Eastern Bank Takes Position in Snap-on Incorporated (NYSE:SNA)

Eastern Bank bought a new position in shares of Snap-on Incorporated (NYSE:SNA) in the third quarter, HoldingsChannel reports. The firm bought 2,250 shares of the company’s stock, valued at approximately $652,000.

Several other institutional investors also recently bought and sold shares of SNA. Renasant Bank boosted its holdings in shares of Snap-on by 2.3% during the 1st quarter. Renasant Bank now owns 1,592 shares of the company’s stock valued at $472,000 after purchasing an additional 36 shares during the last quarter. TFB Advisors LLC grew its holdings in Snap-on by 3.2% during the 2nd quarter. TFB Advisors LLC now owns 1,226 shares of the company’s stock valued at $320,000 after buying an additional 38 shares in the last quarter. Financial Advocates Investment Management grew its holdings in Snap-on by 1.2% during the 2nd quarter. Financial Advocates Investment Management now owns 3,360 shares of the company’s stock valued at $878,000 after buying an additional 39 shares in the last quarter. Ritholtz Wealth Management increased its stake in Snap-on by 4.0% in the 2nd quarter. Ritholtz Wealth Management now owns 1,013 shares of the company’s stock worth $265,000 after acquiring an additional 39 shares during the last quarter. Finally, Mount Yale Investment Advisors LLC raised its holdings in shares of Snap-on by 2.1% during the 2nd quarter. Mount Yale Investment Advisors LLC now owns 1,920 shares of the company’s stock worth $502,000 after acquiring an additional 39 shares in the last quarter. 84.88% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Snap-on news, CFO Aldo John Pagliari sold 4,473 shares of the stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $278.74, for a total value of $1,246,804.02. Following the sale, the chief financial officer now owns 99,244 shares in the company, valued at $27,663,272.56. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Snap-on news, CFO Aldo John Pagliari sold 4,473 shares of the company’s stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $278.74, for a total value of $1,246,804.02. Following the transaction, the chief financial officer now directly owns 99,244 shares in the company, valued at $27,663,272.56. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, 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 directly owns 3,218 shares of the company’s stock, valued at $1,061,940. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 37,598 shares of company stock valued at $10,461,986. Insiders own 4.10% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on SNA shares. Tigress Financial restated a “buy” rating and issued a $336.00 price target on shares of Snap-on in a research report on Thursday, July 25th. Bank of America upped their target price on shares of Snap-on from $255.00 to $280.00 and gave the company an “underperform” rating in a research report on Friday, October 18th. Robert W. Baird increased 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. Roth Mkm boosted their price objective on Snap-on from $324.00 to $365.00 and gave the stock a “buy” rating in a research note on Tuesday. Finally, Barrington Research raised their price objective on Snap-on from $325.00 to $350.00 and gave the company an “outperform” rating in a research note on Thursday, October 17th. One equities research 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 MarketBeat, Snap-on presently has an average rating of “Hold” and a consensus price target of $335.60.

Snap-on Stock Performance

Shares of NYSE:SNA opened at $325.25 on Thursday. The company has a current ratio of 4.18, a quick ratio of 3.05 and a debt-to-equity ratio of 0.22. Snap-on Incorporated has a 12 month low of $249.84 and a 12 month high of $330.51. The company has a market capitalization of $17.15 billion, a price-to-earnings ratio of 17.06, a PEG ratio of 2.26 and a beta of 0.98. The firm’s 50-day moving average is $287.40 and its 200 day moving average is $277.35.

Snap-on announced that its board has authorized a stock repurchase plan on Thursday, August 8th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the company to repurchase up to 3.5% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Snap-on Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 10th. Stockholders of record on Monday, August 19th were issued a $1.86 dividend. The ex-dividend date was Monday, August 19th. This represents a $7.44 annualized dividend and a dividend yield of 2.29%. Snap-on’s payout ratio is 39.03%.

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.