Geode Capital Management LLC Grows Position in Snap-on Incorporated (NYSE:SNA)

Geode Capital Management LLC raised its stake in shares of Snap-on Incorporated (NYSE:SNA) by 4.5% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 1,613,459 shares of the company’s stock after purchasing an additional 69,590 shares during the period. Geode Capital Management LLC’s holdings in Snap-on were worth $466,199,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Disciplined Growth Investors Inc. MN increased its holdings in Snap-on by 4.4% in the 3rd quarter. Disciplined Growth Investors Inc. MN now owns 381,119 shares of the company’s stock worth $110,414,000 after acquiring an additional 16,079 shares in the last quarter. Resources Management Corp CT ADV increased its stake in shares of Snap-on by 9.1% in the third quarter. Resources Management Corp CT ADV now owns 6,988 shares of the company’s stock worth $2,024,000 after purchasing an additional 585 shares in the last quarter. Barclays PLC raised its position in shares of Snap-on by 1.8% during the 3rd quarter. Barclays PLC now owns 100,262 shares of the company’s stock valued at $29,044,000 after purchasing an additional 1,803 shares during the period. Nomura Asset Management Co. Ltd. lifted its stake in shares of Snap-on by 5.6% during the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 23,787 shares of the company’s stock valued at $6,891,000 after buying an additional 1,251 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd boosted its holdings in Snap-on by 31.0% in the 3rd quarter. Y Intercept Hong Kong Ltd now owns 5,236 shares of the company’s stock worth $1,517,000 after buying an additional 1,239 shares during the period. Hedge funds and other institutional investors own 84.88% of the company’s stock.

Snap-on Stock Performance

NYSE SNA opened at $355.64 on Friday. The stock has a market capitalization of $18.67 billion, a PE ratio of 18.30, a P/E/G ratio of 2.35 and a beta of 0.98. Snap-on Incorporated has a 1-year low of $252.98 and a 1-year high of $373.89. The business has a 50 day simple moving average of $339.35 and a two-hundred day simple moving average of $296.43. 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 for the quarter, beating analysts’ consensus estimates of $4.58 by $0.12. The firm had revenue of $1.15 billion during the quarter, compared to analyst estimates of $1.16 billion. Snap-on had a net margin of 22.13% and a return on equity of 19.44%. On average, research analysts predict that Snap-on Incorporated will post 19.05 EPS for the current fiscal year.

Snap-on Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 10th. Stockholders of record on Thursday, November 21st were given a dividend of $2.14 per share. This represents a $8.56 annualized dividend and a dividend yield of 2.41%. This is a boost from Snap-on’s previous quarterly dividend of $1.86. The ex-dividend date was Thursday, November 21st. Snap-on’s dividend payout ratio is currently 44.06%.

Wall Street Analyst Weigh In

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

Insider Activity at Snap-on

In other news, CEO Nicholas T. Pinchuk sold 21,783 shares of the firm’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $354.83, for a total value of $7,729,261.89. Following the completion of the sale, the chief executive officer now owns 769,738 shares in the company, valued at approximately $273,126,134.54. This trade represents a 2.75 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, 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 stock was sold at an average price of $298.99, for a total transaction of $1,807,095.56. Following the transaction, the vice president now directly owns 10,493 shares of the company’s stock, valued at approximately $3,137,302.07. This represents a 36.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 45,814 shares of company stock valued at $15,627,963. 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.