Allspring Global Investments Holdings LLC decreased its holdings in Snap-on Incorporated during the 2nd quarter, according to the company’s most recent 13F filing with the Securities and Exchange Commission. The firm sold 2,517 shares of Snap-on stock, which amounted to a 21.4% reduction in its holdings. After the sale, Allspring Global Investments Holdings LLC owned 9,231 shares of Snap-on, valued at $2,660,000.
Other institutional investors and hedge funds also bought and sold shares of Snap-on during the same period. Stratos Wealth Partners LTD. increased its holdings in Snap-on by 8.9%, owning 26,230 shares of the company’s stock worth $7,559,000. Chesley Taft & Associates LLC grew its stake by 2.7%, owning 2,885 shares worth $831,000. Avantax Planning Partners Inc. and New Mexico Educational Retirement Board also increased their stakes in Snap-on by 3.7% and 4.0% respectively. Impact Partnership Wealth LLC acquired a new stake in Snap-on worth approximately $377,000.
In other news, Snap-on CEO, Nicholas T. Pinchuk, sold 22,078 shares of the company’s stock, valued at $5,699,656.48. VP Iain Boyd also sold 8,963 shares of Snap-on stock. Insiders have sold a total of 40,563 shares in the last 90 days, amounting to a value of $10,915,763.
Snap-on’s stock opened at $259.71 on Friday. The company has a market capitalization of $13.74 billion, with a P/E ratio of 14.39 and a beta of 1.10. Snap-on reported earnings of $4.89 per share for the last quarter, beating analyst estimates of $4.58. The company’s revenue for the quarter was $1.19 billion, a 4.8% increase from the previous year.
Snap-on recently announced a quarterly dividend of $1.62 per share, representing an annualization dividend of $6.48 and a yield of 2.50%. The company’s payout ratio is currently 35.90%.
Several equities research analysts have commented on Snap-on’s stock. Tigress Financial, Robert W. Baird, and Roth Mkm have all raised their price targets for the stock. MarketBeat analysts rate Snap-on as a “Hold” with an average price target of $298.17.
Sources:
– Snap-on Incorporated 13F filing with the Securities and Exchange Commission
– SEC website
– MarketBeat.com
Definitions:
– 13F filing: A quarterly disclosure that institutional investors with at least $100 million in assets under management are required to submit to the Securities and Exchange Commission (SEC).
– Securities and Exchange Commission (SEC): A government agency that regulates the securities industry, including stock exchanges and other financial markets.
– Institutional investors: Organizations, such as pension funds, foundations, and insurance companies, that invest large sums of money on behalf of their clients or members.
– Hedge funds: Investment funds that pool capital from accredited investors and use a variety of strategies, including leverage and derivatives, to generate high returns.
– Holdings: The securities, such as stocks or bonds, that an investor or institution owns.
– Dividend: A payment made by a corporation to its shareholders, usually in the form of cash or additional shares of stock, based on the company’s profits or earnings.
– P/E ratio: Price-to-earnings ratio, a valuation ratio calculated by dividing the market price per share of a stock by the company’s earnings per share.
– Beta: A measure of a stock’s volatility compared to the overall market.
– Equity: Ownership interest in a company, represented by shares of stock.
– Return on equity: A profitability ratio that measures the profit generated by a company’s equity.
– Net margin: A profitability ratio that measures how much profit a company generates from each dollar of revenue.
– Moving average price: An indicator used to analyze the price trends of a stock, calculated by averaging the prices over a specific period of time.
– Market capitalization: The total value of a company’s outstanding shares of stock, calculated by multiplying the stock price by the number of shares.
– Earnings per share: The portion of a company’s profit allocated to each outstanding share of stock.
– Ex-dividend date: The date on which a stock begins trading without the right to receive the most recently declared dividend.
