M&T Bank Corp Reduces Stock Position in Snap-on Incorporated (NYSE:SNA)

M&T Bank Corp lowered its holdings in Snap-on Incorporated (NYSE:SNA) by 5.1% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 27,676 shares of the company’s stock after selling 1,497 shares during the quarter. M&T Bank Corp owned 0.05% of Snap-on worth $8,019,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of the stock. State Street Corp grew its holdings in Snap-on by 0.5% in the third quarter. State Street Corp now owns 2,115,973 shares of the company’s stock valued at $613,019,000 after purchasing an additional 10,645 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in Snap-on by 3.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,728,792 shares of the company’s stock valued at $500,848,000 after buying an additional 56,266 shares in the last quarter. Geode Capital Management LLC increased its position in Snap-on by 4.5% during the third quarter. Geode Capital Management LLC now owns 1,613,459 shares of the company’s stock worth $466,199,000 after purchasing an additional 69,590 shares during the last quarter. Earnest Partners LLC increased its holdings in shares of Snap-on by 1.4% during the 2nd quarter. Earnest Partners LLC now owns 942,743 shares of the company’s stock worth $246,424,000 after buying an additional 13,033 shares during the last quarter. Finally, Pacer Advisors Inc. increased its stake in Snap-on by 9.4% during the third quarter. Pacer Advisors Inc. now owns 907,655 shares of the company’s stock worth $262,957,000 after acquiring an additional 78,184 shares during the last quarter. Hedge funds and other institutional investors own 84.88% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. Robert W. Baird boosted their target price on Snap-on from $290.00 to $347.00 and gave the company a “neutral” rating in a research report on Friday, October 18th. Bank of America boosted their price target 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. Tigress Financial increased their price objective on Snap-on from $336.00 to $385.00 and gave the company a “buy” rating in a report on Friday, October 25th. Barrington Research lifted their price target on shares of Snap-on from $325.00 to $350.00 and gave the stock an “outperform” rating in a research note on Thursday, October 17th. Finally, Roth Mkm lifted their price target on Snap-on from $324.00 to $365.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. One 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 MarketBeat, Snap-on presently has a consensus rating of “Hold” and a consensus price target of $345.40.

Snap-on Trading Up 1.8 %

Shares of SNA stock opened at $343.65 on Monday. The company has a current ratio of 4.18, a quick ratio of 3.14 and a debt-to-equity ratio of 0.22. The company has a market capitalization of $18.04 billion, a price-to-earnings ratio of 17.69, a PEG ratio of 2.35 and a beta of 0.98. The firm has a 50-day moving average price of $346.39 and a 200 day moving average price of $300.07. Snap-on Incorporated has a twelve month low of $252.98 and a twelve month high of $373.89.

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, beating 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 company had revenue of $1.15 billion for the quarter, compared to analyst estimates of $1.16 billion. Research analysts forecast that Snap-on Incorporated will post 19.05 earnings per share for the current fiscal year.

Snap-on Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, December 10th. Investors of record on Thursday, November 21st were paid a dividend of $2.14 per share. This is an increase from Snap-on’s previous quarterly dividend of $1.86. The ex-dividend date of this dividend was Thursday, November 21st. This represents a $8.56 annualized dividend and a yield of 2.49%. Snap-on’s payout ratio is 44.06%.

Insider Buying and Selling

In other Snap-on news, CFO Aldo John Pagliari sold 6,909 shares of Snap-on stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $347.62, for a total value of $2,401,706.58. Following the completion of the transaction, the chief financial officer now directly owns 100,668 shares in the company, valued at $34,994,210.16. The trade was a 6.42 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Iain Boyd sold 6,044 shares of the company’s stock in a transaction dated 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 of the company’s stock, valued at $3,137,302.07. This represents a 36.55 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 52,723 shares of company stock worth $18,029,670. 4.10% of the stock is currently owned by corporate insiders.

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.