Victory Capital Management Inc. Has $46 Million Stake in Snap-on Incorporated (NYSE:SNA)

Victory Capital Management Inc. increased its position in Snap-on Incorporated (NYSE:SNA) by 21.5% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 158,777 shares of the company’s stock after purchasing an additional 28,049 shares during the period. Victory Capital Management Inc.’s holdings in Snap-on were worth $45,999,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of SNA. ProShare Advisors LLC lifted its holdings in shares of Snap-on by 4.8% in the 1st quarter. ProShare Advisors LLC now owns 11,906 shares of the company’s stock worth $3,527,000 after purchasing an additional 550 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in shares of Snap-on by 16.7% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 64,496 shares of the company’s stock worth $19,105,000 after purchasing an additional 9,245 shares in the last quarter. Blair William & Co. IL lifted its holdings in shares of Snap-on by 0.8% in the 1st quarter. Blair William & Co. IL now owns 7,837 shares of the company’s stock worth $2,322,000 after purchasing an additional 62 shares in the last quarter. Orion Portfolio Solutions LLC lifted its holdings in shares of Snap-on by 12.3% in the 1st quarter. Orion Portfolio Solutions LLC now owns 5,731 shares of the company’s stock worth $1,698,000 after purchasing an additional 626 shares in the last quarter. Finally, M&G Plc bought a new position in shares of Snap-on in the 1st quarter worth $10,578,000. 84.88% of the stock is currently owned by institutional investors.

Snap-on Price Performance

Shares of NYSE:SNA opened at $357.06 on Friday. Snap-on Incorporated has a fifty-two week low of $252.98 and a fifty-two week high of $365.35. The company’s 50-day moving average is $309.42 and its 200 day moving average is $284.95. The company has a market capitalization of $18.75 billion, a P/E ratio of 18.38, a price-to-earnings-growth ratio of 2.39 and a beta of 0.96. 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 (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 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. On average, equities research analysts forecast that Snap-on Incorporated will post 19.05 earnings per share for the current year.

Snap-on Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Thursday, November 21st will be paid a $2.14 dividend. 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 yield of 2.40%. The ex-dividend date is Thursday, November 21st. Snap-on’s payout ratio is currently 38.29%.

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

Analyst Upgrades and Downgrades

Several brokerages have weighed in on SNA. Roth Mkm raised their price objective on Snap-on from $324.00 to $365.00 and gave the company a “buy” rating in a research note on Tuesday, October 22nd. Bank of America raised their price objective on Snap-on from $255.00 to $280.00 and gave the company an “underperform” rating in a research note on Friday, October 18th. Robert W. Baird raised their price objective on Snap-on from $290.00 to $347.00 and gave the company a “neutral” rating in a research note on Friday, October 18th. Barrington Research raised their price objective on Snap-on from $325.00 to $350.00 and gave the company an “outperform” rating in a research note on Thursday, October 17th. Finally, Tigress Financial raised their price objective on Snap-on from $336.00 to $385.00 and gave the company a “buy” rating in a research note on Friday, October 25th. One research analyst has rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $345.40.

Insider Activity at Snap-on

In other news, SVP Thomas J. Ward sold 12,737 shares of the company’s 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 in the company, valued at $18,460,167.21. This represents a 18.69 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, VP June C. Lemerand sold 1,186 shares of the company’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $283.97, for a total value of $336,788.42. Following the sale, the vice president now owns 2,283 shares in the company, valued at approximately $648,303.51. This represents a 34.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 26,190 shares of company stock worth $8,212,284. Company insiders own 4.10% of the company’s stock.

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.