Principal Financial Group Inc. Trims Stake in Snap-On Incorporated $SNA

Principal Financial Group Inc. lessened its holdings in Snap-On Incorporated (NYSE:SNA) by 6.6% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 254,226 shares of the company’s stock after selling 17,870 shares during the period. Principal Financial Group Inc.’s holdings in Snap-On were worth $88,101,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Vanguard Group Inc. lifted its position in Snap-On by 1.3% in the second quarter. Vanguard Group Inc. now owns 6,495,475 shares of the company’s stock valued at $2,021,262,000 after buying an additional 80,422 shares during the last quarter. State Street Corp raised its stake in shares of Snap-On by 0.6% in the 2nd quarter. State Street Corp now owns 2,207,840 shares of the company’s stock valued at $687,036,000 after acquiring an additional 12,184 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in shares of Snap-On by 1.9% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 1,958,005 shares of the company’s stock worth $609,292,000 after acquiring an additional 36,421 shares during the last quarter. First Trust Advisors LP boosted its position in shares of Snap-On by 40.7% during the 2nd quarter. First Trust Advisors LP now owns 1,892,708 shares of the company’s stock worth $588,973,000 after purchasing an additional 547,527 shares during the period. Finally, Nordea Investment Management AB increased its holdings in Snap-On by 3.0% in the 3rd quarter. Nordea Investment Management AB now owns 1,258,712 shares of the company’s stock valued at $433,601,000 after purchasing an additional 36,964 shares during the last quarter. 84.88% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, SVP Jesus Arregui sold 3,831 shares of Snap-On stock in a transaction on Tuesday, November 25th. The shares were sold at an average price of $337.28, for a total transaction of $1,292,119.68. Following the completion of the sale, the senior vice president directly owned 2,642 shares of the company’s stock, valued at approximately $891,093.76. The trade was a 59.18% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Nicholas T. Pinchuk sold 22,607 shares of the stock in a transaction on Tuesday, December 2nd. The shares were sold at an average price of $339.15, for a total value of $7,667,164.05. Following the completion of the transaction, the chief executive officer directly owned 826,364 shares in the company, valued at $280,261,350.60. This trade represents a 2.66% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 40,036 shares of company stock worth $13,710,988 over the last three months. Insiders own 3.90% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have commented on SNA shares. Robert W. Baird set a $370.00 price target on Snap-On in a research note on Friday. Roth Mkm reissued a “buy” rating and set a $385.00 target price on shares of Snap-On in a research note on Friday, October 17th. Wall Street Zen raised Snap-On from a “hold” rating to a “buy” rating in a research report on Saturday, October 18th. Barrington Research reissued an “outperform” rating and set a $350.00 price target on shares of Snap-On in a research report on Wednesday, October 15th. Finally, Tigress Financial raised their price objective on shares of Snap-On from $395.00 to $405.00 and gave the company a “buy” rating in a research note on Tuesday, October 21st. Five equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $365.83.

Snap-On Price Performance

Shares of NYSE SNA opened at $371.48 on Tuesday. The stock’s 50-day moving average is $354.15 and its two-hundred day moving average is $340.58. 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 Incorporated has a 1-year low of $289.81 and a 1-year high of $375.27. The company has a market cap 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.

Snap-On Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, December 10th. Investors 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%. This is a positive change from Snap-On’s previous quarterly dividend of $2.14. The ex-dividend date of this dividend was Friday, November 21st. Snap-On’s dividend payout ratio is 51.18%.

Snap-On Company 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.