Eagle Asset Management Inc. Purchases 1,036 Shares of Snap-on Incorporated (NYSE:SNA)

Eagle Asset Management Inc. increased its holdings in Snap-on Incorporated (NYSE:SNA) by 25.2% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,140 shares of the company’s stock after purchasing an additional 1,036 shares during the quarter. Eagle Asset Management Inc.’s holdings in Snap-on were worth $1,489,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of SNA. Charles Schwab Investment Management Inc. increased its stake in shares of Snap-on by 3.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,728,792 shares of the company’s stock valued at $500,848,000 after buying an additional 56,266 shares during the period. Pacer Advisors Inc. boosted its holdings in Snap-on by 9.4% in the third quarter. Pacer Advisors Inc. now owns 907,655 shares of the company’s stock valued at $262,957,000 after acquiring an additional 78,184 shares in the last quarter. Aurora Investment Counsel increased its position in Snap-on by 0.9% during the 3rd 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 period. Commerce Bank raised its holdings in Snap-on by 1.3% in the 3rd quarter. Commerce Bank now owns 3,234 shares of the company’s stock worth $937,000 after purchasing an additional 43 shares in the last quarter. Finally, Strategy Asset Managers LLC purchased a new stake in shares of Snap-on in the 3rd quarter worth about $209,000. Hedge funds and other institutional investors own 84.88% of the company’s stock.

Snap-on Stock Performance

Snap-on stock opened at $370.89 on Tuesday. Snap-on Incorporated has a twelve month low of $252.98 and a twelve month high of $372.94. The company has a quick ratio of 3.14, a current ratio of 4.18 and a debt-to-equity ratio of 0.22. The company has a market capitalization of $19.47 billion, a P/E ratio of 19.08, a PEG ratio of 2.42 and a beta of 0.96. The stock’s 50 day moving average is $317.63 and its 200 day moving average is $288.24.

Snap-on (NYSE:SNA) last released its earnings results 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 analysts’ expectations of $1.16 billion. Snap-on had a return on equity of 19.44% and a net margin of 22.13%. On average, equities research 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 initiated 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 buy up to 3.5% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s management believes its stock is undervalued.

Snap-on Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Thursday, November 21st will be issued a $2.14 dividend. The ex-dividend date is Thursday, November 21st. This is a boost from Snap-on’s previous quarterly dividend of $1.86. This represents a $8.56 annualized dividend and a yield of 2.31%. Snap-on’s payout ratio is 44.06%.

Insider Transactions at Snap-on

In other news, VP Iain Boyd sold 6,044 shares of the business’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $298.99, for a total value of $1,807,095.56. Following the completion of the transaction, the vice president now owns 10,493 shares in the company, valued at $3,137,302.07. The trade was a 36.55 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Richard Thomas Miller sold 1,750 shares of the stock in a transaction on Friday, October 18th. The shares were sold at an average price of $330.00, for a total value of $577,500.00. Following the sale, the vice president now directly owns 3,218 shares in the company, valued at $1,061,940. This trade represents a 35.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 20,531 shares of company stock worth $6,628,691. Corporate insiders own 4.10% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the stock. Tigress Financial increased their price target on shares of Snap-on from $336.00 to $385.00 and gave the stock a “buy” rating in a research note on Friday, October 25th. Barrington Research increased their target price on Snap-on from $325.00 to $350.00 and gave the stock an “outperform” rating in a research report on Thursday, October 17th. Roth Mkm lifted their price target on Snap-on from $324.00 to $365.00 and gave the company a “buy” rating in a research report on Tuesday, October 22nd. 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 research note on Friday, October 18th. Finally, 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 report on Friday, October 18th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target 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.