State of New Jersey Common Pension Fund D Cuts Stock Position in Snap-on Incorporated (NYSE:SNA)

State of New Jersey Common Pension Fund D lessened its holdings in Snap-on Incorporated (NYSE:SNA) by 1.9% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 17,106 shares of the company’s stock after selling 340 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Snap-on were worth $4,956,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Reston Wealth Management LLC purchased a new position in shares of Snap-on in the 3rd quarter valued at $30,000. Opal Wealth Advisors LLC acquired a new stake in Snap-on during the 2nd quarter valued at $30,000. Innealta Capital LLC acquired a new stake in Snap-on during the 2nd quarter valued at $32,000. Massmutual Trust Co. FSB ADV grew its holdings in Snap-on by 53.0% during the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 127 shares of the company’s stock valued at $37,000 after purchasing an additional 44 shares in the last quarter. Finally, Quarry LP grew its holdings in Snap-on by 244.7% during the 2nd quarter. Quarry LP now owns 162 shares of the company’s stock valued at $42,000 after purchasing an additional 115 shares in the last quarter. Hedge funds and other institutional investors own 84.88% of the company’s stock.

Insider Transactions at Snap-on

In other news, CFO Aldo John Pagliari sold 4,473 shares of the company’s stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $278.74, for a total value of $1,246,804.02. Following the completion of the sale, the chief financial officer now directly owns 99,244 shares of the company’s stock, valued at approximately $27,663,272.56. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, CFO Aldo John Pagliari sold 4,473 shares of the stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $278.74, for a total transaction of $1,246,804.02. Following the completion of the sale, the chief financial officer now directly owns 99,244 shares of the company’s stock, valued at $27,663,272.56. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Thomas J. Ward sold 12,737 shares of the 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 directly owns 55,401 shares of the company’s stock, valued at approximately $18,460,167.21. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 26,190 shares of company stock valued at $8,212,284. Company insiders own 4.10% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on SNA. Tigress Financial raised 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. Roth Mkm boosted their target price on shares of Snap-on from $324.00 to $365.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. Bank of America boosted their target price on shares of Snap-on from $255.00 to $280.00 and gave the stock an “underperform” rating in a research report on Friday, October 18th. Barrington Research boosted their target price on shares of Snap-on from $325.00 to $350.00 and gave the stock an “outperform” rating in a research report on Thursday, October 17th. Finally, Robert W. Baird boosted their target price on shares of Snap-on from $290.00 to $347.00 and gave the stock a “neutral” rating in a research report on Friday, October 18th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $345.40.

Snap-on Price Performance

Shares of NYSE:SNA opened at $361.85 on Tuesday. The company has a quick ratio of 3.14, a current ratio of 4.18 and a debt-to-equity ratio of 0.22. Snap-on Incorporated has a fifty-two week low of $252.98 and a fifty-two week high of $363.20. The firm has a 50-day simple moving average of $302.73 and a 200 day simple moving average of $282.67. The company has a market cap of $19.00 billion, a PE ratio of 18.62, a P/E/G ratio of 2.38 and a beta of 0.96.

Snap-on (NYSE:SNA) last posted its earnings results on Thursday, October 17th. The company reported $4.70 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.58 by $0.12. The firm had revenue of $1.15 billion during the quarter, compared to analyst estimates of $1.16 billion. Snap-on had a net margin of 22.13% and a return on equity of 19.44%. On average, sell-side analysts anticipate that Snap-on Incorporated will post 19.05 EPS for the current year.

Snap-on announced that its board has approved a stock repurchase plan on Thursday, August 8th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the company to purchase up to 3.5% of its shares through open market purchases. Shares buyback plans are typically an indication 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 paid a $2.14 dividend. This is a positive change 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 2.37%. The ex-dividend date of this dividend is Thursday, November 21st. Snap-on’s dividend payout ratio is currently 38.29%.

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.