Pitcairn Co. Has $496,000 Position in Snap-on Incorporated (NYSE:SNA)

Pitcairn Co. trimmed its holdings in shares of Snap-on Incorporated (NYSE:SNA) by 15.3% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,711 shares of the company’s stock after selling 310 shares during the period. Pitcairn Co.’s holdings in Snap-on were worth $496,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the stock. Aurora Investment Counsel boosted its position in Snap-on by 0.9% during the third quarter. Aurora Investment Counsel now owns 3,549 shares of the company’s stock valued at $1,028,000 after purchasing an additional 30 shares during the last quarter. Lake Street Advisors Group LLC boosted its holdings in shares of Snap-on by 3.1% in the 3rd quarter. Lake Street Advisors Group LLC now owns 1,074 shares of the company’s stock valued at $311,000 after buying an additional 32 shares during the last quarter. Metis Global Partners LLC boosted its holdings in shares of Snap-on by 1.9% in the 3rd quarter. Metis Global Partners LLC now owns 1,691 shares of the company’s stock valued at $490,000 after buying an additional 32 shares during the last quarter. Verdence Capital Advisors LLC increased its holdings in Snap-on by 2.5% during the third quarter. Verdence Capital Advisors LLC now owns 1,526 shares of the company’s stock worth $442,000 after buying an additional 37 shares during the last quarter. Finally, TFB Advisors LLC raised its position in Snap-on by 3.2% during the second quarter. TFB Advisors LLC now owns 1,226 shares of the company’s stock worth $320,000 after acquiring an additional 38 shares in the last quarter. Institutional investors own 84.88% of the company’s stock.

Insider Buying and Selling

In other news, SVP Thomas J. Ward sold 12,737 shares of the company’s stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $333.21, for a total transaction of $4,244,095.77. Following the completion of the sale, the senior vice president now owns 55,401 shares of the company’s stock, valued at approximately $18,460,167.21. This represents a 18.69 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Richard Thomas Miller sold 1,750 shares of the stock in a transaction that occurred on Friday, October 18th. The stock was sold at an average price of $330.00, for a total transaction of $577,500.00. Following the sale, the vice president now owns 3,218 shares in the company, valued at $1,061,940. This represents a 35.23 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 20,531 shares of company stock valued at $6,628,691 over the last quarter. 4.10% of the stock is owned by company insiders.

Snap-on Stock Performance

NYSE SNA opened at $370.89 on Tuesday. Snap-on Incorporated has a 12-month low of $252.98 and a 12-month high of $372.94. The firm has a 50-day moving average price of $317.63 and a two-hundred day moving average price of $288.24. The company has a market capitalization of $19.47 billion, a P/E ratio of 19.09, a P/E/G ratio of 2.42 and a beta of 0.96. The company has a quick ratio of 3.14, a current ratio of 4.18 and a debt-to-equity ratio of 0.22.

Snap-on (NYSE:SNA) last posted 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 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%. Analysts anticipate that Snap-on Incorporated will post 19.05 earnings per share for the current year.

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

Snap-on Increases Dividend

The business also recently declared 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 represents a $8.56 dividend on an annualized basis and a yield of 2.31%. The ex-dividend date of this dividend is Thursday, November 21st. This is an increase from Snap-on’s previous quarterly dividend of $1.86. Snap-on’s payout ratio is 44.06%.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on SNA. Barrington Research lifted their price objective on shares of Snap-on from $325.00 to $350.00 and gave the company an “outperform” rating in a research report on Thursday, October 17th. Bank of America boosted their price target on Snap-on from $255.00 to $280.00 and gave the stock an “underperform” rating in a research report on Friday, October 18th. 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 report on Friday, October 25th. Robert W. Baird lifted their target price on Snap-on from $290.00 to $347.00 and gave the stock a “neutral” rating in a research note on Friday, October 18th. Finally, Roth Mkm increased their price target on Snap-on from $324.00 to $365.00 and gave the company a “buy” rating in a research note on Tuesday, October 22nd. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $345.40.

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.