Mutual of America Capital Management LLC Sells 566 Shares of Snap-on Incorporated (NYSE:SNA)

Mutual of America Capital Management LLC cut its stake in Snap-on Incorporated (NYSE:SNA) by 5.7% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 9,305 shares of the company’s stock after selling 566 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Snap-on were worth $2,696,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of SNA. Mawer Investment Management Ltd. boosted its holdings in Snap-on by 234.7% during the 2nd quarter. Mawer Investment Management Ltd. now owns 632,226 shares of the company’s stock worth $165,258,000 after acquiring an additional 443,333 shares during the last quarter. Pacer Advisors Inc. lifted its position in shares of Snap-on by 51.2% during the second quarter. Pacer Advisors Inc. now owns 829,471 shares of the company’s stock valued at $216,815,000 after purchasing an additional 280,997 shares in the last quarter. Millennium Management LLC boosted its holdings in Snap-on by 1,786.4% during the second quarter. Millennium Management LLC now owns 161,175 shares of the company’s stock worth $42,130,000 after purchasing an additional 152,631 shares during the last quarter. International Assets Investment Management LLC increased its stake in Snap-on by 34,381.0% in the 3rd quarter. International Assets Investment Management LLC now owns 130,338 shares of the company’s stock valued at $37,760,000 after buying an additional 129,960 shares during the last quarter. Finally, Glassman Wealth Services bought a new position in shares of Snap-on during the 2nd quarter worth approximately $26,608,000. Institutional investors own 84.88% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on SNA. Robert W. Baird upped their target price on Snap-on from $290.00 to $347.00 and gave the company a “neutral” rating in a report on Friday, October 18th. Tigress Financial upped their price objective on Snap-on from $336.00 to $385.00 and gave the company a “buy” rating in a research note on Friday, October 25th. Roth Mkm lifted their target price on Snap-on from $324.00 to $365.00 and gave the stock a “buy” rating in a research note on Tuesday, October 22nd. Barrington Research increased their price target on shares of Snap-on from $325.00 to $350.00 and gave the company an “outperform” rating in a research report on Thursday, October 17th. Finally, 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. One research analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $345.40.

Snap-on Stock Up 1.3 %

SNA stock opened at $365.97 on Friday. The stock has a fifty day moving average of $317.63 and a 200-day moving average of $288.07. Snap-on Incorporated has a fifty-two week low of $252.98 and a fifty-two week high of $367.12. The company has a market capitalization of $19.22 billion, a price-to-earnings ratio of 18.84, a PEG ratio of 2.39 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 issued 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. Snap-on had a net margin of 22.13% and a return on equity of 19.44%. The firm had revenue of $1.15 billion during the quarter, compared to analyst estimates of $1.16 billion. As a group, equities research analysts predict that Snap-on Incorporated will post 19.05 earnings per share for the current year.

Snap-on Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Thursday, November 21st will be paid a $2.14 dividend. This represents a $8.56 dividend on an annualized basis and a yield of 2.34%. This is a positive change from Snap-on’s previous quarterly dividend of $1.86. The ex-dividend date is Thursday, November 21st. Snap-on’s payout ratio is currently 44.06%.

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

Insider Buying and Selling at Snap-on

In related news, VP June C. Lemerand sold 1,186 shares of the business’s stock in a transaction on Monday, August 26th. The stock was 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 in the company, valued at approximately $648,303.51. The trade was a 34.19 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed 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 value of $4,244,095.77. Following the completion of the transaction, the senior vice president now owns 55,401 shares of the company’s stock, valued at approximately $18,460,167.21. This represents a 18.69 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 21,717 shares of company stock valued at $6,965,480 in the last 90 days. 4.10% of the stock is currently owned by company insiders.

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.