Truist Financial Corp Decreases Stock Position in Snap-on Incorporated (NYSE:SNA)

Truist Financial Corp reduced its position in Snap-on Incorporated (NYSE:SNA) by 1.5% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 18,749 shares of the company’s stock after selling 287 shares during the period. Truist Financial Corp’s holdings in Snap-on were worth $6,365,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also bought and sold shares of the company. Bleakley Financial Group LLC purchased a new stake in Snap-on in the fourth quarter worth $512,000. Vest Financial LLC boosted its holdings in shares of Snap-on by 2.4% in the fourth quarter. Vest Financial LLC now owns 102,987 shares of the company’s stock worth $34,962,000 after acquiring an additional 2,460 shares during the period. Asset Management One Co. Ltd. boosted its holdings in shares of Snap-on by 0.3% in the third quarter. Asset Management One Co. Ltd. now owns 19,896 shares of the company’s stock worth $5,764,000 after acquiring an additional 67 shares during the period. Sanctuary Advisors LLC boosted its holdings in shares of Snap-on by 3.6% in the third quarter. Sanctuary Advisors LLC now owns 45,783 shares of the company’s stock worth $13,264,000 after acquiring an additional 1,605 shares during the period. Finally, World Investment Advisors LLC bought a new position in shares of Snap-on in the third quarter worth $19,291,000. 84.88% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, Barrington Research reaffirmed an “outperform” rating and issued a $350.00 price target on shares of Snap-on in a report on Monday, February 10th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $345.40.

Snap-on Price Performance

Snap-on stock opened at $335.87 on Friday. Snap-on Incorporated has a one year low of $252.98 and a one year high of $373.89. The business has a fifty day moving average price of $343.79 and a 200-day moving average price of $323.56. The company has a debt-to-equity ratio of 0.22, a current ratio of 4.15 and a quick ratio of 3.17. The firm has a market capitalization of $17.60 billion, a P/E ratio of 17.22, a PEG ratio of 2.21 and a beta of 0.99.

Snap-on (NYSE:SNA) last posted its quarterly earnings data on Thursday, February 6th. The company reported $4.82 earnings per share (EPS) for the quarter, beating the consensus estimate 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 last year, the business earned $4.75 earnings per share. As a group, equities research analysts forecast that Snap-on Incorporated will post 19.79 EPS for the current year.

Snap-on Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, March 10th. Shareholders of record on Monday, February 24th will be paid a dividend of $2.14 per share. This represents a $8.56 annualized dividend and a yield of 2.55%. The ex-dividend date is Monday, February 24th. Snap-on’s dividend payout ratio (DPR) is currently 43.90%.

Insiders Place Their Bets

In other Snap-on news, VP June C. Lemerand sold 3,500 shares of Snap-on stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $362.86, for a total transaction of $1,270,010.00. Following the completion of the sale, the vice president now owns 2,289 shares of the company’s stock, valued at $830,586.54. The trade was a 60.46 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Aldo John Pagliari sold 6,909 shares of Snap-on stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $347.62, for a total value of $2,401,706.58. Following the completion of the transaction, the chief financial officer now owns 100,668 shares in the company, valued at approximately $34,994,210.16. This represents a 6.42 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 45,503 shares of company stock valued at $15,906,074 over the last 90 days. Insiders own 4.10% of the company’s stock.

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.