Centric Wealth Management Has $2.44 Million Position in Snap-on Incorporated (NYSE:SNA)

Centric Wealth Management grew its position in Snap-on Incorporated (NYSE:SNA) by 2.7% during the 3rd quarter, Holdings Channel reports. The firm owned 8,404 shares of the company’s stock after purchasing an additional 221 shares during the quarter. Centric Wealth Management’s holdings in Snap-on were worth $2,435,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Reston Wealth Management LLC bought a new stake in Snap-on during the third quarter worth about $30,000. Opal Wealth Advisors LLC acquired a new position in shares of Snap-on in the 2nd quarter worth approximately $30,000. Innealta Capital LLC acquired a new stake in Snap-on during the 2nd quarter valued at $32,000. Massmutual Trust Co. FSB ADV boosted its stake in Snap-on by 53.0% in the third quarter. Massmutual Trust Co. FSB ADV now owns 127 shares of the company’s stock worth $37,000 after purchasing an additional 44 shares in the last quarter. Finally, Brooklyn Investment Group bought a new stake in shares of Snap-on during the third quarter worth $39,000. Institutional investors and hedge funds own 84.88% of the company’s stock.

Insider Buying and Selling at Snap-on

In other Snap-on news, SVP Thomas J. Ward sold 12,737 shares of the business’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 value of $4,244,095.77. Following the sale, the senior vice president now owns 55,401 shares in the company, valued at approximately $18,460,167.21. The trade was a 18.69 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Richard Thomas Miller sold 1,750 shares of the business’s 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 sale, the vice president now directly owns 3,218 shares in the company, valued at approximately $1,061,940. This represents a 35.23 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 20,531 shares of company stock valued at $6,628,691. Company insiders own 4.10% of the company’s stock.

Snap-on Trading Down 0.6 %

NYSE SNA opened at $369.23 on Friday. Snap-on Incorporated has a 12 month low of $252.98 and a 12 month high of $373.89. The stock has a 50-day simple moving average of $323.02 and a 200 day simple moving average of $290.07. The company has a current ratio of 4.18, a quick ratio of 3.14 and a debt-to-equity ratio of 0.22. 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.

Snap-on (NYSE:SNA) last announced its quarterly earnings results 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. The business had revenue of $1.15 billion for the quarter, compared to the consensus estimate of $1.16 billion. Snap-on had a net margin of 22.13% and a return on equity of 19.44%. Research analysts forecast that Snap-on Incorporated will post 19.05 EPS for the current year.

Snap-on announced that its board has approved a stock repurchase plan on Thursday, August 8th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the company to reacquire up to 3.5% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its stock is undervalued.

Snap-on Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Thursday, November 21st will be issued a dividend of $2.14 per share. The ex-dividend date is Thursday, November 21st. 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 2.32%. Snap-on’s payout ratio is currently 44.06%.

Analysts Set New Price Targets

A number of equities analysts have weighed in on SNA shares. Tigress Financial boosted their target price 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. Bank of America boosted 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. Barrington Research upped their price objective on Snap-on from $325.00 to $350.00 and gave the stock an “outperform” rating in a report on Thursday, October 17th. Roth Mkm lifted their target price on Snap-on from $324.00 to $365.00 and gave the company a “buy” rating in a research note on Tuesday, October 22nd. Finally, Robert W. Baird upped their price target on Snap-on from $290.00 to $347.00 and gave the company a “neutral” rating in a research note 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 stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average 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.