Penserra Capital Management LLC Has $513,000 Stock Position in Snap-on Incorporated (NYSE:SNA)

Penserra Capital Management LLC grew its holdings in Snap-on Incorporated (NYSE:SNA) by 8.7% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,774 shares of the company’s stock after purchasing an additional 142 shares during the period. Penserra Capital Management LLC’s holdings in Snap-on were worth $513,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the business. Lane & Associates LLC increased its stake in Snap-on by 5.5% in the 3rd quarter. Lane & Associates LLC now owns 958 shares of the company’s stock valued at $277,000 after buying an additional 50 shares during the last quarter. Cerity Partners LLC increased its position in shares of Snap-on by 103.5% in the third quarter. Cerity Partners LLC now owns 8,156 shares of the company’s stock valued at $2,363,000 after acquiring an additional 4,149 shares during the last quarter. Citigroup Inc. raised its holdings in Snap-on by 15.3% during the third quarter. Citigroup Inc. now owns 180,879 shares of the company’s stock worth $52,402,000 after acquiring an additional 24,047 shares in the last quarter. Eagle Asset Management Inc. boosted its position in Snap-on by 25.2% during the third quarter. Eagle Asset Management Inc. now owns 5,140 shares of the company’s stock valued at $1,489,000 after purchasing an additional 1,036 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in Snap-on by 3.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,728,792 shares of the company’s stock valued at $500,848,000 after purchasing an additional 56,266 shares in the last quarter. Institutional investors own 84.88% of the company’s stock.

Snap-on Stock Performance

NYSE SNA opened at $369.23 on Thursday. The stock has a market cap of $19.39 billion, a PE ratio of 19.00, a P/E/G ratio of 2.45 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. The firm has a 50-day moving average of $321.25 and a 200-day moving average of $289.52. Snap-on Incorporated has a 52-week low of $252.98 and a 52-week high of $373.89.

Snap-on (NYSE:SNA) last issued its quarterly earnings data on Thursday, October 17th. The company reported $4.70 earnings per share (EPS) 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 firm had revenue of $1.15 billion during the quarter, compared to the consensus estimate of $1.16 billion. On average, sell-side analysts anticipate that Snap-on Incorporated will post 19.05 EPS for the current year.

Snap-on announced that its board has initiated a stock repurchase program on Thursday, August 8th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the company to repurchase up to 3.5% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board believes its stock is 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 annualized dividend and a yield of 2.32%. Snap-on’s dividend payout ratio (DPR) is presently 44.06%.

Insider Transactions at Snap-on

In other Snap-on news, SVP Thomas J. Ward sold 12,737 shares of the business’s stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $333.21, for a total value 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. The trade was a 18.69 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Iain Boyd sold 6,044 shares of the stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $298.99, for a total transaction of $1,807,095.56. Following the transaction, the vice president now owns 10,493 shares in the company, valued at approximately $3,137,302.07. The trade was a 36.55 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 20,531 shares of company stock valued at $6,628,691. 4.10% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on SNA shares. 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 note on Friday, October 25th. 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 note on Thursday, October 17th. Bank of America lifted their price objective 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. Roth Mkm upped their target price on shares of Snap-on from $324.00 to $365.00 and gave the company a “buy” rating in a report on Tuesday, October 22nd. Finally, Robert W. Baird lifted their price target on Snap-on from $290.00 to $347.00 and gave the stock a “neutral” rating in a report 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 stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average 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.