Amalgamated Bank Sells 2,869 Shares of Snap-on Incorporated (NYSE:SNA)

Amalgamated Bank lessened its stake in Snap-on Incorporated (NYSE:SNA) by 20.7% during the third quarter, HoldingsChannel reports. The institutional investor owned 10,969 shares of the company’s stock after selling 2,869 shares during the period. Amalgamated Bank’s holdings in Snap-on were worth $3,178,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Manning & Napier Advisors LLC bought a new stake in Snap-on in the second quarter valued at approximately $4,571,000. Asset Management One Co. Ltd. boosted its stake in shares of Snap-on by 0.3% in the 3rd quarter. Asset Management One Co. Ltd. now owns 19,896 shares of the company’s stock valued at $5,764,000 after purchasing an additional 67 shares during the last quarter. SG Americas Securities LLC increased its position in shares of Snap-on by 32.7% during the second quarter. SG Americas Securities LLC now owns 13,140 shares of the company’s stock worth $3,435,000 after buying an additional 3,238 shares during the period. Strategic Financial Concepts LLC bought a new position in Snap-on during the second quarter worth $3,653,000. Finally, Empirical Finance LLC lifted its holdings in Snap-on by 105.5% in the second quarter. Empirical Finance LLC now owns 3,994 shares of the company’s stock valued at $1,044,000 after buying an additional 2,050 shares during the period. Institutional investors own 84.88% of the company’s stock.

Insiders Place Their Bets

In other news, VP June C. Lemerand sold 1,186 shares of the firm’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $283.97, for a total value of $336,788.42. Following the transaction, the vice president now owns 2,283 shares in the company, valued at $648,303.51. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, SVP Thomas J. Ward sold 12,737 shares of the company’s stock in a transaction 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 completion of the sale, the senior vice president now owns 55,401 shares in the company, valued at $18,460,167.21. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP June C. Lemerand sold 1,186 shares of the firm’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $283.97, for a total transaction of $336,788.42. Following the transaction, the vice president now directly owns 2,283 shares in the company, valued at $648,303.51. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 50,335 shares of company stock valued at $14,706,082. Corporate insiders own 4.10% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the company. Robert W. Baird lifted their price objective 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 boosted their price target on Snap-on from $255.00 to $280.00 and gave the company an “underperform” rating in a research note on Friday, October 18th. Barrington Research raised their price objective on shares of Snap-on from $325.00 to $350.00 and gave the stock 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 report on Friday, October 25th. Finally, Roth Mkm raised their price target on shares of Snap-on from $324.00 to $365.00 and gave the stock a “buy” rating in a report on Tuesday, October 22nd. One investment 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. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $345.40.

Snap-on Price Performance

Shares of NYSE:SNA opened at $359.27 on Friday. Snap-on Incorporated has a twelve month low of $252.98 and a twelve month high of $360.41. The stock’s 50 day moving average is $301.16 and its 200-day moving average is $281.97. 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 firm has a market capitalization of $18.86 billion, a price-to-earnings ratio of 18.49, a PEG ratio of 2.34 and a beta of 0.96.

Snap-on (NYSE:SNA) last released its quarterly earnings data on Thursday, October 17th. The company reported $4.70 earnings per share for the quarter, topping the consensus estimate of $4.58 by $0.12. The firm 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 forecast that Snap-on Incorporated will post 19.05 EPS for the current fiscal year.

Snap-on declared that its board has approved a stock buyback program on Thursday, August 8th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 3.5% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership 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 dividend of $2.14 per share. The ex-dividend date of this dividend is Thursday, November 21st. This represents a $8.56 dividend on an annualized basis and a yield of 2.38%. This is an increase from Snap-on’s previous quarterly dividend of $1.86. Snap-on’s payout ratio is 38.29%.

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.