Snap-on Incorporated (NYSE:SNA) Shares Sold by Fifth Third Bancorp

Fifth Third Bancorp lessened its stake in shares of Snap-on Incorporated (NYSE:SNA) by 19.4% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 13,000 shares of the company’s stock after selling 3,122 shares during the quarter. Fifth Third Bancorp’s holdings in Snap-on were worth $4,413,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Asset Management One Co. Ltd. raised its stake in shares of Snap-on by 0.3% in the 3rd quarter. Asset Management One Co. Ltd. now owns 19,896 shares of the company’s stock worth $5,764,000 after buying an additional 67 shares in the last quarter. Sanctuary Advisors LLC lifted its stake in Snap-on by 3.6% during the third quarter. Sanctuary Advisors LLC now owns 45,783 shares of the company’s stock valued at $13,264,000 after buying an additional 1,605 shares in the last quarter. World Investment Advisors LLC acquired a new position in shares of Snap-on in the third quarter worth about $19,291,000. Avanza Fonder AB purchased a new position in shares of Snap-on in the fourth quarter worth approximately $1,936,000. Finally, Integrated Wealth Concepts LLC raised its holdings in shares of Snap-on by 220.7% during the third quarter. Integrated Wealth Concepts LLC now owns 2,716 shares of the company’s stock valued at $787,000 after acquiring an additional 1,869 shares during the period. Institutional investors own 84.88% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the stock. Bank of America lifted their price objective on shares of Snap-on from $255.00 to $280.00 and gave the stock an “underperform” rating in a research report on Friday, October 18th. Roth Mkm upped their price target on Snap-on from $324.00 to $365.00 and gave the company a “buy” rating in a research report on Tuesday, October 22nd. Tigress Financial raised their price objective on Snap-on from $336.00 to $385.00 and gave the stock a “buy” rating in a research report on Friday, October 25th. Robert W. Baird boosted their price objective on shares of Snap-on from $290.00 to $347.00 and gave the company a “neutral” rating in a research report on Friday, October 18th. Finally, Barrington Research lifted their target price on shares of Snap-on from $325.00 to $350.00 and gave the company an “outperform” rating in a research note on Thursday, October 17th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, Snap-on presently has an average rating of “Hold” and a consensus price target of $345.40.

Snap-on Stock Performance

Shares of SNA opened at $350.33 on Monday. The firm has a market cap of $18.40 billion, a price-to-earnings ratio of 18.03, a price-to-earnings-growth ratio of 2.21 and a beta of 1.00. The company’s fifty day moving average is $350.47 and its 200-day moving average is $314.05. The company has a quick ratio of 3.14, a current ratio of 4.18 and a debt-to-equity ratio of 0.22. Snap-on Incorporated has a 12 month low of $252.98 and a 12 month high of $373.89.

Snap-on Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, December 10th. Shareholders of record on Thursday, November 21st were issued a dividend of $2.14 per share. This is a positive change from Snap-on’s previous quarterly dividend of $1.86. This represents a $8.56 annualized dividend and a yield of 2.44%. The ex-dividend date was Thursday, November 21st. Snap-on’s dividend payout ratio (DPR) is 44.06%.

Insiders Place Their Bets

In other Snap-on news, CFO Aldo John Pagliari sold 6,909 shares of the stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $347.62, for a total transaction of $2,401,706.58. Following the transaction, the chief financial officer now owns 100,668 shares in the company, valued at $34,994,210.16. This trade represents a 6.42 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Nicholas T. Pinchuk sold 21,783 shares of the business’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $354.83, for a total transaction of $7,729,261.89. Following the completion of the sale, the chief executive officer now owns 769,738 shares of the company’s stock, valued at $273,126,134.54. The trade was a 2.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 32,192 shares of company stock valued at $11,400,978 over the last quarter. Insiders own 4.10% of the company’s stock.

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.