Snap-on Incorporated (NYSE:SNA) Shares Acquired by Investment Management Corp of Ontario

Investment Management Corp of Ontario increased its position in Snap-on Incorporated (NYSE:SNA) by 6.3% in the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 10,054 shares of the company’s stock after purchasing an additional 600 shares during the period. Investment Management Corp of Ontario’s holdings in Snap-on were worth $2,913,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. GAMMA Investing LLC raised its holdings in shares of Snap-on by 25.1% during the second quarter. GAMMA Investing LLC now owns 519 shares of the company’s stock valued at $136,000 after buying an additional 104 shares during the last quarter. Manning & Napier Advisors LLC bought a new stake in Snap-on during the second quarter worth approximately $4,571,000. Cardinal Capital Management grew its position in Snap-on by 2.3% in the second quarter. Cardinal Capital Management now owns 10,527 shares of the company’s stock worth $2,752,000 after buying an additional 240 shares during the last quarter. Opal Wealth Advisors LLC acquired a new position in Snap-on in the second quarter worth approximately $30,000. Finally, SG Americas Securities LLC grew its position in Snap-on by 32.7% during the 2nd quarter. SG Americas Securities LLC now owns 13,140 shares of the company’s stock worth $3,435,000 after purchasing an additional 3,238 shares in the last quarter. 84.88% of the stock is currently owned by institutional investors and hedge funds.

Snap-on Price Performance

SNA opened at $362.89 on Thursday. Snap-on Incorporated has a one year low of $252.98 and a one year high of $373.89. The stock has a market capitalization of $19.06 billion, a P/E ratio of 18.68, a price-to-earnings-growth ratio of 2.43 and a beta of 0.98. The company has a debt-to-equity ratio of 0.22, a current ratio of 4.18 and a quick ratio of 3.14. The company’s 50 day simple moving average is $331.26 and its 200-day simple moving average is $293.14.

Snap-on (NYSE:SNA) last announced its quarterly earnings data 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. Snap-on had a net margin of 22.13% and a return on equity of 19.44%. The firm had revenue of $1.15 billion for the quarter, compared to analysts’ expectations of $1.16 billion. Sell-side analysts anticipate that Snap-on Incorporated will post 19.05 earnings per share for the current fiscal year.

Snap-on Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Thursday, November 21st will be given a dividend of $2.14 per share. This represents a $8.56 dividend on an annualized basis and a dividend yield of 2.36%. 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 dividend payout ratio (DPR) is currently 44.06%.

Snap-on announced that its board has initiated a share buyback plan on Thursday, August 8th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the company to buy up to 3.5% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.

Analysts Set New Price Targets

SNA has been the subject of a number of recent research reports. 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. 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. Robert W. Baird upped their price objective on shares of Snap-on from $290.00 to $347.00 and gave the company a “neutral” rating in a research report on Friday, October 18th. Bank of America increased their price target on shares of Snap-on from $255.00 to $280.00 and gave the stock an “underperform” rating in a research report on Friday, October 18th. Finally, Roth Mkm raised 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, October 22nd. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $345.40.

Insider Transactions at Snap-on

In other news, VP Iain Boyd sold 6,044 shares of Snap-on stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $298.99, for a total value of $1,807,095.56. Following the completion of the transaction, the vice president now owns 10,493 shares of the company’s stock, valued at $3,137,302.07. This trade represents a 36.55 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Thomas J. Ward sold 12,737 shares of Snap-on stock in a transaction dated 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 sale, the senior vice president now directly owns 55,401 shares of the company’s stock, valued at $18,460,167.21. The trade was a 18.69 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 24,031 shares of company stock valued at $7,898,701 over the last three months. 4.10% of the stock is currently owned by corporate 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.