Inspire Advisors LLC Increases Holdings in Snap-on Incorporated (NYSE:SNA)

Inspire Advisors LLC increased its holdings in Snap-on Incorporated (NYSE:SNA) by 104.0% in the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 3,348 shares of the company’s stock after purchasing an additional 1,707 shares during the period. Inspire Advisors LLC’s holdings in Snap-on were worth $970,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Rockland Trust Co. purchased a new position in shares of Snap-on in the first quarter worth about $889,000. Manning & Napier Advisors LLC purchased a new stake in Snap-on during the 2nd quarter valued at $4,571,000. SG Americas Securities LLC boosted its holdings in shares of Snap-on by 32.7% during the second quarter. SG Americas Securities LLC now owns 13,140 shares of the company’s stock worth $3,435,000 after purchasing an additional 3,238 shares during the period. Strategic Financial Concepts LLC purchased a new stake in Snap-on in the 2nd quarter worth approximately $3,653,000. Finally, Los Angeles Capital Management LLC boosted its holdings in Snap-on by 34.8% in the first quarter. Los Angeles Capital Management LLC now owns 26,580 shares of the company’s stock valued at $7,874,000 after acquiring an additional 6,858 shares in the last quarter. 84.88% of the stock is owned by institutional investors.

Insider Transactions at Snap-on

In other news, VP Iain Boyd sold 6,044 shares of the company’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $298.99, for a total transaction of $1,807,095.56. Following the completion of the sale, the vice president now owns 10,493 shares of the company’s stock, valued at $3,137,302.07. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Snap-on news, CEO Nicholas T. Pinchuk sold 24,145 shares of the business’s stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $268.95, for a total transaction of $6,493,797.75. Following the completion of the transaction, the chief executive officer now owns 759,019 shares in the company, valued at $204,138,160.05. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP Iain Boyd sold 6,044 shares of the stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $298.99, for a total value of $1,807,095.56. Following the completion of the sale, the vice president now owns 10,493 shares in the company, valued at approximately $3,137,302.07. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 35,848 shares of company stock worth $9,884,486 in the last ninety days. Insiders own 4.10% of the company’s stock.

Analysts Set New Price Targets

SNA has been the topic of a number of research analyst reports. Roth Mkm reiterated a “buy” rating and set a $324.00 target price on shares of Snap-on in a report on Tuesday, July 16th. Barrington Research lifted their price target on shares of Snap-on from $325.00 to $350.00 and gave the company an “outperform” rating in a research report on Thursday. Robert W. Baird cut their price objective on shares of Snap-on from $282.00 to $275.00 and set a “neutral” rating on the stock in a report on Friday, July 12th. Finally, Tigress Financial reaffirmed a “buy” rating and set a $336.00 price objective on shares of Snap-on in a research report on Thursday, July 25th.

Snap-on Stock Down 0.4 %

NYSE SNA traded down $1.17 during mid-day trading on Friday, reaching $326.62. The stock had a trading volume of 147,253 shares, compared to its average volume of 295,716. The stock has a market cap of $17.21 billion, a PE ratio of 17.02, a price-to-earnings-growth ratio of 2.06 and a beta of 0.98. The company has a fifty day moving average price of $283.12 and a 200 day moving average price of $276.56. Snap-on Incorporated has a 1 year low of $249.84 and a 1 year high of $330.51. The company has a debt-to-equity ratio of 0.22, a current ratio of 4.06 and a quick ratio of 3.05.

Snap-on (NYSE:SNA) last issued its earnings results on Thursday, July 18th. The company reported $5.07 earnings per share for the quarter, topping analysts’ consensus estimates of $4.94 by $0.13. Snap-on had a return on equity of 19.90% and a net margin of 21.90%. The business had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.20 billion. During the same quarter in the previous year, the firm earned $4.89 EPS. Snap-on’s revenue was down 1.0% on a year-over-year basis. On average, research analysts expect that Snap-on Incorporated will post 18.95 earnings per share for the current year.

Snap-on announced that its board has authorized a share repurchase program on Thursday, August 8th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the company to buy up to 3.5% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

Snap-on Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 10th. Stockholders of record on Monday, August 19th were issued a dividend of $1.86 per share. The ex-dividend date of this dividend was Monday, August 19th. This represents a $7.44 annualized dividend and a dividend yield of 2.28%. Snap-on’s payout ratio is 38.67%.

About Snap-on

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.