Snap-on Incorporated (NYSE:SNA) Shares Sold by Ontario Teachers Pension Plan Board

Ontario Teachers Pension Plan Board reduced its position in shares of Snap-on Incorporated (NYSE:SNA) by 38.4% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,904 shares of the company’s stock after selling 1,185 shares during the quarter. Ontario Teachers Pension Plan Board’s holdings in Snap-on were worth $552,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in SNA. Manning & Napier Advisors LLC acquired a new stake in shares of Snap-on in the second quarter valued at approximately $4,571,000. Asset Management One Co. Ltd. raised its holdings in Snap-on by 0.3% in the third 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 in the last quarter. SG Americas Securities LLC increased its holdings in Snap-on by 32.7% in the second quarter. SG Americas Securities LLC now owns 13,140 shares of the company’s stock valued at $3,435,000 after buying an additional 3,238 shares during the last quarter. Strategic Financial Concepts LLC acquired a new position in Snap-on in the second quarter valued at approximately $3,653,000. Finally, Victory Capital Management Inc. raised its stake in Snap-on by 21.5% during the 3rd quarter. Victory Capital Management Inc. now owns 158,777 shares of the company’s stock worth $45,999,000 after acquiring an additional 28,049 shares in the last quarter. 84.88% of the stock is currently owned by hedge funds and other institutional investors.

Snap-on Trading Up 1.6 %

Shares of NYSE SNA opened at $361.40 on Friday. The business has a 50-day moving average price of $314.25 and a two-hundred day moving average price of $286.92. Snap-on Incorporated has a one year low of $252.98 and a one year high of $365.35. The firm has a market capitalization of $18.98 billion, a PE ratio of 18.60, a PEG ratio of 2.35 and a beta of 0.96. The company has a current ratio of 4.18, a quick ratio of 3.14 and a debt-to-equity ratio of 0.22.

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, beating analysts’ consensus estimates of $4.58 by $0.12. The firm had revenue of $1.15 billion for the quarter, compared to analyst estimates of $1.16 billion. Snap-on had a return on equity of 19.44% and a net margin of 22.13%. As a group, analysts predict 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 authorized a stock buyback plan on Thursday, August 8th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 3.5% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Snap-on Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Thursday, November 21st will be given a dividend of $2.14 per share. The ex-dividend date is Thursday, November 21st. 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 yield of 2.37%. Snap-on’s dividend payout ratio is presently 38.29%.

Insider Buying and Selling at Snap-on

In related news, VP Iain Boyd sold 6,044 shares of Snap-on stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $298.99, for a total transaction of $1,807,095.56. Following the completion of the transaction, the vice president now owns 10,493 shares in the company, valued at approximately $3,137,302.07. This trade represents a 36.55 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Thomas J. Ward sold 12,737 shares of the 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 completion of the sale, the senior vice president now owns 55,401 shares in the company, valued at approximately $18,460,167.21. This trade represents a 18.69 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 21,717 shares of company stock valued at $6,965,480. 4.10% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

SNA has been the topic of a number of recent research reports. Bank of America lifted their price objective on shares of Snap-on from $255.00 to $280.00 and gave the company an “underperform” rating in a research note on Friday, October 18th. Barrington Research upped their target price on Snap-on from $325.00 to $350.00 and gave the company an “outperform” rating in a research note on Thursday, October 17th. Tigress Financial upped their target price on Snap-on from $336.00 to $385.00 and gave the company a “buy” rating in a research note on Friday, October 25th. Robert W. Baird lifted their price objective on Snap-on from $290.00 to $347.00 and gave the company a “neutral” rating in a research note on Friday, October 18th. Finally, Roth Mkm increased their price target on Snap-on from $324.00 to $365.00 and gave the company a “buy” rating in a report on Tuesday, October 22nd. One investment 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, the stock presently has an average rating of “Hold” and a consensus target price of $345.40.

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.