Kentucky Retirement Systems Insurance Trust Fund Sells 140 Shares of Snap-on Incorporated (NYSE:SNA)

Kentucky Retirement Systems Insurance Trust Fund decreased its position in shares of Snap-on Incorporated (NYSE:SNA) by 8.2% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,560 shares of the company’s stock after selling 140 shares during the period. Kentucky Retirement Systems Insurance Trust Fund’s holdings in Snap-on were worth $452,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in SNA. Opal Wealth Advisors LLC bought a new stake in Snap-on during the 2nd quarter worth approximately $30,000. Reston Wealth Management LLC bought a new stake in Snap-on during the 3rd quarter worth approximately $30,000. Innealta Capital LLC bought a new stake in Snap-on during the 2nd quarter worth approximately $32,000. Massmutual Trust Co. FSB ADV raised its stake 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 raised its stake 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 acquiring an additional 115 shares during the period. Institutional investors own 84.88% of the company’s stock.

Insider Buying and Selling at Snap-on

In related news, VP Iain Boyd sold 6,044 shares of the company’s stock in a transaction dated 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 directly owns 10,493 shares of the company’s stock, valued at $3,137,302.07. This represents a 36.55 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP June C. Lemerand sold 1,186 shares of the 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 sale, the vice president now directly owns 2,283 shares of the company’s stock, valued at approximately $648,303.51. The trade was a 34.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 26,190 shares of company stock worth $8,212,284 over the last quarter. Insiders own 4.10% of the company’s stock.

Snap-on Trading Down 0.7 %

Shares of SNA opened at $354.74 on Wednesday. The company’s fifty day moving average is $312.62 and its 200 day moving average is $286.42. Snap-on Incorporated has a fifty-two week low of $252.98 and a fifty-two week high of $365.35. The stock has a market capitalization of $18.63 billion, a PE ratio of 18.26, a P/E/G ratio of 2.36 and a beta of 0.96. The company has a debt-to-equity ratio of 0.22, a quick ratio of 3.14 and a current ratio of 4.18.

Snap-on (NYSE:SNA) last announced its quarterly earnings results 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. Snap-on had a net margin of 22.13% and a return on equity of 19.44%. The company had revenue of $1.15 billion for the quarter, compared to analysts’ expectations of $1.16 billion. Sell-side analysts expect that Snap-on Incorporated will post 19.05 earnings per share for the current fiscal year.

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

Snap-on Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Thursday, November 21st will be given a dividend of $2.14 per share. This is a boost from Snap-on’s previous quarterly dividend of $1.86. 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 2.41%. Snap-on’s payout ratio is 38.29%.

Wall Street Analysts Forecast Growth

SNA has been the topic of several research analyst reports. 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. Roth Mkm boosted their target price 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. Tigress Financial boosted their target price on shares of Snap-on from $336.00 to $385.00 and gave the stock a “buy” rating in a report on Friday, October 25th. Bank of America boosted their target price 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. Finally, Robert W. Baird boosted their target price on shares of Snap-on from $290.00 to $347.00 and gave the stock a “neutral” rating in a report on Friday, October 18th. One analyst has rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $345.40.

Snap-on 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.