Principal Street Partners LLC Sells 4,867 Shares of Snap-on Incorporated (NYSE:SNA)

Principal Street Partners LLC trimmed its stake in shares of Snap-on Incorporated (NYSE:SNA) by 22.3% in the third quarter, according to the company in its most recent filing with the SEC. The firm owned 16,949 shares of the company’s stock after selling 4,867 shares during the quarter. Principal Street Partners LLC’s holdings in Snap-on were worth $4,909,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the stock. Reston Wealth Management LLC acquired a new stake in Snap-on during the third quarter worth about $30,000. Opal Wealth Advisors LLC bought a new position in shares of Snap-on in the 2nd quarter valued at $30,000. Innealta Capital LLC bought a new position in shares of Snap-on in the 2nd quarter valued at $32,000. Massmutual Trust Co. FSB ADV lifted its position in shares of Snap-on by 53.0% during the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 127 shares of the company’s stock worth $37,000 after buying an additional 44 shares during the last quarter. Finally, Brooklyn Investment Group acquired a new stake in Snap-on in the third quarter valued at about $39,000. 84.88% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Snap-on

In other news, 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 completion of 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 position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Iain Boyd sold 6,044 shares of the firm’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $298.99, for a total transaction 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 ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 20,531 shares of company stock valued at $6,628,691. 4.10% of the stock is owned by corporate insiders.

Snap-on Stock Performance

Shares of SNA opened at $369.80 on Tuesday. The company has a market cap of $19.42 billion, a PE ratio of 19.09, a P/E/G ratio of 2.42 and a beta of 0.96. Snap-on Incorporated has a one year low of $252.98 and a one year high of $372.94. The stock has a 50-day moving average of $317.63 and a 200-day moving average of $288.24. 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 posted its quarterly 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. Snap-on had a net margin of 22.13% and a return on equity of 19.44%. The business had revenue of $1.15 billion during the quarter, compared to the consensus estimate of $1.16 billion. On average, equities research analysts predict that Snap-on Incorporated will post 19.05 EPS for the current fiscal year.

Snap-on announced that its board has approved a stock buyback plan on Thursday, August 8th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the company to reacquire up to 3.5% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board 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 represents a $8.56 dividend on an annualized basis and a dividend yield of 2.31%. The ex-dividend date of this dividend is Thursday, November 21st. This is a positive change from Snap-on’s previous quarterly dividend of $1.86. Snap-on’s dividend payout ratio is currently 44.06%.

Analyst Ratings Changes

Several research analysts have commented on the company. Barrington Research boosted their target price on Snap-on from $325.00 to $350.00 and gave the stock an “outperform” rating in a research note on Thursday, October 17th. Roth Mkm raised their price objective on Snap-on from $324.00 to $365.00 and gave the company a “buy” rating in a report on Tuesday, October 22nd. Bank of America lifted 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. Tigress Financial upped their price target on Snap-on from $336.00 to $385.00 and gave the company a “buy” rating in a research report on Friday, October 25th. Finally, Robert W. Baird upped their price objective on shares of Snap-on from $290.00 to $347.00 and gave the company a “neutral” rating in a research note on Friday, October 18th. 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. According to MarketBeat, the stock presently has a consensus 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.