Bank of New York Mellon Corp raised its stake in shares of Snap-on Incorporated (NYSE:SNA) by 2.6% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 602,529 shares of the company’s stock after buying an additional 15,123 shares during the quarter. Bank of New York Mellon Corp owned about 1.07% of Snap-on worth $96,838,000 at the end of the most recent quarter.
A number of other large investors also recently made changes to their positions in the business. BlackRock Inc. raised its stake in shares of Snap-on by 1.4% in the second quarter. BlackRock Inc. now owns 3,855,275 shares of the company’s stock worth $619,621,000 after purchasing an additional 53,689 shares during the last quarter. Principal Financial Group Inc. raised its stake in shares of Snap-on by 3.4% in the first quarter. Principal Financial Group Inc. now owns 1,048,534 shares of the company’s stock worth $154,702,000 after purchasing an additional 34,012 shares during the last quarter. Earnest Partners LLC raised its stake in shares of Snap-on by 3.8% in the second quarter. Earnest Partners LLC now owns 1,020,188 shares of the company’s stock worth $163,965,000 after purchasing an additional 37,244 shares during the last quarter. Ariel Investments LLC raised its stake in shares of Snap-on by 10.0% in the second quarter. Ariel Investments LLC now owns 929,933 shares of the company’s stock worth $149,459,000 after purchasing an additional 84,287 shares during the last quarter. Finally, Schroder Investment Management Group raised its stake in shares of Snap-on by 65.8% in the second quarter. Schroder Investment Management Group now owns 770,981 shares of the company’s stock worth $88,263,000 after purchasing an additional 305,933 shares during the last quarter.
SNA stock opened at $161.64 on Friday. Snap-on Incorporated has a 1-year low of $141.63 and a 1-year high of $189.46. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.31 and a quick ratio of 1.59. The firm has a market capitalization of $8.87 billion, a PE ratio of 15.97, a price-to-earnings-growth ratio of 1.29 and a beta of 1.29.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 10th. Investors of record on Tuesday, November 20th will be issued a $0.95 dividend. This represents a $3.80 annualized dividend and a dividend yield of 2.35%. This is a positive change from Snap-on’s previous quarterly dividend of $0.82. Snap-on’s payout ratio is presently 32.41%.
In related news, SVP Aldo John Pagliari sold 6,480 shares of Snap-on stock in a transaction on Wednesday, August 22nd. The stock was sold at an average price of $177.89, for a total value of $1,152,727.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 4.00% of the company’s stock.
Several research analysts have recently weighed in on SNA shares. Barrington Research restated a “buy” rating and issued a $196.00 price target on shares of Snap-on in a research note on Tuesday, October 16th. Zacks Investment Research upgraded Snap-on from a “hold” rating to a “buy” rating and set a $208.00 price target for the company in a research note on Thursday, October 4th. B. Riley set a $205.00 price target on Snap-on and gave the stock a “buy” rating in a research note on Tuesday, July 17th. Northcoast Research cut Snap-on from a “buy” rating to a “neutral” rating in a research note on Tuesday, July 24th. Finally, Robert W. Baird decreased their price target on Snap-on from $216.00 to $190.00 and set an “outperform” rating for the company in a research note on Friday, October 19th. Three analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Snap-on presently has an average rating of “Buy” and an average price target of $195.40.
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Snap-on Company Profile
Snap-on Incorporated manufactures and markets tools, equipment, diagnostics, and repair information and systems solutions for professional users worldwide. The company operates through Commercial & Industrial Group, Snap-on Tools Group, Repair Systems & Information Group, and Financial Services segments.
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