Pinnacle Associates Ltd. Acquires New Position in Snap-on Incorporated (NYSE:SNA)

Pinnacle Associates Ltd. bought a new position in shares of Snap-on Incorporated (NYSE:SNA) during the third quarter, HoldingsChannel reports. The institutional investor bought 741 shares of the company’s stock, valued at approximately $214,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Opal Wealth Advisors LLC purchased a new position in Snap-on during the 2nd quarter worth $30,000. Innealta Capital LLC purchased a new position in shares of Snap-on during the second quarter valued at $32,000. Massmutual Trust Co. FSB ADV raised its holdings in shares of Snap-on by 53.0% in the third quarter. Massmutual Trust Co. FSB ADV now owns 127 shares of the company’s stock valued at $37,000 after acquiring an additional 44 shares in the last quarter. Quarry LP lifted its stake in Snap-on by 244.7% in the second quarter. Quarry LP now owns 162 shares of the company’s stock worth $42,000 after acquiring an additional 115 shares during the period. Finally, Versant Capital Management Inc grew its holdings in Snap-on by 529.0% during the 2nd quarter. Versant Capital Management Inc now owns 195 shares of the company’s stock worth $51,000 after acquiring an additional 164 shares in the last quarter. Institutional investors own 84.88% of the company’s stock.

Snap-on Price Performance

Shares of NYSE SNA opened at $331.04 on Tuesday. Snap-on Incorporated has a one year low of $252.98 and a one year high of $337.72. 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 firm has a fifty day moving average of $294.73 and a 200 day moving average of $279.30. The firm has a market cap of $17.38 billion, a PE ratio of 17.01, a PEG ratio of 2.18 and a beta of 0.96.

Snap-on announced that its board has authorized a stock buyback 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 shares through open market purchases. Shares repurchase plans are often a sign that the company’s board believes its shares are undervalued.

Snap-on Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 10th. Stockholders of record on Monday, August 19th were given a $1.86 dividend. The ex-dividend date of this dividend was Monday, August 19th. This represents a $7.44 dividend on an annualized basis and a dividend yield of 2.25%. Snap-on’s dividend payout ratio (DPR) is presently 38.29%.

Insider Buying and Selling at Snap-on

In other news, CEO Nicholas T. Pinchuk sold 24,145 shares of the stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $268.95, for a total value of $6,493,797.75. Following the completion of the sale, the chief executive officer now owns 759,019 shares of the company’s stock, valued at $204,138,160.05. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, CEO Nicholas T. Pinchuk sold 24,145 shares of the stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $268.95, for a total transaction of $6,493,797.75. Following the completion of the transaction, the chief executive officer now owns 759,019 shares of the company’s stock, valued at approximately $204,138,160.05. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Aldo John Pagliari sold 4,473 shares of Snap-on 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 completion of the transaction, the chief financial officer now directly owns 99,244 shares of the company’s stock, valued at approximately $27,663,272.56. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 50,335 shares of company stock worth $14,706,082 in the last three months. 4.10% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

SNA has been the topic of a number of recent research reports. Tigress Financial increased their price objective 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. Roth Mkm increased their target price on Snap-on from $324.00 to $365.00 and gave the company a “buy” rating in a research report on Tuesday, October 22nd. Robert W. Baird boosted their price target on Snap-on from $290.00 to $347.00 and gave the stock a “neutral” rating in a research report on Friday, October 18th. Bank of America raised their price objective on Snap-on from $255.00 to $280.00 and gave the company an “underperform” rating in a research report on Friday, October 18th. Finally, Barrington Research boosted their target price on shares of Snap-on from $325.00 to $350.00 and gave the stock an “outperform” rating in a report on Thursday, October 17th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $345.40.

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.