Principal Financial Group Inc. Lowers Stock Position in Snap-On Incorporated $SNA

Principal Financial Group Inc. decreased its position in Snap-On Incorporated (NYSE:SNA) by 6.6% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 254,226 shares of the company’s stock after selling 17,870 shares during the period. Principal Financial Group Inc. owned about 0.49% of Snap-On worth $88,101,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. BankPlus Trust Department raised its holdings in Snap-On by 5.9% in the 3rd quarter. BankPlus Trust Department now owns 541 shares of the company’s stock worth $187,000 after purchasing an additional 30 shares during the period. Nisa Investment Advisors LLC increased its position in shares of Snap-On by 0.4% in the third quarter. Nisa Investment Advisors LLC now owns 7,346 shares of the company’s stock valued at $2,546,000 after buying an additional 31 shares in the last quarter. Cardinal Capital Management raised its stake in shares of Snap-On by 0.3% during the 3rd quarter. Cardinal Capital Management now owns 11,197 shares of the company’s stock worth $3,880,000 after buying an additional 32 shares during the period. Penserra Capital Management LLC lifted its position in shares of Snap-On by 13.5% during the 2nd quarter. Penserra Capital Management LLC now owns 278 shares of the company’s stock valued at $86,000 after buying an additional 33 shares in the last quarter. Finally, PAX Financial Group LLC grew its stake in Snap-On by 5.4% in the 2nd quarter. PAX Financial Group LLC now owns 663 shares of the company’s stock valued at $206,000 after acquiring an additional 34 shares during the period. 84.88% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. Weiss Ratings restated a “buy (b)” rating on shares of Snap-On in a research report on Wednesday, January 21st. Tigress Financial upped their price target on shares of Snap-On from $395.00 to $405.00 and gave the stock a “buy” rating in a research report on Tuesday, October 21st. Wall Street Zen upgraded Snap-On from a “hold” rating to a “buy” rating in a report on Saturday, October 18th. Barrington Research reiterated an “outperform” rating and set a $350.00 price objective on shares of Snap-On in a research note on Wednesday, October 15th. Finally, Robert W. Baird set a $370.00 target price on Snap-On in a research report on Friday. Five analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $365.83.

Insider Buying and Selling

In other news, CFO Aldo John Pagliari sold 6,779 shares of Snap-On stock in a transaction on Thursday, December 11th. The stock was sold at an average price of $352.20, for a total transaction of $2,387,563.80. Following the transaction, the chief financial officer owned 111,888 shares in the company, valued at $39,406,953.60. The trade was a 5.71% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Nicholas T. Pinchuk sold 22,607 shares of the company’s stock in a transaction dated Tuesday, December 2nd. The shares were sold at an average price of $339.15, for a total transaction of $7,667,164.05. Following the completion of the sale, the chief executive officer directly owned 826,364 shares of the company’s stock, valued at $280,261,350.60. This represents a 2.66% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 40,036 shares of company stock valued at $13,710,988 over the last 90 days. Insiders own 3.90% of the company’s stock.

Snap-On Trading Up 1.5%

SNA opened at $371.48 on Tuesday. The firm has a market capitalization of $19.32 billion, a price-to-earnings ratio of 19.48, a price-to-earnings-growth ratio of 2.57 and a beta of 0.81. The company’s 50 day simple moving average is $354.15 and its two-hundred day simple moving average is $340.58. Snap-On Incorporated has a 1-year low of $289.81 and a 1-year high of $375.27. The company has a debt-to-equity ratio of 0.20, a current ratio of 4.40 and a quick ratio of 3.37.

Snap-On Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, December 10th. Shareholders of record on Friday, November 21st were issued a $2.44 dividend. This represents a $9.76 annualized dividend and a yield of 2.6%. The ex-dividend date was Friday, November 21st. This is an increase from Snap-On’s previous quarterly dividend of $2.14. Snap-On’s dividend payout ratio (DPR) is currently 51.18%.

Snap-On Profile

Snap?On Incorporated (NYSE: SNA) is a designer, manufacturer and marketer of tools, diagnostic equipment, repair information and shop equipment for professional users. The company’s product range includes hand and power tools, tool storage and cabinets, diagnostic scan tools and software, shop equipment such as lifts and tire changers, and specialized specialty tools for automotive, aviation, marine and industrial applications. Snap?On also offers information and workflow solutions that combine diagnostic data, repair procedures and parts information to support professional technicians.

Founded in 1920 and headquartered in Kenosha, Wisconsin, Snap?On has established a long history in the professional tools market.