap-on by 38.2% in the third quarter. Private Trust Co. NA now owns 217 shares of the company’s stock worth $63,000 after buying an additional 60 shares in the last quarter. Hedge funds and other institutional investors own 84.88% of the company’s stock.

Insider Activity at Snap-on

In related news, VP June C. Lemerand sold 3,500 shares of the stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $362.86, for a total value of $1,270,010.00. Following the transaction, the vice president now owns 2,289 shares of the company’s stock, valued at $830,586.54. This represents a 60.46 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Nicholas T. Pinchuk sold 21,783 shares of the stock in a transaction on Monday, December 9th. The shares were sold at an average price of $354.83, for a total value of $7,729,261.89. Following the completion of the transaction, the chief executive officer now directly owns 769,738 shares in the company, valued at approximately $273,126,134.54. This represents a 2.75 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 45,503 shares of company stock valued at $15,906,074 over the last 90 days. 4.10% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Separately, Barrington Research reiterated an “outperform” rating and issued a $350.00 price objective on shares of Snap-on in a research report on Monday, February 10th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $345.40.

Snap-on Trading Up 1.2 %

Shares of SNA stock opened at $341.00 on Friday. The company has a debt-to-equity ratio of 0.22, a quick ratio of 3.17 and a current ratio of 4.15. Snap-on Incorporated has a 52-week low of $252.98 and a 52-week high of $373.89. The company has a market capitalization of $17.87 billion, a PE ratio of 17.49, a price-to-earnings-growth ratio of 2.21 and a beta of 0.99. The business’s fifty day moving average is $343.25 and its 200 day moving average is $325.92.

Snap-on (NYSE:SNA) last released its earnings results on Thursday, February 6th. The company reported $4.82 EPS for the quarter, beating analysts’ consensus estimates of $4.78 by $0.04. Snap-on had a return on equity of 19.20% and a net margin of 21.71%. During the same period in the previous year, the firm earned $4.75 EPS. On average, equities research analysts anticipate that Snap-on Incorporated will post 19.79 EPS for the current fiscal year.

Snap-on Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 10th. Investors of record on Monday, February 24th will be paid a $2.14 dividend. The ex-dividend date of this dividend is Monday, February 24th. This represents a $8.56 dividend on an annualized basis and a yield of 2.51%. Snap-on’s dividend payout ratio is presently 43.90%.

Snap-on 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.