Mcrae Capital Management Inc. Boosts Holdings in Snap-on Incorporated (NYSE:SNA)

Mcrae Capital Management Inc. lifted its holdings in shares of Snap-on Incorporated (NYSE:SNA) by 1.7% in the third quarter, HoldingsChannel.com reports. The firm owned 51,368 shares of the company’s stock after acquiring an additional 850 shares during the quarter. Snap-on accounts for about 2.9% of Mcrae Capital Management Inc.’s investment portfolio, making the stock its 14th largest holding. Mcrae Capital Management Inc.’s holdings in Snap-on were worth $14,882,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of SNA. Opal Wealth Advisors LLC purchased a new stake in shares of Snap-on in the 2nd quarter valued at approximately $30,000. Innealta Capital LLC acquired a new stake in Snap-on in the 2nd quarter valued at approximately $32,000. Massmutual Trust Co. FSB ADV raised its position in Snap-on by 53.0% in the third quarter. Massmutual Trust Co. FSB ADV now owns 127 shares of the company’s stock valued at $37,000 after purchasing an additional 44 shares during the period. Quarry LP lifted its stake in Snap-on by 244.7% during the second quarter. Quarry LP now owns 162 shares of the company’s stock worth $42,000 after purchasing an additional 115 shares in the last quarter. Finally, Versant Capital Management Inc boosted its position in shares of Snap-on by 529.0% during the second quarter. Versant Capital Management Inc now owns 195 shares of the company’s stock worth $51,000 after buying an additional 164 shares during the period. Hedge funds and other institutional investors own 84.88% of the company’s stock.

Snap-on Price Performance

SNA stock opened at $326.58 on Friday. The business’s 50-day moving average is $289.40 and its two-hundred day moving average is $277.80. The company has a debt-to-equity ratio of 0.22, a current ratio of 4.18 and a quick ratio of 3.14. The firm has a market capitalization of $17.15 billion, a P/E ratio of 16.81, a P/E/G ratio of 2.14 and a beta of 0.98. Snap-on Incorporated has a 1 year low of $250.30 and a 1 year high of $330.51.

Snap-on Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 10th. Investors of record on Monday, August 19th were issued a $1.86 dividend. The ex-dividend date of this dividend was Monday, August 19th. This represents a $7.44 annualized dividend and a yield of 2.28%. Snap-on’s dividend payout ratio (DPR) is 38.29%.

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

Analyst Upgrades and Downgrades

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

Insider Buying and Selling

In other Snap-on news, CEO Nicholas T. Pinchuk sold 24,145 shares of the stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $268.95, for a total value of $6,493,797.75. Following the sale, the chief executive officer now directly owns 759,019 shares of the company’s stock, valued at approximately $204,138,160.05. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. In other Snap-on news, VP Richard Thomas Miller sold 1,750 shares of the firm’s stock in a transaction on Friday, October 18th. The stock was sold at an average price of $330.00, for a total value of $577,500.00. Following the sale, the vice president now directly owns 3,218 shares in the company, valued at $1,061,940. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Nicholas T. Pinchuk sold 24,145 shares of the company’s stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $268.95, for a total value of $6,493,797.75. Following the transaction, the chief executive officer now directly owns 759,019 shares of the company’s stock, valued at approximately $204,138,160.05. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 37,598 shares of company stock worth $10,461,986 over the last 90 days. 4.10% of the stock is owned by insiders.

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.