Snap-on Incorporated (NYSE:SNA) Shares Sold by Kentucky Retirement Systems Insurance Trust Fund

Kentucky Retirement Systems Insurance Trust Fund decreased its holdings in shares of Snap-on Incorporated (NYSE:SNA) by 8.2% during the third quarter, HoldingsChannel reports. The institutional investor owned 1,560 shares of the company’s stock after selling 140 shares during the period. Kentucky Retirement Systems Insurance Trust Fund’s holdings in Snap-on were worth $452,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Manning & Napier Advisors LLC purchased a new position in shares of Snap-on during the 2nd quarter worth $4,571,000. Asset Management One Co. Ltd. grew its position in Snap-on by 0.3% in the 3rd quarter. Asset Management One Co. Ltd. now owns 19,896 shares of the company’s stock valued at $5,764,000 after acquiring an additional 67 shares in the last quarter. SG Americas Securities LLC grew its position in Snap-on by 32.7% in the 2nd quarter. SG Americas Securities LLC now owns 13,140 shares of the company’s stock valued at $3,435,000 after acquiring an additional 3,238 shares in the last quarter. Strategic Financial Concepts LLC acquired a new position in Snap-on in the 2nd quarter valued at about $3,653,000. Finally, Victory Capital Management Inc. grew its position in shares of Snap-on by 21.5% during the third quarter. Victory Capital Management Inc. now owns 158,777 shares of the company’s stock worth $45,999,000 after buying an additional 28,049 shares in the last quarter. Hedge funds and other institutional investors own 84.88% of the company’s stock.

Snap-on Price Performance

SNA stock opened at $354.74 on Wednesday. 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 Incorporated has a 1 year low of $252.98 and a 1 year high of $365.35. The firm has a market cap of $18.63 billion, a P/E ratio of 18.26, a price-to-earnings-growth ratio of 2.36 and a beta of 0.96. The stock has a 50-day simple moving average of $312.62 and a 200-day simple moving average of $286.42.

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. 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 during the quarter, compared to analyst estimates of $1.16 billion. On average, equities analysts predict that Snap-on Incorporated will post 19.05 earnings per share for the current fiscal year.

Snap-on announced that its Board of Directors has authorized a share repurchase plan on Thursday, August 8th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the company to reacquire up to 3.5% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s leadership believes its shares are undervalued.

Snap-on Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Thursday, November 21st will be paid a dividend of $2.14 per share. This represents a $8.56 dividend on an annualized basis and a yield of 2.41%. The ex-dividend date of this dividend is Thursday, November 21st. This is a positive change from Snap-on’s previous quarterly dividend of $1.86. Snap-on’s dividend payout ratio (DPR) is 38.29%.

Insider Buying and Selling at Snap-on

In other Snap-on news, VP Iain Boyd sold 6,044 shares of the firm’s stock in a transaction that occurred on 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 completion of the sale, the vice president now owns 10,493 shares in the company, valued at $3,137,302.07. This trade represents a 36.55 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP June C. Lemerand sold 1,186 shares of the firm’s stock in a transaction that occurred on 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 of the company’s stock, valued at approximately $648,303.51. This trade represents a 34.19 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 26,190 shares of company stock worth $8,212,284 in the last 90 days. 4.10% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the company. Barrington Research boosted their price objective on Snap-on from $325.00 to $350.00 and gave the stock an “outperform” rating in a research report on Thursday, October 17th. Bank of America boosted 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. Roth Mkm boosted 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. Robert W. Baird boosted their target price on Snap-on from $290.00 to $347.00 and gave the company a “neutral” rating in a report on Friday, October 18th. Finally, Tigress Financial upped their price objective on Snap-on from $336.00 to $385.00 and gave the stock a “buy” rating in a report on Friday, October 25th. One research analyst has rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $345.40.

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.