Raymond James Trust N.A. Trims Stake in Snap-on Incorporated (NYSE:SNA)

Raymond James Trust N.A. cut its position in shares of Snap-on Incorporated (NYSE:SNA) by 5.2% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 4,720 shares of the company’s stock after selling 257 shares during the period. Raymond James Trust N.A.’s holdings in Snap-on were worth $1,367,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the company. Mawer Investment Management Ltd. grew its stake in shares of Snap-on by 234.7% during the second quarter. Mawer Investment Management Ltd. now owns 632,226 shares of the company’s stock valued at $165,258,000 after buying an additional 443,333 shares during the last quarter. Pacer Advisors Inc. boosted its holdings in Snap-on by 51.2% during the 2nd quarter. Pacer Advisors Inc. now owns 829,471 shares of the company’s stock valued at $216,815,000 after acquiring an additional 280,997 shares during the period. Millennium Management LLC grew its position in Snap-on by 1,786.4% in the 2nd 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 during the last quarter. International Assets Investment Management LLC increased its stake in 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 worth $37,760,000 after purchasing an additional 129,960 shares during the period. Finally, Glassman Wealth Services purchased a new stake in shares of Snap-on during the second quarter valued at $26,608,000. 84.88% of the stock is currently owned by institutional investors.

Insider Transactions 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 directly owns 55,401 shares in the company, valued at $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 available at this link. Also, VP June C. Lemerand sold 1,186 shares of the company’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $283.97, for a total transaction of $336,788.42. Following the transaction, the vice president now owns 2,283 shares in the company, valued at $648,303.51. The trade was a 34.19 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 21,717 shares of company stock valued at $6,965,480. Corporate insiders own 4.10% of the company’s stock.

Snap-on Stock Performance

Shares of SNA stock opened at $365.97 on Friday. The firm has a market cap of $19.22 billion, a price-to-earnings ratio of 18.84, a PEG ratio of 2.39 and a beta of 0.96. Snap-on Incorporated has a 52-week low of $252.98 and a 52-week high of $367.12. The company has a quick ratio of 3.14, a current ratio of 4.18 and a debt-to-equity ratio of 0.22. The company’s 50 day moving average is $317.63 and its 200 day moving average is $288.07.

Snap-on (NYSE:SNA) last announced its earnings results on Thursday, October 17th. The company reported $4.70 EPS for the quarter, topping 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 business had revenue of $1.15 billion during the quarter, compared to the consensus estimate of $1.16 billion. On average, sell-side analysts anticipate that Snap-on Incorporated will post 19.05 EPS for the current fiscal year.

Snap-on declared that its Board of Directors has initiated a share buyback program on Thursday, August 8th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the company to reacquire up to 3.5% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Snap-on Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Thursday, November 21st will be issued a $2.14 dividend. 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 2.34%. The ex-dividend date is Thursday, November 21st. Snap-on’s payout ratio is currently 44.06%.

Analysts Set New Price Targets

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

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.