Hilltop Holdings Inc. Invests $2.51 Million in Snap-on Incorporated (NYSE:SNA)

Hilltop Holdings Inc. acquired a new position in shares of Snap-on Incorporated (NYSE:SNA) in the third quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 8,662 shares of the company’s stock, valued at approximately $2,509,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Reston Wealth Management LLC acquired a new stake in shares of Snap-on in the third quarter valued at $30,000. Opal Wealth Advisors LLC purchased a new position in Snap-on during the 2nd quarter valued at about $30,000. Innealta Capital LLC acquired a new position in Snap-on in the 2nd quarter valued at about $32,000. Massmutual Trust Co. FSB ADV increased its stake in Snap-on by 53.0% during the third quarter. Massmutual Trust Co. FSB ADV now owns 127 shares of the company’s stock worth $37,000 after purchasing an additional 44 shares during the period. Finally, Brooklyn Investment Group acquired a new stake in shares of Snap-on during the third quarter worth about $39,000. Institutional investors and hedge funds own 84.88% of the company’s stock.

Insider Transactions at Snap-on

In related news, VP Iain Boyd sold 6,044 shares of the firm’s stock in a transaction that occurred on 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 transaction, the vice president now owns 10,493 shares in the company, valued at $3,137,302.07. This trade represents a 36.55 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Richard Thomas Miller sold 1,750 shares of the business’s stock in a transaction that occurred 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 owns 3,218 shares of the company’s stock, valued at approximately $1,061,940. This represents a 35.23 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 20,531 shares of company stock worth $6,628,691. 4.10% of the stock is currently owned by insiders.

Snap-on Stock Performance

Shares of SNA stock opened at $366.67 on Tuesday. The company has a market cap of $19.25 billion, a P/E ratio of 18.87, a PEG ratio of 2.45 and a beta of 0.98. The firm has a fifty day moving average price of $328.05 and a 200 day moving average price of $292.05. 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 Incorporated has a 12 month low of $252.98 and a 12 month high of $373.89.

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

Snap-on announced that its board has approved a stock repurchase plan on Thursday, August 8th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows 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 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. Shareholders 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 annualized dividend and a yield of 2.33%. The ex-dividend date is Thursday, November 21st. Snap-on’s dividend payout ratio is currently 44.06%.

Wall Street Analyst Weigh In

SNA has been the subject of a number of 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 report on Friday, October 18th. Tigress Financial upped their price objective on Snap-on from $336.00 to $385.00 and gave the stock a “buy” rating in a research report on Friday, October 25th. Barrington Research lifted their target price on Snap-on from $325.00 to $350.00 and gave the company an “outperform” rating in a report on Thursday, October 17th. Robert W. Baird upped their price target on Snap-on from $290.00 to $347.00 and gave the stock a “neutral” rating in a report 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 research report on Tuesday, October 22nd. One equities research 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’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $345.40.

About Snap-on

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.