Snap-on Incorporated (NYSE:SNA) Shares Purchased by Itau Unibanco Holding S.A.

Itau Unibanco Holding S.A. grew its stake in shares of Snap-on Incorporated (NYSE:SNA) by 60.4% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 1,651 shares of the company’s stock after buying an additional 622 shares during the period. Itau Unibanco Holding S.A.’s holdings in Snap-on were worth $478,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Reston Wealth Management LLC acquired a new position in Snap-on during the 3rd quarter worth approximately $30,000. Opal Wealth Advisors LLC bought a new position in Snap-on in the second quarter worth about $30,000. Innealta Capital LLC acquired a new position in Snap-on during the 2nd quarter valued at approximately $32,000. Massmutual Trust Co. FSB ADV grew its position in shares of 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. Finally, Brooklyn Investment Group bought a new position in Snap-on in the 3rd quarter worth about $39,000. 84.88% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Snap-on

In other Snap-on news, VP Iain Boyd sold 6,044 shares of the firm’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 sale, the vice president now directly owns 10,493 shares in the company, valued at approximately $3,137,302.07. This trade represents a 36.55 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP Thomas J. Ward sold 12,737 shares of Snap-on stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $333.21, for a total value of $4,244,095.77. Following the completion of the sale, the senior vice president now directly owns 55,401 shares in the company, valued at $18,460,167.21. This represents a 18.69 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 20,531 shares of company stock worth $6,628,691. 4.10% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Barrington Research raised their price target on Snap-on from $325.00 to $350.00 and gave the company an “outperform” rating in a report on Thursday, October 17th. Roth Mkm increased their price objective on Snap-on from $324.00 to $365.00 and gave the company a “buy” rating in a research report on Tuesday, October 22nd. 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 note on Friday, October 25th. Robert W. Baird raised their target price on Snap-on from $290.00 to $347.00 and gave the stock a “neutral” rating in a research report on Friday, October 18th. Finally, Bank of America raised their price target on shares of Snap-on from $255.00 to $280.00 and gave the stock an “underperform” rating in a report on Friday, October 18th. One equities 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 company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $345.40.

Snap-on Trading Down 0.5 %

Snap-on stock opened at $365.10 on Wednesday. The firm has a market capitalization of $19.17 billion, a PE ratio of 18.79, a PEG ratio of 2.43 and a beta of 0.98. The business’s 50-day simple moving average is $329.67 and its 200-day simple moving average is $292.65. The company has a debt-to-equity ratio of 0.22, a quick ratio of 3.14 and a current ratio of 4.18. Snap-on Incorporated has a 52 week low of $252.98 and a 52 week high of $373.89.

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

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

Snap-on Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Thursday, November 21st will be paid a $2.14 dividend. The ex-dividend date of this dividend is Thursday, November 21st. This represents a $8.56 dividend on an annualized basis and a dividend yield of 2.34%. This is a boost from Snap-on’s previous quarterly dividend of $1.86. Snap-on’s payout ratio is 44.06%.

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.