Strategy Asset Managers LLC Buys New Shares in Snap-on Incorporated (NYSE:SNA)

Strategy Asset Managers LLC acquired a new position in shares of Snap-on Incorporated (NYSE:SNA) during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor acquired 723 shares of the company’s stock, valued at approximately $209,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of SNA. Shell Asset Management Co. lifted its position in Snap-on by 90.3% during the first quarter. Shell Asset Management Co. now owns 2,697 shares of the company’s stock valued at $799,000 after buying an additional 1,280 shares in the last quarter. EntryPoint Capital LLC purchased a new position in Snap-on in the first quarter valued at about $61,000. CreativeOne Wealth LLC grew its stake in Snap-on by 76.4% during the 1st quarter. CreativeOne Wealth LLC now owns 2,515 shares of the company’s stock valued at $745,000 after purchasing an additional 1,089 shares in the last quarter. Toronto Dominion Bank raised its holdings in Snap-on by 2.0% in the first quarter. Toronto Dominion Bank now owns 30,065 shares of the company’s stock valued at $8,906,000 after acquiring an additional 600 shares in the last quarter. Finally, 1832 Asset Management L.P. grew its holdings in Snap-on by 6.1% during the 1st quarter. 1832 Asset Management L.P. now owns 7,151 shares of the company’s stock worth $2,118,000 after acquiring an additional 411 shares in the last quarter. Institutional investors and hedge funds own 84.88% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have commented on SNA. 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 report on Friday, October 18th. Barrington Research upped their target price on shares of Snap-on from $325.00 to $350.00 and gave the stock an “outperform” rating in a research report on Thursday, October 17th. Roth Mkm raised their target price on Snap-on from $324.00 to $365.00 and gave the company a “buy” rating in a research report on Tuesday, October 22nd. Robert W. Baird raised their price target on Snap-on from $290.00 to $347.00 and gave the company a “neutral” 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 stock a “buy” rating in a report on Friday, October 25th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $345.40.

Snap-on Price Performance

Shares of NYSE SNA opened at $361.40 on Friday. The firm has a 50-day moving average of $314.25 and a two-hundred day moving average of $286.92. The company has a market capitalization of $18.98 billion, a price-to-earnings ratio of 18.57, a PEG ratio of 2.35 and a beta of 0.96. The company has a current ratio of 4.18, a quick ratio of 3.14 and a debt-to-equity ratio of 0.22. Snap-on Incorporated has a twelve month low of $252.98 and a twelve month high of $365.35.

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

Snap-on Increases Dividend

The company also recently disclosed 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 represents a $8.56 annualized dividend and a yield of 2.37%. This is a boost from Snap-on’s previous quarterly dividend of $1.86. The ex-dividend date is Thursday, November 21st. Snap-on’s payout ratio is presently 38.29%.

Snap-on declared that its board has approved a share repurchase program on Thursday, August 8th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 3.5% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.

Insider Buying and Selling at Snap-on

In other 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 completion of the sale, the vice president now directly owns 2,283 shares of the company’s stock, valued at $648,303.51. This represents a 34.19 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Iain Boyd sold 6,044 shares of the business’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $298.99, for a total transaction of $1,807,095.56. Following the transaction, the vice president now directly owns 10,493 shares in the company, valued at $3,137,302.07. The trade was a 36.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 21,717 shares of company stock valued at $6,965,480 in the last three months. 4.10% of the stock is currently owned by company insiders.

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.