Snap-on Incorporated (NYSE:SNA) Shares Sold by MetLife Investment Management LLC

MetLife Investment Management LLC reduced its stake in Snap-on Incorporated (NYSE:SNA) by 2.6% in the third quarter, HoldingsChannel.com reports. The fund owned 13,682 shares of the company’s stock after selling 362 shares during the quarter. MetLife Investment Management LLC’s holdings in Snap-on were worth $3,964,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently made changes to their positions in SNA. Manning & Napier Advisors LLC bought a new stake in Snap-on in the second quarter valued at $4,571,000. Asset Management One Co. Ltd. lifted 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 purchasing an additional 67 shares during the last quarter. SG Americas Securities LLC boosted its stake in Snap-on by 32.7% during the 2nd quarter. SG Americas Securities LLC now owns 13,140 shares of the company’s stock valued at $3,435,000 after purchasing an additional 3,238 shares during the period. Strategic Financial Concepts LLC bought a new position in Snap-on in the 2nd quarter worth about $3,653,000. Finally, Victory Capital Management Inc. increased its stake in shares of Snap-on by 21.5% in 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 during the period. 84.88% of the stock is owned by institutional investors.

Insider Activity at Snap-on

In related news, VP Iain Boyd sold 6,044 shares of Snap-on 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 transaction, the vice president now directly owns 10,493 shares in the company, valued at $3,137,302.07. The trade was a 36.55 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Thomas J. Ward sold 12,737 shares of the company’s stock in a transaction on Monday, October 28th. The shares were 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 directly owns 55,401 shares of the company’s stock, valued at approximately $18,460,167.21. This represents a 18.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 20,531 shares of company stock valued at $6,628,691 over the last ninety days. Insiders own 4.10% of the company’s stock.

Analyst Ratings Changes

SNA has been the subject of several analyst reports. Tigress Financial boosted 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. Robert W. Baird boosted 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. Bank of America raised their price target on Snap-on from $255.00 to $280.00 and gave the company an “underperform” rating in a report on Friday, October 18th. Barrington Research upped their price objective on shares of Snap-on from $325.00 to $350.00 and gave the stock an “outperform” rating in a report on Thursday, October 17th. Finally, Roth Mkm increased their target price on shares of Snap-on from $324.00 to $365.00 and gave the company a “buy” rating in a research report on Tuesday, October 22nd. One research analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Snap-on presently has an average rating of “Hold” and a consensus target price of $345.40.

Snap-on Stock Down 0.8 %

Shares of SNA stock opened at $366.67 on Tuesday. Snap-on Incorporated has a 1 year low of $252.98 and a 1 year high of $373.89. The company has a debt-to-equity ratio of 0.22, a quick ratio of 3.14 and a current ratio of 4.18. The business’s fifty day moving average is $328.05 and its 200-day moving average is $292.05. The stock has a market cap of $19.25 billion, a PE ratio of 18.87, a price-to-earnings-growth ratio of 2.45 and a beta of 0.96.

Snap-on (NYSE:SNA) last released its earnings results on Thursday, October 17th. The company reported $4.70 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $1.15 billion for the quarter, compared to analyst estimates of $1.16 billion. Equities analysts expect that Snap-on Incorporated will post 19.05 earnings per share for the current fiscal year.

Snap-on declared that its Board of Directors has approved a stock repurchase program on Thursday, August 8th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the company to purchase up to 3.5% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board of directors believes its stock is undervalued.

Snap-on Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Thursday, November 21st will be issued a $2.14 dividend. This is an increase from Snap-on’s previous quarterly dividend of $1.86. This represents a $8.56 dividend on an annualized basis and a dividend yield of 2.33%. The ex-dividend date is Thursday, November 21st. Snap-on’s payout ratio is presently 44.06%.

Snap-on 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.