Snap-on Incorporated (NYSE:SNA) Shares Sold by Thrivent Financial for Lutherans

Thrivent Financial for Lutherans reduced its stake in shares of Snap-on Incorporated (NYSE:SNA) by 1.6% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 3,091 shares of the company’s stock after selling 49 shares during the period. Thrivent Financial for Lutherans’ holdings in Snap-on were worth $895,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Manning & Napier Advisors LLC acquired a new position in Snap-on during the 2nd quarter worth $4,571,000. Asset Management One Co. Ltd. increased its position in Snap-on by 0.3% in the third quarter. Asset Management One Co. Ltd. now owns 19,896 shares of the company’s stock worth $5,764,000 after buying an additional 67 shares during the period. SG Americas Securities LLC lifted its position in Snap-on by 32.7% in the 2nd quarter. SG Americas Securities LLC now owns 13,140 shares of the company’s stock valued at $3,435,000 after purchasing an additional 3,238 shares during the last quarter. Strategic Financial Concepts LLC bought a new stake in shares of Snap-on during the second quarter valued at approximately $3,653,000. Finally, Victory Capital Management Inc. boosted its position in Snap-on by 21.5% during the 3rd quarter. Victory Capital Management Inc. now owns 158,777 shares of the company’s stock worth $45,999,000 after acquiring an additional 28,049 shares during the period. Hedge funds and other 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 firm’s stock in a transaction 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 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 trade represents a 36.55 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Richard Thomas Miller sold 1,750 shares of the business’s stock in a transaction on Friday, October 18th. The stock was sold at an average price of $330.00, for a total value of $577,500.00. Following the completion of the transaction, the vice president now directly owns 3,218 shares in the company, valued at approximately $1,061,940. This represents a 35.23 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 20,531 shares of company stock valued at $6,628,691 in the last 90 days. 4.10% of the stock is currently owned by company insiders.

Snap-on Stock Performance

Shares of NYSE SNA opened at $366.67 on Tuesday. Snap-on Incorporated has a 52 week low of $252.98 and a 52 week high of $373.89. 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 business’s 50-day simple moving average is $328.05 and its 200-day simple moving average is $292.05. The firm has a market cap of $19.25 billion, a price-to-earnings ratio of 18.87, a P/E/G ratio of 2.45 and a beta of 0.96.

Snap-on (NYSE:SNA) last issued its quarterly earnings results on Thursday, October 17th. The company reported $4.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.58 by $0.12. Snap-on had a return on equity of 19.44% and a net margin of 22.13%. The company had revenue of $1.15 billion for the quarter, compared to the consensus estimate of $1.16 billion. As a group, equities research analysts expect that Snap-on Incorporated will post 19.05 earnings per share for the current fiscal year.

Snap-on announced that its board has approved a share repurchase plan on Thursday, August 8th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the company to buy up to 3.5% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its stock is undervalued.

Snap-on Increases Dividend

The company also recently announced 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 dividend yield of 2.33%. 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 dividend payout ratio is presently 44.06%.

Analysts Set New Price Targets

SNA has been the subject of several recent analyst reports. Tigress Financial increased their price objective on shares of Snap-on from $336.00 to $385.00 and gave the company a “buy” rating in a report on Friday, October 25th. Bank of America boosted their price objective on Snap-on from $255.00 to $280.00 and gave the stock an “underperform” rating in a report on Friday, October 18th. Roth Mkm increased their target price on Snap-on from $324.00 to $365.00 and gave the company a “buy” rating in a report on Tuesday, October 22nd. Robert W. Baird boosted their price objective on shares of Snap-on from $290.00 to $347.00 and gave the company a “neutral” rating in a research report on Friday, October 18th. Finally, Barrington Research increased their price objective on Snap-on from $325.00 to $350.00 and gave the stock an “outperform” rating in a report on Thursday, October 17th. One research analyst has rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, Snap-on currently has an average rating of “Hold” and an average target price of $345.40.

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.