Assenagon Asset Management S.A. Lowers Holdings in Snap-on Incorporated (NYSE:SNA)

Assenagon Asset Management S.A. trimmed its holdings in shares of Snap-on Incorporated (NYSE:SNA) by 59.1% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 19,928 shares of the company’s stock after selling 28,769 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Snap-on were worth $5,773,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the stock. Impact Partnership Wealth LLC acquired a new stake in Snap-on during the 3rd quarter worth about $551,000. Hennion & Walsh Asset Management Inc. grew its position in shares of Snap-on by 10.5% during the 3rd quarter. Hennion & Walsh Asset Management Inc. now owns 2,906 shares of the company’s stock valued at $842,000 after acquiring an additional 276 shares during the period. International Assets Investment Management LLC increased its position in shares of Snap-on by 34,381.0% in the third quarter. International Assets Investment Management LLC now owns 130,338 shares of the company’s stock valued at $37,760,000 after buying an additional 129,960 shares in the last quarter. Lecap Asset Management Ltd. lifted its holdings in Snap-on by 117.2% during the third quarter. Lecap Asset Management Ltd. now owns 4,875 shares of the company’s stock valued at $1,412,000 after purchasing an additional 2,631 shares in the last quarter. Finally, Private Advisor Group LLC lifted its stake in Snap-on by 1.5% in the 3rd quarter. Private Advisor Group LLC now owns 9,649 shares of the company’s stock valued at $2,795,000 after buying an additional 142 shares in the last quarter. 84.88% of the stock is owned by institutional investors.

Snap-on Stock Performance

Shares of SNA stock opened at $333.48 on Wednesday. Snap-on Incorporated has a 52 week low of $252.21 and a 52 week high of $335.50. The firm has a 50 day moving average of $291.67 and a two-hundred day moving average of $278.30. The company has a quick ratio of 3.14, a current ratio of 4.18 and a debt-to-equity ratio of 0.22. The stock has a market capitalization of $17.51 billion, a PE ratio of 17.16, a P/E/G ratio of 2.16 and a beta of 0.98.

Snap-on declared that its board has initiated a stock buyback program on Thursday, August 8th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 3.5% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s management believes its stock is undervalued.

Snap-on Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 10th. Investors of record on Monday, August 19th were paid a dividend of $1.86 per share. The ex-dividend date of this dividend was Monday, August 19th. This represents a $7.44 annualized dividend and a yield of 2.23%. Snap-on’s payout ratio is 38.29%.

Insider Buying and Selling at Snap-on

In related news, SVP Thomas J. Ward sold 12,737 shares of the firm’s stock in a transaction that occurred 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 sale, the senior vice president now owns 55,401 shares of the company’s stock, valued at $18,460,167.21. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, SVP Thomas J. Ward sold 12,737 shares of the firm’s stock in a transaction dated 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 sale, the senior vice president now owns 55,401 shares of the company’s stock, valued at approximately $18,460,167.21. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Richard Thomas Miller sold 1,750 shares of the firm’s stock in a transaction dated Friday, October 18th. The stock was sold at an average price of $330.00, for a total value of $577,500.00. Following the transaction, the vice president now directly owns 3,218 shares in the company, valued at approximately $1,061,940. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 50,335 shares of company stock valued at $14,706,082 in the last quarter. Corporate insiders own 4.10% of the company’s stock.

Wall Street Analysts Forecast Growth

SNA has been the subject of a number of recent research reports. 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 report on Thursday, October 17th. Robert W. Baird boosted their price target 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. Tigress Financial boosted their target price on Snap-on from $336.00 to $385.00 and gave the company a “buy” rating in a research report on Friday, October 25th. Bank of America raised their price target on Snap-on from $255.00 to $280.00 and gave the stock an “underperform” rating in a research report on Friday, October 18th. Finally, Roth Mkm boosted 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. 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. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target 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.