Ontario Teachers Pension Plan Board Sells 1,185 Shares of Snap-on Incorporated (NYSE:SNA)

Ontario Teachers Pension Plan Board trimmed its stake in shares of Snap-on Incorporated (NYSE:SNA) by 38.4% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,904 shares of the company’s stock after selling 1,185 shares during the quarter. Ontario Teachers Pension Plan Board’s holdings in Snap-on were worth $552,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of SNA. Earnest Partners LLC lifted its stake in Snap-on by 1.4% during the second quarter. Earnest Partners LLC now owns 942,743 shares of the company’s stock worth $246,424,000 after purchasing an additional 13,033 shares during the last quarter. Pacer Advisors Inc. lifted its holdings in Snap-on by 51.2% in the second quarter. Pacer Advisors Inc. now owns 829,471 shares of the company’s stock worth $216,815,000 after buying an additional 280,997 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of Snap-on by 8.7% during the second quarter. Dimensional Fund Advisors LP now owns 817,536 shares of the company’s stock valued at $213,686,000 after purchasing an additional 65,485 shares in the last quarter. Envestnet Asset Management Inc. grew its position in shares of Snap-on by 0.4% in the 2nd quarter. Envestnet Asset Management Inc. now owns 732,571 shares of the company’s stock worth $191,487,000 after buying an additional 2,616 shares during the period. Finally, Mawer Investment Management Ltd. grew its holdings in Snap-on by 0.3% in the third quarter. Mawer Investment Management Ltd. now owns 634,022 shares of the company’s stock worth $183,683,000 after purchasing an additional 1,796 shares during the period. 84.88% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Snap-on

In related news, SVP Thomas J. Ward sold 12,737 shares of Snap-on stock in a transaction that occurred on 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 in the company, valued at approximately $18,460,167.21. This trade represents a 18.69 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Iain Boyd sold 6,044 shares of the company’s 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 sale, the vice president now directly owns 10,493 shares in the company, valued at approximately $3,137,302.07. The trade was a 36.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 21,717 shares of company stock worth $6,965,480. Corporate insiders own 4.10% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently issued reports on SNA shares. Bank of America upped their target price on shares of Snap-on from $255.00 to $280.00 and gave the stock an “underperform” rating in a research note on Friday, October 18th. 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. Roth Mkm increased their target price on shares of Snap-on from $324.00 to $365.00 and gave the stock a “buy” rating in a report on Tuesday, October 22nd. Robert W. Baird upped their price objective on Snap-on from $290.00 to $347.00 and gave the stock a “neutral” rating in a research note on Friday, October 18th. Finally, Tigress Financial raised their target price on shares of Snap-on from $336.00 to $385.00 and gave the company a “buy” rating in a research note on Friday, October 25th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $345.40.

Snap-on Trading Up 1.6 %

NYSE SNA opened at $361.40 on Friday. The company has a 50 day moving average price of $314.25 and a 200 day moving average price of $286.92. The firm has a market cap of $18.98 billion, a PE ratio of 18.60, a price-to-earnings-growth ratio of 2.35 and a beta of 0.96. The company has a quick ratio of 3.14, a current ratio of 4.18 and a debt-to-equity ratio of 0.22. Snap-on Incorporated has a 52 week low of $252.98 and a 52 week high of $365.35.

Snap-on (NYSE:SNA) last announced 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. The firm had revenue of $1.15 billion during the quarter, compared to analysts’ expectations of $1.16 billion. Snap-on had a return on equity of 19.44% and a net margin of 22.13%. As a group, sell-side analysts forecast that Snap-on Incorporated will post 19.05 EPS for the current fiscal year.

Snap-on announced that its Board of Directors has authorized a stock buyback program on Thursday, August 8th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the company to repurchase up to 3.5% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board of directors believes its shares are 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 paid a dividend of $2.14 per share. This is a positive change from Snap-on’s previous quarterly dividend of $1.86. This represents a $8.56 annualized dividend and a yield of 2.37%. The ex-dividend date of this dividend is Thursday, November 21st. Snap-on’s payout ratio is 38.29%.

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.