Chartwell Investment Partners LLC Decreases Stock Position in Snap-on Incorporated (NYSE:SNA)

Chartwell Investment Partners LLC decreased its holdings in shares of Snap-on Incorporated (NYSE:SNA) by 12.4% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 8,421 shares of the company’s stock after selling 1,187 shares during the quarter. Chartwell Investment Partners LLC’s holdings in Snap-on were worth $2,440,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Opal Wealth Advisors LLC purchased a new stake in Snap-on during the 2nd quarter worth about $30,000. Reston Wealth Management LLC acquired a new position in Snap-on during the 3rd quarter worth approximately $30,000. Innealta Capital LLC acquired a new position in Snap-on during the 2nd quarter worth approximately $32,000. Massmutual Trust Co. FSB ADV increased its position in Snap-on by 53.0% during the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 127 shares of the company’s stock worth $37,000 after purchasing an additional 44 shares during the period. Finally, Quarry LP increased its position in Snap-on by 244.7% during the 2nd quarter. Quarry LP now owns 162 shares of the company’s stock worth $42,000 after purchasing an additional 115 shares during the period. Institutional investors and hedge funds own 84.88% of the company’s stock.

Insiders Place Their Bets

In other news, SVP Thomas J. Ward sold 12,737 shares of the company’s stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $333.21, for a total transaction of $4,244,095.77. Following the completion of the transaction, the senior vice president now owns 55,401 shares of the company’s stock, valued at approximately $18,460,167.21. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, VP June C. Lemerand sold 1,186 shares of the stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $283.97, for a total value of $336,788.42. Following the transaction, the vice president now directly owns 2,283 shares in the company, valued at $648,303.51. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Thomas J. Ward sold 12,737 shares of the stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $333.21, for a total transaction of $4,244,095.77. Following the completion of the transaction, the senior vice president now owns 55,401 shares in the company, valued at $18,460,167.21. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 26,190 shares of company stock valued at $8,212,284 in the last quarter. Insiders own 4.10% of the company’s stock.

Snap-on Price Performance

NYSE SNA opened at $360.35 on Wednesday. The firm has a market capitalization of $18.92 billion, a PE ratio of 18.55, a P/E/G ratio of 2.38 and a beta of 0.96. Snap-on Incorporated has a 12 month low of $252.98 and a 12 month high of $363.49. The company’s 50 day simple moving average is $304.34 and its 200 day simple moving average is $283.31. The company has a debt-to-equity ratio of 0.22, a current ratio of 4.18 and a quick ratio of 3.14.

Snap-on (NYSE:SNA) last posted its quarterly earnings results on Thursday, October 17th. The company reported $4.70 EPS for the quarter, beating the consensus estimate of $4.58 by $0.12. Snap-on had a net margin of 22.13% and a return on equity of 19.44%. The business had revenue of $1.15 billion for the quarter, compared to analysts’ expectations of $1.16 billion. As a group, equities research analysts forecast that Snap-on Incorporated will post 19.05 EPS for the current fiscal year.

Snap-on announced that its Board of Directors has approved a share repurchase program on Thursday, August 8th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 3.5% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

Snap-on Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Thursday, November 21st will be given a dividend of $2.14 per share. This is a positive change from Snap-on’s previous quarterly dividend of $1.86. The ex-dividend date of this dividend is Thursday, November 21st. This represents a $8.56 dividend on an annualized basis and a yield of 2.38%. Snap-on’s payout ratio is currently 44.06%.

Analyst Ratings Changes

Several equities research analysts have recently commented on the company. Roth Mkm boosted their price target on Snap-on from $324.00 to $365.00 and gave the stock a “buy” rating in a research note on Tuesday, October 22nd. Robert W. Baird increased their price target on Snap-on from $290.00 to $347.00 and gave the stock a “neutral” rating in a research note on Friday, October 18th. Barrington Research upped their price objective on Snap-on from $325.00 to $350.00 and gave the stock an “outperform” rating in a report on Thursday, October 17th. Bank of America increased their price target on Snap-on from $255.00 to $280.00 and gave the company an “underperform” rating in a report on Friday, October 18th. Finally, Tigress Financial upped their price objective on shares of Snap-on from $336.00 to $385.00 and gave the company a “buy” rating in a research report on Friday, October 25th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $345.40.

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.