Snap-on Incorporated (NYSE:SNA) Stock Holdings Lowered by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. cut its position in Snap-on Incorporated (NYSE:SNA) by 0.8% during the 3rd quarter, HoldingsChannel reports. The firm owned 139,926 shares of the company’s stock after selling 1,158 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Snap-on were worth $40,538,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Opal Wealth Advisors LLC bought a new stake in shares of Snap-on during the second quarter valued at approximately $30,000. Reston Wealth Management LLC acquired a new stake in Snap-on in the 3rd quarter valued at approximately $30,000. Innealta Capital LLC bought a new stake in Snap-on during the 2nd quarter valued at $32,000. Massmutual Trust Co. FSB ADV boosted its position in Snap-on by 53.0% during the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 127 shares of the company’s stock worth $37,000 after acquiring an additional 44 shares during the period. Finally, Quarry LP increased its holdings 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 during the period. 84.88% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on SNA shares. Bank of America upped their price objective on shares of Snap-on from $255.00 to $280.00 and gave the stock an “underperform” rating in a report on Friday, October 18th. Robert W. Baird raised their price objective 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. Roth Mkm upped their target price on Snap-on from $324.00 to $365.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. 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, Barrington Research boosted their price objective on Snap-on from $325.00 to $350.00 and gave the stock an “outperform” rating in a research note on Thursday, October 17th. One equities 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 company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $345.40.

Insider Buying and Selling

In related news, VP Iain Boyd sold 6,044 shares of the company’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $298.99, for a total value of $1,807,095.56. Following the completion of the sale, the vice president now owns 10,493 shares in the company, valued at approximately $3,137,302.07. This represents a 36.55 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Aldo John Pagliari sold 4,473 shares of Snap-on stock in a transaction that occurred on Thursday, August 22nd. The stock was 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 approximately $27,663,272.56. The trade was a 4.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 26,190 shares of company stock valued at $8,212,284. 4.10% of the stock is owned by corporate insiders.

Snap-on Trading Down 0.2 %

Shares of NYSE:SNA opened at $357.06 on Friday. 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 stock has a market capitalization of $18.75 billion, a price-to-earnings ratio of 18.38, a PEG ratio of 2.39 and a beta of 0.96. Snap-on Incorporated has a 1-year low of $252.98 and a 1-year high of $365.35. The company has a 50 day moving average price of $309.42 and a 200 day moving average price of $284.95.

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

Snap-on Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Thursday, November 21st will be given a $2.14 dividend. This is a positive change from Snap-on’s previous quarterly dividend of $1.86. The ex-dividend date is Thursday, November 21st. This represents a $8.56 dividend on an annualized basis and a dividend yield of 2.40%. Snap-on’s dividend payout ratio (DPR) is 38.29%.

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

About Snap-on

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.