Intech Investment Management LLC Trims Stock Position in Snap-on Incorporated (NYSE:SNA)

Intech Investment Management LLC decreased its holdings in Snap-on Incorporated (NYSE:SNA) by 23.9% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 19,738 shares of the company’s stock after selling 6,202 shares during the quarter. Intech Investment Management LLC’s holdings in Snap-on were worth $5,718,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of the stock. EntryPoint Capital LLC acquired a new stake in Snap-on during the first quarter valued at approximately $61,000. Toronto Dominion Bank increased its stake in Snap-on by 2.0% during the 1st quarter. Toronto Dominion Bank now owns 30,065 shares of the company’s stock valued at $8,906,000 after buying an additional 600 shares during the period. 1832 Asset Management L.P. lifted its holdings in shares of Snap-on by 6.1% in the first quarter. 1832 Asset Management L.P. now owns 7,151 shares of the company’s stock valued at $2,118,000 after buying an additional 411 shares during the period. BOKF NA increased its holdings in shares of Snap-on by 3.7% in the first quarter. BOKF NA now owns 8,088 shares of the company’s stock valued at $2,383,000 after buying an additional 285 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD raised its holdings in Snap-on by 0.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 72,523 shares of the company’s stock worth $21,483,000 after buying an additional 419 shares during the period. Hedge funds and other institutional investors own 84.88% of the company’s stock.

Insider Activity at Snap-on

In other Snap-on news, VP June C. Lemerand sold 1,186 shares of the business’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $283.97, for a total value of $336,788.42. Following the transaction, the vice president now owns 2,283 shares of the company’s stock, valued at approximately $648,303.51. The trade was a 34.19 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Thomas J. Ward sold 12,737 shares of the stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $333.21, for a total transaction of $4,244,095.77. Following the transaction, the senior vice president now directly owns 55,401 shares of the company’s stock, valued at $18,460,167.21. This represents a 18.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 21,717 shares of company stock worth $6,965,480 over the last quarter. Company insiders own 4.10% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have commented on SNA shares. Bank of America boosted their target price on Snap-on from $255.00 to $280.00 and gave the company an “underperform” rating in a research note on Friday, October 18th. Roth Mkm raised their price objective on Snap-on from $324.00 to $365.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. Barrington Research raised 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. Tigress Financial upped their target price on shares of Snap-on from $336.00 to $385.00 and gave the stock a “buy” rating in a report on Friday, October 25th. Finally, Robert W. Baird boosted 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. One analyst has rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $345.40.

Snap-on Trading Up 1.3 %

Shares of NYSE:SNA opened at $365.97 on Friday. The company has a 50-day simple moving average of $315.92 and a 200 day simple moving average of $287.44. Snap-on Incorporated has a 52-week low of $252.98 and a 52-week high of $367.12. The company has a market capitalization of $19.22 billion, a P/E ratio of 18.84, a price-to-earnings-growth ratio of 2.35 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.

Snap-on (NYSE:SNA) last released its 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 return on equity of 19.44% and a net margin of 22.13%. The firm had revenue of $1.15 billion during the quarter, compared to the consensus estimate of $1.16 billion. Sell-side analysts forecast that Snap-on Incorporated will post 19.05 earnings per share for the current year.

Snap-on declared that its board has authorized a stock repurchase program on Thursday, August 8th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 3.5% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board 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. Shareholders of record on Thursday, November 21st will be given a dividend of $2.14 per share. This represents a $8.56 dividend on an annualized basis and a yield of 2.34%. The ex-dividend date of this dividend is Thursday, November 21st. This is an increase from Snap-on’s previous quarterly dividend of $1.86. Snap-on’s dividend payout ratio is currently 38.29%.

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.