Norges Bank Makes New $145.34 Million Investment in Snap-on Incorporated (NYSE:SNA)

Norges Bank purchased a new stake in Snap-on Incorporated (NYSE:SNA) in the fourth quarter, Holdings Channel reports. The institutional investor purchased 428,132 shares of the company’s stock, valued at approximately $145,342,000.

Several other hedge funds also recently modified their holdings of SNA. Vanguard Group Inc. increased its holdings in Snap-on by 0.3% in the 4th quarter. Vanguard Group Inc. now owns 6,404,599 shares of the company’s stock worth $2,174,233,000 after purchasing an additional 19,328 shares in the last quarter. State Street Corp increased its stake in shares of Snap-on by 0.5% in the third quarter. State Street Corp now owns 2,115,973 shares of the company’s stock valued at $613,019,000 after buying an additional 10,645 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in Snap-on by 4.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,806,278 shares of the company’s stock valued at $613,195,000 after buying an additional 77,486 shares during the last quarter. Geode Capital Management LLC boosted its position in Snap-on by 4.5% during the 3rd quarter. Geode Capital Management LLC now owns 1,613,459 shares of the company’s stock worth $466,199,000 after buying an additional 69,590 shares during the period. Finally, Nordea Investment Management AB increased its position in Snap-on by 12.8% in the 4th quarter. Nordea Investment Management AB now owns 1,128,317 shares of the company’s stock valued at $384,813,000 after acquiring an additional 127,859 shares during the period. Institutional investors and hedge funds own 84.88% of the company’s stock.

Snap-on Stock Up 2.4 %

Shares of NYSE:SNA opened at $337.25 on Tuesday. Snap-on Incorporated has a 1 year low of $252.98 and a 1 year high of $373.90. 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 business’s 50-day moving average is $339.90 and its 200-day moving average is $334.34. The company has a market capitalization of $17.68 billion, a price-to-earnings ratio of 17.29, a P/E/G ratio of 2.21 and a beta of 0.99.

Snap-on (NYSE:SNA) last posted its quarterly earnings results on Thursday, February 6th. The company reported $4.82 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 in the previous year, the business posted $4.75 EPS. Equities research analysts predict that Snap-on Incorporated will post 19.79 earnings per share for the current year.

Snap-on Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, March 10th. Shareholders of record on Monday, February 24th were paid a $2.14 dividend. This represents a $8.56 annualized dividend and a yield of 2.54%. The ex-dividend date was Monday, February 24th. Snap-on’s dividend payout ratio (DPR) is currently 43.90%.

Analysts Set New Price Targets

A number of equities analysts have recently commented on SNA shares. Longbow Research upgraded shares of Snap-on from a “neutral” rating to a “buy” rating and set a $400.00 price target on the stock in a report on Monday. Barrington Research reiterated an “outperform” rating and issued a $350.00 price target on shares of Snap-on in a research report on Monday, February 10th. Finally, Tigress Financial raised their price objective on Snap-on from $385.00 to $390.00 and gave the stock a “buy” rating in a research report on Tuesday, March 4th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $355.33.

Insider Activity

In other Snap-on news, SVP Jesus Arregui sold 6,451 shares of the company’s stock in a transaction on Monday, February 10th. The shares were sold at an average price of $337.81, for a total transaction of $2,179,212.31. Following the transaction, the senior vice president now owns 257 shares in the company, valued at approximately $86,817.17. This represents a 96.17 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Nicholas T. Pinchuk sold 22,700 shares of Snap-on stock in a transaction dated Thursday, March 27th. The shares were sold at an average price of $335.32, for a total transaction of $7,611,764.00. Following the transaction, the chief executive officer now owns 793,932 shares of the company’s stock, valued at $266,221,278.24. This represents a 2.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 36,011 shares of company stock worth $12,116,859. Company insiders own 3.90% of the company’s stock.

Snap-on 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.