Seizert Capital Partners LLC Raises Stock Position in Snap-on Incorporated (NYSE:SNA)

Seizert Capital Partners LLC grew its holdings in shares of Snap-on Incorporated (NYSE:SNA) by 13.0% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 29,333 shares of the company’s stock after acquiring an additional 3,384 shares during the quarter. Seizert Capital Partners LLC’s holdings in Snap-on were worth $8,498,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Mawer Investment Management Ltd. increased its stake in Snap-on by 234.7% during the second 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. increased its position in shares of Snap-on by 51.2% during the 2nd 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 during the last quarter. Millennium Management LLC raised its holdings in Snap-on by 1,786.4% during the 2nd quarter. Millennium Management LLC now owns 161,175 shares of the company’s stock valued at $42,130,000 after buying an additional 152,631 shares during the period. International Assets Investment Management LLC raised its holdings in Snap-on by 34,381.0% during 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 period. Finally, Glassman Wealth Services bought a new stake in Snap-on in the second quarter worth $26,608,000. 84.88% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, VP June C. Lemerand sold 1,186 shares of the business’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $283.97, for a total value of $336,788.42. Following the completion of the transaction, the vice president now owns 2,283 shares of the company’s stock, valued at $648,303.51. The trade was a 34.19 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Aldo John Pagliari sold 4,473 shares of the stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $278.74, for a total value of $1,246,804.02. Following the sale, the chief financial officer now directly owns 99,244 shares in the company, valued at $27,663,272.56. This trade represents a 4.31 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 26,190 shares of company stock worth $8,212,284. Company insiders own 4.10% of the company’s stock.

Snap-on Price Performance

Snap-on stock opened at $357.06 on Friday. The stock has a market cap of $18.75 billion, a price-to-earnings ratio of 18.38, a price-to-earnings-growth ratio of 2.36 and a beta of 0.96. The firm has a 50-day moving average of $309.42 and a two-hundred day moving average of $285.07. Snap-on Incorporated has a 1 year low of $252.98 and a 1 year high of $365.35. The company has a debt-to-equity ratio of 0.22, a current ratio of 4.18 and a quick ratio of 3.14.

Snap-on (NYSE:SNA) last announced its quarterly earnings results on Thursday, October 17th. The company reported $4.70 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.58 by $0.12. The firm had revenue of $1.15 billion during the quarter, compared to analyst estimates of $1.16 billion. Snap-on had a return on equity of 19.44% and a net margin of 22.13%. On average, research analysts forecast that Snap-on Incorporated will post 19.05 earnings per share for the current year.

Snap-on declared that its board has initiated a stock repurchase plan on Thursday, August 8th that authorizes the company to repurchase $500.00 million in outstanding 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 board of directors believes its shares are undervalued.

Snap-on Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Thursday, November 21st will be given 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 is Thursday, November 21st. This represents a $8.56 dividend on an annualized basis and a dividend yield of 2.40%. Snap-on’s dividend payout ratio is presently 38.29%.

Wall Street Analysts Forecast Growth

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

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.