Allstate Corp Purchases New Position in Snap-on Incorporated (NYSE:SNA)

Allstate Corp acquired a new position in shares of Snap-on Incorporated (NYSE:SNA) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 1,550 shares of the company’s stock, valued at approximately $526,000.

Several other institutional investors have also modified their holdings of SNA. UMB Bank n.a. raised its stake in Snap-on by 70.5% during the 4th 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. SBI Securities Co. Ltd. acquired a new stake in shares of Snap-on during the fourth quarter worth about $26,000. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in shares of Snap-on during the fourth quarter worth about $28,000. CoreFirst Bank & Trust purchased a new stake in shares of Snap-on in the 4th quarter valued at about $40,000. Finally, TCTC Holdings LLC boosted its position in shares of Snap-on by 41.3% in the 4th quarter. TCTC Holdings LLC now owns 147 shares of the company’s stock valued at $50,000 after purchasing an additional 43 shares during the period. Hedge funds and other institutional investors own 84.88% of the company’s stock.

Snap-on Trading Up 0.7 %

NYSE:SNA opened at $339.31 on Wednesday. The company has a current ratio of 4.15, a quick ratio of 3.17 and a debt-to-equity ratio of 0.22. The stock’s 50 day simple moving average is $339.60 and its 200-day simple moving average is $334.75. Snap-on Incorporated has a 12-month low of $252.98 and a 12-month high of $373.90. The firm has a market cap of $17.79 billion, a P/E ratio of 17.40, a PEG ratio of 2.21 and a beta of 0.99.

Snap-on (NYSE:SNA) last announced its quarterly earnings data on Thursday, February 6th. The company reported $4.82 EPS for the quarter, topping analysts’ consensus estimates of $4.78 by $0.04. Snap-on had a net margin of 21.71% and a return on equity of 19.20%. During the same quarter in the prior year, the company posted $4.75 earnings per share. Equities analysts anticipate that Snap-on Incorporated will post 19.79 EPS for the current year.

Snap-on Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, March 10th. Shareholders of record on Monday, February 24th were given a dividend of $2.14 per share. This represents a $8.56 annualized dividend and a yield of 2.52%. The ex-dividend date of this dividend was Monday, February 24th. Snap-on’s payout ratio is 43.90%.

Insider Transactions at Snap-on

In other news, CEO Nicholas T. Pinchuk sold 22,700 shares of the stock in a transaction dated Thursday, March 27th. The shares were sold at an average price of $335.32, for a total value of $7,611,764.00. Following the completion of the transaction, the chief executive officer now owns 793,932 shares in the company, valued at $266,221,278.24. This trade represents a 2.78 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Jesus Arregui sold 6,451 shares of the business’s stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $337.81, for a total transaction of $2,179,212.31. Following the sale, the senior vice president now directly owns 257 shares in the company, valued at approximately $86,817.17. This represents a 96.17 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 36,011 shares of company stock valued at $12,116,859. Corporate insiders own 3.90% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on SNA shares. Longbow Research upgraded Snap-on from a “neutral” rating to a “buy” rating and set a $400.00 price objective for the company in a research note on Monday. Tigress Financial upped their price target 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. Finally, Barrington Research reissued an “outperform” rating and set a $350.00 price objective on shares of Snap-on in a research report on Monday, February 10th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, Snap-on has a consensus rating of “Moderate Buy” and an average price target of $355.33.

About Snap-on

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.