UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Sells 23,702 Shares of Snap-on Incorporated (NYSE:SNA)

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC trimmed its holdings in shares of Snap-on Incorporated (NYSE:SNA) by 7.7% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 283,446 shares of the company’s stock after selling 23,702 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC’s holdings in Snap-on were worth $82,117,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the stock. Mawer Investment Management Ltd. increased its stake in Snap-on by 234.7% in the 2nd quarter. Mawer Investment Management Ltd. now owns 632,226 shares of the company’s stock worth $165,258,000 after buying an additional 443,333 shares during the period. Pacer Advisors Inc. increased its position in shares of Snap-on by 51.2% during the second quarter. Pacer Advisors Inc. now owns 829,471 shares of the company’s stock worth $216,815,000 after acquiring an additional 280,997 shares during the period. Millennium Management LLC raised its stake in shares of Snap-on by 1,786.4% during the second quarter. Millennium Management LLC now owns 161,175 shares of the company’s stock valued at $42,130,000 after acquiring an additional 152,631 shares in the last quarter. International Assets Investment Management LLC boosted its holdings in shares of Snap-on by 34,381.0% in the third quarter. International Assets Investment Management LLC now owns 130,338 shares of the company’s stock valued at $37,760,000 after purchasing an additional 129,960 shares during the period. Finally, Glassman Wealth Services bought a new position in Snap-on in the second quarter worth approximately $26,608,000. 84.88% of the stock is owned by hedge funds and other institutional investors.

Snap-on Price Performance

SNA opened at $366.67 on Tuesday. The firm has a market capitalization of $19.25 billion, a PE ratio of 18.87, a price-to-earnings-growth ratio of 2.45 and a beta of 0.96. The business’s 50-day moving average is $328.05 and its two-hundred day moving average is $292.05. Snap-on Incorporated has a 1 year low of $252.98 and a 1 year high of $373.89. 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 posted its earnings results on Thursday, October 17th. The company reported $4.70 EPS 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 during the quarter, compared to analysts’ expectations of $1.16 billion. Research analysts anticipate that Snap-on Incorporated will post 19.05 earnings per share for the current fiscal year.

Snap-on Increases Dividend

The firm 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 dividend of $2.14 per share. This represents a $8.56 annualized dividend and a yield of 2.33%. This is an increase from Snap-on’s previous quarterly dividend of $1.86. The ex-dividend date is Thursday, November 21st. Snap-on’s payout ratio is 44.06%.

Snap-on announced that its Board of Directors has approved a share buyback program on Thursday, August 8th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the company to reacquire up to 3.5% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s board believes its stock is undervalued.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on SNA shares. Roth Mkm upped their target price on Snap-on from $324.00 to $365.00 and gave the stock a “buy” rating in a report on Tuesday, October 22nd. Tigress Financial upped their price objective on shares of Snap-on from $336.00 to $385.00 and gave the stock a “buy” rating in a research note on Friday, October 25th. Barrington Research raised their target price on shares of Snap-on from $325.00 to $350.00 and gave the company an “outperform” rating in a research report on Thursday, October 17th. Robert W. Baird boosted their price target on shares of Snap-on from $290.00 to $347.00 and gave the company a “neutral” rating in a report on Friday, October 18th. Finally, Bank of America increased their price objective on shares of Snap-on from $255.00 to $280.00 and gave the company an “underperform” rating in a research note on Friday, October 18th. 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 stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $345.40.

Insider Activity at Snap-on

In other Snap-on news, VP Richard Thomas Miller sold 1,750 shares of the company’s stock in a transaction that occurred on Friday, October 18th. The shares were sold at an average price of $330.00, for a total transaction of $577,500.00. Following the transaction, the vice president now owns 3,218 shares in the company, valued at approximately $1,061,940. This represents a 35.23 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Iain Boyd sold 6,044 shares of Snap-on 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 sale, the vice president now owns 10,493 shares of the company’s stock, valued at $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. Insiders have sold 20,531 shares of company stock valued at $6,628,691 in the last ninety days. Corporate insiders own 4.10% of the company’s stock.

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.