Fiduciary Trust Co Raises Position in Snap-on Incorporated (NYSE:SNA)

Fiduciary Trust Co boosted its holdings in Snap-on Incorporated (NYSE:SNA) by 0.2% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 16,490 shares of the company’s stock after buying an additional 37 shares during the period. Fiduciary Trust Co’s holdings in Snap-on were worth $4,777,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of the business. FORA Capital LLC grew its stake in Snap-on by 5.1% in the 3rd quarter. FORA Capital LLC now owns 7,255 shares of the company’s stock valued at $2,102,000 after buying an additional 350 shares in the last quarter. CreativeOne Wealth LLC grew its stake in Snap-on by 82.9% in the 3rd quarter. CreativeOne Wealth LLC now owns 3,033 shares of the company’s stock valued at $879,000 after buying an additional 1,375 shares in the last quarter. Townsquare Capital LLC grew its stake in Snap-on by 3.2% in the 3rd quarter. Townsquare Capital LLC now owns 26,085 shares of the company’s stock valued at $7,557,000 after buying an additional 811 shares in the last quarter. Transamerica Financial Advisors Inc. purchased a new position in Snap-on in the 3rd quarter valued at approximately $92,000. Finally, BNP Paribas Financial Markets grew its stake in Snap-on by 111.4% in the 3rd quarter. BNP Paribas Financial Markets now owns 107,724 shares of the company’s stock valued at $31,209,000 after buying an additional 56,776 shares in the last quarter. 84.88% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Snap-on news, VP Richard Thomas Miller sold 1,750 shares of the business’s stock in a transaction on Friday, October 18th. The shares were sold at an average price of $330.00, for a total value of $577,500.00. Following the completion of the sale, the vice president now directly owns 3,218 shares of the company’s stock, valued at $1,061,940. The trade was a 35.23 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Thomas J. Ward sold 12,737 shares of the business’s stock in a transaction on Monday, October 28th. The stock was sold at an average price of $333.21, for a total transaction of $4,244,095.77. Following the completion of the sale, the senior vice president now directly owns 55,401 shares of the company’s stock, valued at $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 20,531 shares of company stock valued at $6,628,691 over the last three months. Insiders own 4.10% of the company’s stock.

Wall Street Analyst Weigh In

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

Snap-on Stock Performance

NYSE SNA opened at $369.23 on Friday. Snap-on Incorporated has a 52-week low of $252.98 and a 52-week 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 company has a market capitalization of $19.39 billion, a P/E ratio of 19.00, a P/E/G ratio of 2.44 and a beta of 0.96. The company has a fifty day moving average of $323.02 and a 200-day moving average of $290.07.

Snap-on (NYSE:SNA) last posted its quarterly earnings data 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 net margin of 22.13% and a return on equity of 19.44%. The company had revenue of $1.15 billion during the quarter, compared to the consensus estimate of $1.16 billion. As a group, equities research analysts predict that Snap-on Incorporated will post 19.05 EPS for the current fiscal year.

Snap-on declared that its board has initiated a share repurchase plan on Thursday, August 8th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 3.5% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

Snap-on Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Thursday, November 21st will be issued a dividend of $2.14 per share. 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 2.32%. The ex-dividend date is Thursday, November 21st. Snap-on’s payout ratio is currently 44.06%.

Snap-on Company 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.