Bridgewater Associates LP Lowers Position in Snap-on Incorporated (NYSE:SNA)

Bridgewater Associates LP lowered its stake in shares of Snap-on Incorporated (NYSE:SNA) by 27.4% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 30,709 shares of the company’s stock after selling 11,613 shares during the period. Bridgewater Associates LP owned approximately 0.06% of Snap-on worth $8,897,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Price T Rowe Associates Inc. MD boosted its holdings in Snap-on by 0.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 72,523 shares of the company’s stock valued at $21,483,000 after acquiring an additional 419 shares during the last quarter. Kennedy Capital Management LLC acquired a new position in shares of Snap-on in the 1st quarter valued at about $203,000. B. Riley Wealth Advisors Inc. grew its holdings in shares of Snap-on by 66.5% during the 1st quarter. B. Riley Wealth Advisors Inc. now owns 3,665 shares of the company’s stock worth $1,086,000 after purchasing an additional 1,464 shares during the period. Comerica Bank increased its position in Snap-on by 0.5% during the 1st quarter. Comerica Bank now owns 21,002 shares of the company’s stock worth $6,221,000 after purchasing an additional 102 shares in the last quarter. Finally, Swedbank AB purchased a new position in Snap-on in the first quarter valued at approximately $14,968,000. Institutional investors and hedge funds own 84.88% of the company’s stock.

Insider Buying and Selling at Snap-on

In related news, SVP Thomas J. Ward sold 12,737 shares of the company’s stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $333.21, for a total transaction of $4,244,095.77. Following the sale, the senior vice president now directly owns 55,401 shares of the company’s stock, valued at approximately $18,460,167.21. This represents a 18.69 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Richard Thomas Miller sold 1,750 shares of Snap-on stock in a transaction on Friday, October 18th. The stock was sold at an average price of $330.00, for a total transaction of $577,500.00. Following the completion of the transaction, the vice president now directly owns 3,218 shares of the company’s stock, valued at approximately $1,061,940. This represents a 35.23 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 20,531 shares of company stock worth $6,628,691 in the last ninety days. 4.10% of the stock is owned by insiders.

Snap-on Stock Down 0.6 %

Shares of Snap-on stock opened at $369.23 on Friday. Snap-on Incorporated has a 1-year low of $252.98 and a 1-year high of $373.89. The company has a market capitalization of $19.39 billion, a PE ratio of 19.00, a P/E/G ratio of 2.44 and a beta of 0.96. 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 business has a 50-day moving average of $323.02 and a 200-day moving average of $290.07.

Snap-on (NYSE:SNA) last issued its quarterly earnings data 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 analyst estimates of $1.16 billion. As a group, equities analysts forecast that Snap-on Incorporated will post 19.05 EPS for the current fiscal year.

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

Snap-on Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Thursday, November 21st will be issued a $2.14 dividend. The ex-dividend date is Thursday, November 21st. This is a boost from Snap-on’s previous quarterly dividend of $1.86. This represents a $8.56 annualized dividend and a yield of 2.32%. Snap-on’s dividend payout ratio is currently 44.06%.

Wall Street Analysts Forecast Growth

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

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.