Kentucky Retirement Systems Sells 303 Shares of Snap-on Incorporated (NYSE:SNA)

Kentucky Retirement Systems trimmed its holdings in Snap-on Incorporated (NYSE:SNA) by 7.6% during the third quarter, Holdings Channel reports. The institutional investor owned 3,670 shares of the company’s stock after selling 303 shares during the quarter. Kentucky Retirement Systems’ holdings in Snap-on were worth $1,063,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in SNA. Reston Wealth Management LLC bought a new stake in Snap-on during the third quarter worth $30,000. Opal Wealth Advisors LLC purchased a new position in Snap-on during the 2nd quarter worth $30,000. Innealta Capital LLC bought a new stake in shares of Snap-on in the 2nd quarter worth $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 purchasing an additional 44 shares during the last quarter. Finally, Quarry LP lifted its position in shares of Snap-on by 244.7% during the second quarter. Quarry LP now owns 162 shares of the company’s stock valued at $42,000 after purchasing an additional 115 shares in the last quarter. 84.88% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Snap-on

In related news, CFO Aldo John Pagliari sold 4,473 shares of the business’s stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $278.74, for a total transaction of $1,246,804.02. Following the transaction, the chief financial officer now owns 99,244 shares in the company, valued at $27,663,272.56. The trade was a 4.31 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, 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 completion of 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 18.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 26,190 shares of company stock worth $8,212,284 over the last quarter. 4.10% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

SNA has been the subject of several recent analyst reports. Roth Mkm upped their target price on Snap-on from $324.00 to $365.00 and gave the company a “buy” rating in a report on Tuesday, October 22nd. Barrington Research raised their target price on Snap-on from $325.00 to $350.00 and gave the company an “outperform” rating in a research report on Thursday, October 17th. Bank of America boosted their target price on shares of Snap-on from $255.00 to $280.00 and gave the company an “underperform” rating in a research note on Friday, October 18th. Tigress Financial lifted their price target on Snap-on from $336.00 to $385.00 and gave the company a “buy” rating in a research report on Friday, October 25th. Finally, 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 research report on Friday, October 18th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Snap-on has a consensus rating of “Hold” and an average price target of $345.40.

Snap-on Trading Down 0.7 %

Shares of SNA opened at $354.74 on Wednesday. The stock has a market capitalization of $18.63 billion, a P/E ratio of 18.26, a PEG ratio of 2.36 and a beta of 0.96. Snap-on Incorporated has a twelve month low of $252.98 and a twelve month high of $365.35. 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 fifty day simple moving average of $312.62 and a two-hundred day simple moving average of $286.42.

Snap-on (NYSE:SNA) last posted its earnings results on Thursday, October 17th. The company reported $4.70 earnings per share for the quarter, topping analysts’ consensus estimates of $4.58 by $0.12. The company had revenue of $1.15 billion during the quarter, compared to analyst estimates of $1.16 billion. Snap-on had a net margin of 22.13% and a return on equity of 19.44%. On average, research analysts anticipate that Snap-on Incorporated will post 19.05 EPS for the current year.

Snap-on declared that its Board of Directors has approved a stock repurchase plan on Thursday, August 8th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the company to reacquire up to 3.5% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s management believes its stock is undervalued.

Snap-on Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Thursday, November 21st will be paid a dividend of $2.14 per share. The ex-dividend date is Thursday, November 21st. This is a boost from Snap-on’s previous quarterly dividend of $1.86. This represents a $8.56 annualized dividend and a dividend yield of 2.41%. 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.