Heartland Bank & Trust Co Cuts Stake in Snap-on Incorporated (NYSE:SNA)

Heartland Bank & Trust Co lowered its stake in shares of Snap-on Incorporated (NYSE:SNA) by 3.3% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,827 shares of the company’s stock after selling 62 shares during the period. Heartland Bank & Trust Co’s holdings in Snap-on were worth $529,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of SNA. Opal Wealth Advisors LLC acquired a new position in Snap-on during the second quarter worth about $30,000. Innealta Capital LLC acquired a new position in Snap-on during the second quarter worth about $32,000. Massmutual Trust Co. FSB ADV boosted its position in Snap-on by 53.0% during the third quarter. Massmutual Trust Co. FSB ADV now owns 127 shares of the company’s stock worth $37,000 after acquiring an additional 44 shares during the last quarter. Quarry LP boosted its position in Snap-on by 244.7% during the second quarter. Quarry LP now owns 162 shares of the company’s stock worth $42,000 after acquiring an additional 115 shares during the last quarter. Finally, Versant Capital Management Inc boosted its position in Snap-on by 529.0% during the second quarter. Versant Capital Management Inc now owns 195 shares of the company’s stock worth $51,000 after acquiring an additional 164 shares during the last quarter. Hedge funds and other institutional investors own 84.88% of the company’s stock.

Insider Buying and Selling

In other Snap-on news, CEO Nicholas T. Pinchuk sold 24,145 shares of the stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $268.95, for a total value of $6,493,797.75. Following the sale, the chief executive officer now directly owns 759,019 shares of the company’s stock, valued at approximately $204,138,160.05. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. In related news, CFO Aldo John Pagliari sold 4,473 shares of the stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $278.74, for a total transaction of $1,246,804.02. Following the completion of the sale, the chief financial officer now owns 99,244 shares in the company, valued at $27,663,272.56. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Nicholas T. Pinchuk sold 24,145 shares of the stock in a transaction on Monday, August 12th. The stock was sold at an average price of $268.95, for a total transaction of $6,493,797.75. Following the sale, the chief executive officer now owns 759,019 shares of the company’s stock, valued at approximately $204,138,160.05. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 37,598 shares of company stock valued at $10,461,986 in the last ninety days. Company insiders own 4.10% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on SNA shares. Robert W. Baird boosted their price target on shares of Snap-on from $290.00 to $347.00 and gave the stock a “neutral” rating in a research report on Friday, October 18th. Bank of America boosted their target price on shares of Snap-on from $255.00 to $280.00 and gave the company an “underperform” rating in a report on Friday, October 18th. Tigress Financial restated a “buy” rating and issued a $336.00 price objective on shares of Snap-on in a report on Thursday, July 25th. Barrington Research upped their price objective on shares of Snap-on from $325.00 to $350.00 and gave the stock an “outperform” rating in a report on Thursday, October 17th. Finally, Roth Mkm upped their price objective on shares of Snap-on from $324.00 to $365.00 and gave the stock a “buy” rating in a report on Tuesday. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $335.60.

Snap-on Price Performance

Shares of SNA opened at $325.25 on Thursday. Snap-on Incorporated has a fifty-two week low of $249.84 and a fifty-two week high of $330.51. The firm’s 50 day moving average price is $287.40 and its 200 day moving average price is $277.35. The company has a market cap of $17.15 billion, a P/E ratio of 17.06, a PEG ratio of 2.26 and a beta of 0.98. The company has a quick ratio of 3.05, a current ratio of 4.18 and a debt-to-equity ratio of 0.22.

Snap-on announced that its Board of Directors has authorized a share buyback program on Thursday, August 8th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the company to reacquire up to 3.5% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.

Snap-on Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 10th. Investors of record on Monday, August 19th were paid a dividend of $1.86 per share. This represents a $7.44 annualized dividend and a yield of 2.29%. The ex-dividend date of this dividend was Monday, August 19th. Snap-on’s payout ratio is currently 39.03%.

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.