Intech Investment Management LLC Sells 6,202 Shares of Snap-on Incorporated (NYSE:SNA)

Intech Investment Management LLC trimmed its holdings in shares of Snap-on Incorporated (NYSE:SNA) by 23.9% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 19,738 shares of the company’s stock after selling 6,202 shares during the period. Intech Investment Management LLC’s holdings in Snap-on were worth $5,718,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in SNA. Manning & Napier Advisors LLC purchased a new position in Snap-on during the second quarter valued at approximately $4,571,000. Asset Management One Co. Ltd. increased its holdings in shares of 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 during the period. SG Americas Securities LLC raised its position in shares of 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 acquiring an additional 3,238 shares in the last quarter. Strategic Financial Concepts LLC purchased a new stake in shares of Snap-on during the 2nd quarter worth $3,653,000. Finally, Victory Capital Management Inc. boosted its position in Snap-on by 21.5% during the third quarter. Victory Capital Management Inc. now owns 158,777 shares of the company’s stock valued at $45,999,000 after purchasing an additional 28,049 shares in the last quarter. Hedge funds and other institutional investors own 84.88% of the company’s stock.

Analyst Ratings Changes

Several analysts have commented on the stock. Bank of America increased their price target 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. Barrington Research raised 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 upped their price target on Snap-on from $290.00 to $347.00 and gave the stock a “neutral” rating in a research report on Friday, October 18th. Tigress Financial raised their price objective on Snap-on from $336.00 to $385.00 and gave the stock a “buy” rating in a research report on Friday, October 25th. Finally, Roth Mkm upped their target price on Snap-on from $324.00 to $365.00 and gave the company a “buy” rating in a research report on Tuesday, October 22nd. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $345.40.

Snap-on Trading Up 1.3 %

Shares of SNA stock opened at $365.97 on Friday. The stock has a 50 day simple moving average of $315.92 and a 200-day simple moving average of $287.44. Snap-on Incorporated has a 1-year low of $252.98 and a 1-year high of $367.12. The company has a market cap of $19.22 billion, a price-to-earnings ratio of 18.84, a PEG ratio of 2.35 and a beta of 0.96. 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 issued its earnings results on Thursday, October 17th. The company reported $4.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.58 by $0.12. The company had revenue of $1.15 billion during 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 expect that Snap-on Incorporated will post 19.05 EPS for the current fiscal year.

Snap-on Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Thursday, November 21st will be given a $2.14 dividend. This represents a $8.56 annualized dividend and a yield of 2.34%. 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 (DPR) is currently 38.29%.

Snap-on declared that its Board of Directors has initiated a stock 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 typically an indication that the company’s board believes its stock is undervalued.

Insider Activity at Snap-on

In other Snap-on news, SVP Thomas J. Ward sold 12,737 shares of the firm’s stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $333.21, for a total transaction of $4,244,095.77. Following the sale, the senior vice president now owns 55,401 shares of the company’s stock, valued at approximately $18,460,167.21. This trade represents a 18.69 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Richard Thomas Miller sold 1,750 shares of Snap-on stock in a transaction dated Friday, October 18th. The stock was 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 $1,061,940. This trade represents a 35.23 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 21,717 shares of company stock worth $6,965,480. Company insiders own 4.10% of the company’s stock.

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.