Impact Partnership Wealth LLC Buys New Position in Snap-on Incorporated (NYSE:SNA)

Impact Partnership Wealth LLC purchased a new position in Snap-on Incorporated (NYSE:SNA) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 1,903 shares of the company’s stock, valued at approximately $551,000.

Several other institutional investors and hedge funds have also modified their holdings of the business. Earnest Partners LLC raised its holdings in Snap-on by 1.4% in the 2nd quarter. Earnest Partners LLC now owns 942,743 shares of the company’s stock worth $246,424,000 after purchasing an additional 13,033 shares during the period. Nordea Investment Management AB increased its position in Snap-on by 3.2% in the first quarter. Nordea Investment Management AB now owns 891,994 shares of the company’s stock worth $265,217,000 after buying an additional 27,429 shares in the last quarter. Pacer Advisors Inc. raised its stake in shares of Snap-on by 51.2% in the second quarter. Pacer Advisors Inc. now owns 829,471 shares of the company’s stock worth $216,815,000 after buying an additional 280,997 shares during the period. Dimensional Fund Advisors LP lifted its position in shares of Snap-on by 8.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 817,536 shares of the company’s stock valued at $213,686,000 after buying an additional 65,485 shares in the last quarter. Finally, Envestnet Asset Management Inc. grew its stake in shares of Snap-on by 0.4% during the 2nd quarter. Envestnet Asset Management Inc. now owns 732,571 shares of the company’s stock valued at $191,487,000 after acquiring an additional 2,616 shares during the period. Hedge funds and other institutional investors own 84.88% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the stock. Roth Mkm lifted their price target on shares of Snap-on from $324.00 to $365.00 and gave the company a “buy” rating in a report on Tuesday. Barrington Research lifted their target price on shares of Snap-on from $325.00 to $350.00 and gave the company an “outperform” rating in a research note on Thursday, October 17th. Robert W. Baird increased 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. 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 report on Friday, October 18th. Finally, Tigress Financial reaffirmed a “buy” rating and issued a $336.00 price objective on shares of Snap-on in a research note on Thursday, July 25th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the company. According to MarketBeat, Snap-on has an average rating of “Hold” and an average price target of $335.60.

Insider Buying and Selling at Snap-on

In other news, 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 completion of the transaction, the vice president now directly owns 3,218 shares in the company, valued at approximately $1,061,940. This represents a 0.00 % 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. In other Snap-on news, CEO Nicholas T. Pinchuk sold 24,145 shares of the business’s stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $268.95, for a total transaction of $6,493,797.75. Following the sale, the chief executive officer now directly owns 759,019 shares of the company’s stock, valued at $204,138,160.05. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Richard Thomas Miller sold 1,750 shares of the company’s stock in a transaction that occurred 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 owns 3,218 shares in the company, valued at approximately $1,061,940. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 37,598 shares of company stock worth $10,461,986 in the last quarter. 4.10% of the stock is owned by corporate insiders.

Snap-on Price Performance

Shares of SNA traded up $0.42 during midday trading on Thursday, hitting $325.66. 27,200 shares of the company traded hands, compared to its average volume of 302,239. The stock has a market cap of $17.10 billion, a price-to-earnings ratio of 16.70, a PEG ratio of 2.14 and a beta of 0.98. The firm has a 50 day moving average of $287.40 and a 200-day moving average of $277.35. 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 52 week low of $249.84 and a 52 week high of $330.51.

Snap-on Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 10th. Investors of record on Monday, August 19th were paid a dividend of $1.86 per share. This represents a $7.44 dividend on an annualized basis and a yield of 2.28%. The ex-dividend date of this dividend was Monday, August 19th. Snap-on’s payout ratio is presently 38.29%.

Snap-on declared that its board has approved a share repurchase program on Thursday, August 8th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the company to purchase up to 3.5% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s management believes its shares are undervalued.

About Snap-on

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.