Benjamin Edwards Inc. Increases Stock Position in Snap-on Incorporated (NYSE:SNA)

Benjamin Edwards Inc. lifted its holdings in Snap-on Incorporated (NYSE:SNA) by 2,691.2% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 158,092 shares of the company’s stock after buying an additional 152,428 shares during the quarter. Benjamin Edwards Inc.’s holdings in Snap-on were worth $45,810,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Atria Investments Inc grew its holdings in Snap-on by 55.6% in the first quarter. Atria Investments Inc now owns 6,604 shares of the company’s stock worth $1,956,000 after purchasing an additional 2,359 shares during the period. Cetera Investment Advisers grew its stake in shares of Snap-on by 548.7% in the 1st quarter. Cetera Investment Advisers now owns 45,023 shares of the company’s stock worth $13,337,000 after buying an additional 38,083 shares during the last quarter. Cetera Advisors LLC increased its position in Snap-on by 41.4% during the 1st quarter. Cetera Advisors LLC now owns 10,311 shares of the company’s stock valued at $3,054,000 after buying an additional 3,018 shares in the last quarter. GAMMA Investing LLC raised its stake in Snap-on by 25.1% during the second quarter. GAMMA Investing LLC now owns 519 shares of the company’s stock valued at $136,000 after buying an additional 104 shares during the last quarter. Finally, DNB Asset Management AS boosted its holdings in Snap-on by 4.4% in the second quarter. DNB Asset Management AS now owns 13,365 shares of the company’s stock worth $3,493,000 after acquiring an additional 569 shares in the last quarter. 84.88% of the stock is currently owned by institutional investors.

Snap-on Price Performance

Shares of Snap-on stock opened at $369.69 on Monday. The stock’s fifty day moving average is $326.41 and its 200 day moving average is $291.33. Snap-on Incorporated has a one year low of $252.98 and a one 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 stock has a market cap of $19.41 billion, a P/E ratio of 19.03, a P/E/G ratio of 2.45 and a beta of 0.96.

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

Snap-on Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Thursday, November 21st will be paid a $2.14 dividend. This represents a $8.56 dividend on an annualized basis and a yield of 2.32%. 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 presently 44.06%.

Snap-on declared that its Board of Directors has authorized a share buyback plan on Thursday, August 8th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the company to reacquire up to 3.5% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling at Snap-on

In other news, VP Richard Thomas Miller sold 1,750 shares of Snap-on stock in a transaction that occurred on Friday, October 18th. The shares were sold at an average price of $330.00, for a total transaction of $577,500.00. Following the sale, the vice president now owns 3,218 shares in the company, valued at $1,061,940. This trade represents a 35.23 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Thomas J. Ward sold 12,737 shares of the firm’s stock in a transaction 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 transaction, the senior vice president now directly owns 55,401 shares of the company’s stock, valued at $18,460,167.21. The trade was a 18.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 20,531 shares of company stock valued at $6,628,691 over the last ninety days. 4.10% of the stock is currently owned by company insiders.

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.