Snap-on Incorporated (NYSE:SNA) Holdings Cut by Pinnacle Financial Partners Inc

Pinnacle Financial Partners Inc cut its holdings in shares of Snap-on Incorporated (NYSE:SNA) by 1.2% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 49,733 shares of the company’s stock after selling 606 shares during the period. Pinnacle Financial Partners Inc owned approximately 0.09% of Snap-on worth $14,408,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Manning & Napier Advisors LLC purchased a new position in Snap-on in the second quarter valued at about $4,571,000. Asset Management One Co. Ltd. grew its position in shares of Snap-on by 0.3% during the 3rd quarter. Asset Management One Co. Ltd. now owns 19,896 shares of the company’s stock worth $5,764,000 after buying an additional 67 shares during the period. SG Americas Securities LLC increased its stake in Snap-on by 32.7% in the second quarter. SG Americas Securities LLC now owns 13,140 shares of the company’s stock valued at $3,435,000 after purchasing an additional 3,238 shares in the last quarter. Strategic Financial Concepts LLC acquired a new position in shares of Snap-on in the second quarter valued at approximately $3,653,000. Finally, Empirical Finance LLC increased its position in shares of Snap-on by 105.5% during the 2nd quarter. Empirical Finance LLC now owns 3,994 shares of the company’s stock worth $1,044,000 after purchasing an additional 2,050 shares during the last quarter. Institutional investors own 84.88% of the company’s stock.

Snap-on Stock Down 0.4 %

Shares of SNA opened at $360.35 on Wednesday. The company has a current ratio of 4.18, a quick ratio of 3.14 and a debt-to-equity ratio of 0.22. The firm has a market capitalization of $18.92 billion, a P/E ratio of 18.55, a P/E/G ratio of 2.39 and a beta of 0.96. The firm has a fifty day moving average price of $304.34 and a 200-day moving average price of $283.31. Snap-on Incorporated has a 12-month low of $252.98 and a 12-month high of $363.49.

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

Snap-on Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Thursday, November 21st will be given a $2.14 dividend. The ex-dividend date is Thursday, November 21st. This is a boost from Snap-on’s previous quarterly dividend of $1.86. This represents a $8.56 dividend on an annualized basis and a dividend yield of 2.38%. Snap-on’s payout ratio is 38.29%.

Snap-on declared that its board has initiated a stock repurchase program on Thursday, August 8th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the company to reacquire up to 3.5% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s leadership believes its stock is undervalued.

Analysts Set New Price Targets

Several brokerages have recently issued reports on SNA. Tigress Financial lifted their price target on Snap-on from $336.00 to $385.00 and gave the company a “buy” rating in a research note on Friday, October 25th. Bank of America increased their target price on Snap-on from $255.00 to $280.00 and gave the stock an “underperform” rating in a research report on Friday, October 18th. Roth Mkm boosted their price target on shares of 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 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 note on Friday, October 18th. Finally, Barrington Research raised their price target on Snap-on from $325.00 to $350.00 and gave the stock an “outperform” rating in a research note on Thursday, October 17th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $345.40.

Insider Buying and Selling

In other news, SVP Thomas J. Ward sold 12,737 shares of the business’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 transaction, the senior vice president now owns 55,401 shares of the company’s stock, valued at approximately $18,460,167.21. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, SVP Thomas J. Ward sold 12,737 shares of the business’s stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $333.21, for a total transaction of $4,244,095.77. Following the completion of the sale, the senior vice president now owns 55,401 shares in the company, valued at $18,460,167.21. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP June C. Lemerand sold 1,186 shares of the company’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $283.97, for a total transaction of $336,788.42. Following the completion of the transaction, the vice president now owns 2,283 shares of the company’s stock, valued at $648,303.51. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 26,190 shares of company stock worth $8,212,284 in the last 90 days. Insiders own 4.10% of the company’s stock.

Snap-on Company 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.