SouthState Corp Purchases 1,330 Shares of Snap-on Incorporated (NYSE:SNA)

SouthState Corp increased its stake in shares of Snap-on Incorporated (NYSE:SNA) by 7.4% during the fourth quarter, HoldingsChannel.com reports. The firm owned 19,226 shares of the company’s stock after buying an additional 1,330 shares during the period. SouthState Corp’s holdings in Snap-on were worth $5,553,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Nordea Investment Management AB increased its position in shares of Snap-on by 52.8% during the 4th quarter. Nordea Investment Management AB now owns 864,565 shares of the company’s stock valued at $249,743,000 after purchasing an additional 298,727 shares during the last quarter. Envestnet Asset Management Inc. increased its position in shares of Snap-on by 25.1% during the 3rd quarter. Envestnet Asset Management Inc. now owns 738,473 shares of the company’s stock valued at $188,355,000 after purchasing an additional 147,997 shares during the last quarter. FMR LLC increased its position in shares of Snap-on by 229.8% during the 3rd quarter. FMR LLC now owns 154,401 shares of the company’s stock valued at $39,381,000 after purchasing an additional 107,582 shares during the last quarter. Qube Research & Technologies Ltd increased its position in shares of Snap-on by 388.0% during the 3rd quarter. Qube Research & Technologies Ltd now owns 127,656 shares of the company’s stock valued at $32,560,000 after purchasing an additional 101,499 shares during the last quarter. Finally, QRG Capital Management Inc. bought a new position in Snap-on during the 3rd quarter worth approximately $23,490,000. Hedge funds and other institutional investors own 84.88% of the company’s stock.

Insider Buying and Selling at Snap-on

In other news, CEO Nicholas T. Pinchuk sold 23,514 shares of the business’s stock in a transaction on Tuesday, March 19th. The stock was sold at an average price of $287.48, for a total value of $6,759,804.72. Following the completion of the transaction, the chief executive officer now owns 742,383 shares in the company, valued at $213,420,264.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Snap-on news, VP Richard Thomas Miller sold 704 shares of the business’s stock in a transaction dated Thursday, March 28th. The stock was sold at an average price of $298.16, for a total transaction of $209,904.64. Following the completion of the sale, the vice president now owns 3,213 shares of the company’s stock, valued at $957,988.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Nicholas T. Pinchuk sold 23,514 shares of the business’s stock in a transaction dated Tuesday, March 19th. The shares were sold at an average price of $287.48, for a total value of $6,759,804.72. Following the sale, the chief executive officer now directly owns 742,383 shares of the company’s stock, valued at approximately $213,420,264.84. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 49,930 shares of company stock worth $14,089,523. 4.10% of the stock is owned by insiders.

Analysts Set New Price Targets

Several equities analysts recently issued reports on SNA shares. Tigress Financial restated a “buy” rating and set a $336.00 price target on shares of Snap-on in a research report on Friday, February 16th. Barrington Research restated an “outperform” rating and set a $325.00 price target on shares of Snap-on in a research report on Monday, April 15th. Robert W. Baird reduced their price target on Snap-on from $295.00 to $282.00 and set a “neutral” rating on the stock in a research report on Friday, April 19th. Finally, Roth Mkm restated a “buy” rating and set a $324.00 price target on shares of Snap-on in a research report on Thursday, April 18th. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $316.75.

Snap-on Trading Down 0.3 %

Shares of SNA stock traded down $0.87 during trading hours on Thursday, reaching $266.87. The company’s stock had a trading volume of 339,432 shares, compared to its average volume of 314,209. The stock has a market capitalization of $14.07 billion, a P/E ratio of 14.02, a P/E/G ratio of 1.85 and a beta of 1.00. Snap-on Incorporated has a one year low of $247.68 and a one year high of $298.49. The firm’s fifty day simple moving average is $284.33 and its 200 day simple moving average is $279.13. The company has a current ratio of 3.82, a quick ratio of 2.83 and a debt-to-equity ratio of 0.23.

Snap-on (NYSE:SNA) last issued its quarterly earnings data on Thursday, April 18th. The company reported $4.75 earnings per share for the quarter, topping analysts’ consensus estimates of $4.66 by $0.09. The firm had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.20 billion. Snap-on had a return on equity of 20.46% and a net margin of 21.69%. The business’s quarterly revenue was down .1% compared to the same quarter last year. During the same period last year, the company earned $4.60 EPS. Equities research analysts expect that Snap-on Incorporated will post 19.02 EPS for the current year.

Snap-on Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 10th. Stockholders of record on Monday, May 20th will be paid a $1.86 dividend. This represents a $7.44 dividend on an annualized basis and a dividend yield of 2.79%. The ex-dividend date is Friday, May 17th. Snap-on’s payout ratio is presently 39.03%.

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.