Resona Asset Management Co. Ltd. Acquires New Shares in Snap-on Incorporated (NYSE:SNA)

Resona Asset Management Co. Ltd. acquired a new position in shares of Snap-on Incorporated (NYSE:SNA) during the fourth quarter, Holdings Channel.com reports. The institutional investor acquired 17,780 shares of the company’s stock, valued at approximately $6,044,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Bleakley Financial Group LLC acquired a new position in shares of Snap-on during the fourth quarter worth $512,000. Vest Financial LLC lifted its holdings in Snap-on by 2.4% during the 4th quarter. Vest Financial LLC now owns 102,987 shares of the company’s stock worth $34,962,000 after buying an additional 2,460 shares during the period. Sanctuary Advisors LLC grew its position in shares of Snap-on by 3.6% in the 3rd 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 during the last quarter. World Investment Advisors LLC acquired a new stake in shares of Snap-on in the third quarter valued at about $19,291,000. Finally, Avanza Fonder AB acquired a new position in shares of Snap-on in the fourth quarter worth approximately $1,936,000. Institutional investors and hedge funds own 84.88% of the company’s stock.

Snap-on Trading Down 0.5 %

SNA opened at $309.07 on Wednesday. The company has a market cap of $16.20 billion, a P/E ratio of 15.85, a price-to-earnings-growth ratio of 2.21 and a beta of 0.84. The company has a fifty day moving average price of $335.64 and a two-hundred day moving average price of $335.92. The company has a current ratio of 4.15, a quick ratio of 3.17 and a debt-to-equity ratio of 0.22. Snap-on Incorporated has a 1-year low of $252.98 and a 1-year high of $373.90.

Snap-on (NYSE:SNA) last posted its quarterly earnings results on Thursday, February 6th. The company reported $4.82 earnings per share for the quarter, topping 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 quarter in the prior year, the company posted $4.75 EPS. Analysts predict that Snap-on Incorporated will post 19.79 EPS for the current fiscal year.

Snap-on Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 10th. Investors of record on Monday, February 24th were given a $2.14 dividend. This represents a $8.56 annualized dividend and a yield of 2.77%. The ex-dividend date of this dividend was Monday, February 24th. Snap-on’s payout ratio is currently 43.90%.

Insider Buying and Selling at Snap-on

In other news, CFO Aldo John Pagliari sold 6,860 shares of the business’s stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $339.05, for a total transaction of $2,325,883.00. Following the completion of the sale, the chief financial officer now directly owns 107,096 shares of the company’s stock, valued at $36,310,898.80. The trade was a 6.02 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Jesus Arregui sold 6,451 shares of the firm’s stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $337.81, for a total transaction of $2,179,212.31. Following the completion of the transaction, the senior vice president now directly owns 257 shares in the company, valued at approximately $86,817.17. The trade was a 96.17 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 36,011 shares of company stock worth $12,116,859. 3.90% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. Tigress Financial increased their target price on shares of Snap-on from $385.00 to $390.00 and gave the company a “buy” rating in a research report on Tuesday, March 4th. Longbow Research raised shares of Snap-on from a “neutral” rating to a “buy” rating and set a $400.00 target price for the company in a research note on Monday, March 31st. Finally, Barrington Research reaffirmed an “outperform” rating and set a $350.00 price target on shares of Snap-on in a research report on Monday, February 10th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $355.33.

Snap-on Company 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.