Snap-on Incorporated (NYSE:SNA) Shares Bought by Paloma Partners Management Co

Paloma Partners Management Co lifted its stake in shares of Snap-on Incorporated (NYSE:SNA) by 27.4% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,022 shares of the company’s stock after purchasing an additional 220 shares during the quarter. Paloma Partners Management Co’s holdings in Snap-on were worth $296,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of the stock. Manning & Napier Advisors LLC acquired a new position in shares of Snap-on during the second quarter worth about $4,571,000. Opal Wealth Advisors LLC purchased a new position in shares of Snap-on during the 2nd quarter worth approximately $30,000. SG Americas Securities LLC raised its stake in shares of 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 buying an additional 3,238 shares in the last quarter. Twelve Points Wealth Management LLC lifted its holdings in shares of Snap-on by 6.5% in the 2nd quarter. Twelve Points Wealth Management LLC now owns 2,802 shares of the company’s stock valued at $732,000 after buying an additional 172 shares during the period. Finally, JGP Wealth Management LLC boosted its stake in shares of Snap-on by 5.4% in the second quarter. JGP Wealth Management LLC now owns 3,079 shares of the company’s stock valued at $805,000 after buying an additional 158 shares in the last quarter. 84.88% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Snap-on

In related news, SVP Thomas J. Ward sold 12,737 shares of the company’s stock in a transaction on Monday, October 28th. The stock was sold at an average price of $333.21, for a total value of $4,244,095.77. Following the completion of the transaction, the senior vice president now directly owns 55,401 shares in the company, valued at approximately $18,460,167.21. This represents a 18.69 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, 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 sale, 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 disclosure for this sale can be found here. In the last quarter, insiders sold 24,031 shares of company stock valued at $7,898,701. 4.10% of the stock is owned by insiders.

Analyst Ratings Changes

SNA has been the subject of a number of recent analyst reports. Roth Mkm raised their target price on Snap-on from $324.00 to $365.00 and gave the company a “buy” rating in a report on Tuesday, October 22nd. Bank of America raised their price objective on shares of Snap-on from $255.00 to $280.00 and gave the company an “underperform” rating in a research note 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. Tigress Financial lifted their price target 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. Finally, Robert W. Baird upped their price target on Snap-on from $290.00 to $347.00 and gave the stock a “neutral” rating in a report on Friday, October 18th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $345.40.

Snap-on Stock Down 0.4 %

Shares of NYSE SNA opened at $361.36 on Friday. The firm’s 50-day moving average is $332.69 and its two-hundred day moving average is $293.62. The company has a market capitalization of $18.98 billion, a PE ratio of 18.60, a price-to-earnings-growth ratio of 2.41 and a beta of 0.98. Snap-on Incorporated has a 12-month low of $252.98 and a 12-month high of $373.89. 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 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 firm had revenue of $1.15 billion for the quarter, compared to analyst estimates of $1.16 billion. Snap-on had a return on equity of 19.44% and a net margin of 22.13%. Equities analysts anticipate that Snap-on Incorporated will post 19.05 EPS for the current fiscal year.

Snap-on announced that its board has initiated a share repurchase plan on Thursday, August 8th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 3.5% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its shares are undervalued.

Snap-on Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Investors 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 yield of 2.37%. The ex-dividend date is Thursday, November 21st. This is a boost from Snap-on’s previous quarterly dividend of $1.86. Snap-on’s dividend payout ratio (DPR) is currently 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.