Snap-on Incorporated (NYSE:SNA) Holdings Raised by Claro Advisors LLC

Claro Advisors LLC boosted its stake in Snap-on Incorporated (NYSE:SNA) by 2.6% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,354 shares of the company’s stock after buying an additional 85 shares during the quarter. Claro Advisors LLC’s holdings in Snap-on were worth $972,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Manning & Napier Advisors LLC acquired a new position in Snap-on in the 2nd quarter valued at $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 worth $5,764,000 after purchasing an additional 67 shares during 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 worth $3,435,000 after purchasing an additional 3,238 shares during the last quarter. Strategic Financial Concepts LLC acquired a new stake in Snap-on in the 2nd quarter worth $3,653,000. Finally, Empirical Finance LLC grew its position in Snap-on by 105.5% in the 2nd quarter. Empirical Finance LLC now owns 3,994 shares of the company’s stock worth $1,044,000 after purchasing an additional 2,050 shares during the last quarter. Hedge funds and other institutional investors own 84.88% of the company’s stock.

Snap-on Stock Down 0.2 %

Shares of NYSE:SNA opened at $357.06 on Monday. Snap-on Incorporated has a one year low of $252.98 and a one year high of $365.35. The company has a 50 day moving average of $309.42 and a 200-day moving average of $285.19. The company has a debt-to-equity ratio of 0.22, a current ratio of 4.18 and a quick ratio of 3.14. The stock has a market cap of $18.75 billion, a price-to-earnings ratio of 18.38, a P/E/G ratio of 2.36 and a beta of 0.96.

Snap-on (NYSE:SNA) last issued its quarterly earnings results on Thursday, October 17th. The company reported $4.70 EPS for the quarter, topping the consensus estimate of $4.58 by $0.12. Snap-on had a net margin of 22.13% and a return on equity of 19.44%. The company had revenue of $1.15 billion during the quarter, compared to analysts’ expectations of $1.16 billion. On average, sell-side analysts forecast 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 program on Thursday, August 8th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the company to repurchase up to 3.5% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board of directors believes its shares are undervalued.

Snap-on Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Thursday, November 21st will be issued a $2.14 dividend. This represents a $8.56 annualized dividend and a dividend yield of 2.40%. The ex-dividend date of this dividend is Thursday, November 21st. This is a boost from Snap-on’s previous quarterly dividend of $1.86. Snap-on’s dividend payout ratio is 38.29%.

Insider Activity

In other Snap-on news, SVP Thomas J. Ward sold 12,737 shares of the company’s stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $333.21, for a total value of $4,244,095.77. Following the sale, the senior vice president now owns 55,401 shares in the company, valued at $18,460,167.21. This represents a 18.69 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP June C. Lemerand sold 1,186 shares of the company’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $283.97, for a total transaction of $336,788.42. Following the completion of the transaction, the vice president now owns 2,283 shares in the company, valued at approximately $648,303.51. This represents a 34.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 26,190 shares of company stock worth $8,212,284 over the last quarter. 4.10% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on SNA shares. Roth Mkm raised their price objective on shares of Snap-on from $324.00 to $365.00 and gave the stock a “buy” rating in a report on Tuesday, October 22nd. Robert W. Baird lifted their price target 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. Barrington Research lifted their price target on shares of Snap-on from $325.00 to $350.00 and gave the company an “outperform” rating in a report on Thursday, October 17th. Tigress Financial lifted their price target on shares of Snap-on from $336.00 to $385.00 and gave the company a “buy” rating in a report on Friday, October 25th. Finally, Bank of America lifted their price target on shares of Snap-on from $255.00 to $280.00 and gave the company an “underperform” rating in a report on Friday, October 18th. One 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 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.