Forsta AP Fonden Purchases 7,700 Shares of Snap-on Incorporated (NYSE:SNA)

Forsta AP Fonden raised its holdings in Snap-on Incorporated (NYSE:SNA) by 35.3% in the third quarter, Holdings Channel reports. The fund owned 29,500 shares of the company’s stock after acquiring an additional 7,700 shares during the period. Forsta AP Fonden’s holdings in Snap-on were worth $8,546,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Opal Wealth Advisors LLC acquired a new stake in Snap-on during the 2nd quarter worth approximately $30,000. Innealta Capital LLC bought a new stake in Snap-on in the 2nd quarter valued at $32,000. Massmutual Trust Co. FSB ADV boosted its stake in Snap-on by 53.0% in the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 127 shares of the company’s stock worth $37,000 after purchasing an additional 44 shares during the period. Quarry LP increased its holdings in Snap-on by 244.7% during the 2nd quarter. Quarry LP now owns 162 shares of the company’s stock worth $42,000 after purchasing an additional 115 shares in the last quarter. Finally, Versant Capital Management Inc raised its stake in shares of Snap-on by 529.0% in the 2nd quarter. Versant Capital Management Inc now owns 195 shares of the company’s stock valued at $51,000 after purchasing an additional 164 shares during the period. Institutional investors and hedge funds own 84.88% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently weighed in on the company. Tigress Financial upped their price objective on Snap-on from $336.00 to $385.00 and gave the stock a “buy” rating in a research report on Friday. Robert W. Baird upped 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. Roth Mkm boosted their price objective on shares of Snap-on from $324.00 to $365.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. Bank of America raised 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. Finally, Barrington Research boosted their price target 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. One research analyst has rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, Snap-on currently has a consensus rating of “Hold” and an average target price of $345.40.

Snap-on Price Performance

Shares of SNA opened at $326.58 on Monday. The company has a current ratio of 4.18, a quick ratio of 3.14 and a debt-to-equity ratio of 0.22. The company’s fifty day simple moving average is $289.40 and its 200 day simple moving average is $277.70. Snap-on Incorporated has a 1-year low of $250.30 and a 1-year high of $330.51. The company has a market cap of $17.22 billion, a price-to-earnings ratio of 17.13, a PEG ratio of 2.14 and a beta of 0.98.

Snap-on Announces Dividend

The company also recently announced 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 of this dividend was Monday, August 19th. This represents a $7.44 dividend on an annualized basis and a dividend yield of 2.28%. Snap-on’s payout ratio is 39.03%.

Snap-on declared that its Board of Directors has approved a share buyback plan on Thursday, August 8th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 3.5% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its shares are undervalued.

Insider Activity at Snap-on

In other Snap-on news, CEO Nicholas T. Pinchuk sold 24,145 shares of the business’s stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $268.95, for a total transaction of $6,493,797.75. Following the transaction, the chief executive officer now owns 759,019 shares of the company’s stock, valued at $204,138,160.05. The trade was a 0.00 % 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. In other news, CEO Nicholas T. Pinchuk sold 24,145 shares of Snap-on stock in a transaction that occurred on Monday, August 12th. The stock was 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 directly owns 759,019 shares in the company, valued at approximately $204,138,160.05. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Aldo John Pagliari sold 4,473 shares of the business’s stock in a transaction that occurred 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 transaction, the chief financial officer now directly owns 99,244 shares in the company, valued at $27,663,272.56. 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 37,598 shares of company stock worth $10,461,986. Insiders own 4.10% of the company’s stock.

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.