Alethea Capital Management LLC Takes Position in Snap-on Incorporated (NYSE:SNA)

Alethea Capital Management LLC bought a new position in Snap-on Incorporated (NYSE:SNA) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 1,381 shares of the company’s stock, valued at approximately $400,000. Snap-on accounts for approximately 0.3% of Alethea Capital Management LLC’s holdings, making the stock its 19th biggest position.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in SNA. Aurora Investment Counsel boosted its holdings in Snap-on by 0.9% in the third quarter. Aurora Investment Counsel now owns 3,549 shares of the company’s stock valued at $1,028,000 after purchasing an additional 30 shares during the last quarter. Lake Street Advisors Group LLC raised its position in shares of Snap-on by 3.1% in the 3rd quarter. Lake Street Advisors Group LLC now owns 1,074 shares of the company’s stock valued at $311,000 after purchasing an additional 32 shares in the last quarter. Metis Global Partners LLC boosted its stake in shares of Snap-on by 1.9% during the 3rd quarter. Metis Global Partners LLC now owns 1,691 shares of the company’s stock valued at $490,000 after buying an additional 32 shares during the last quarter. Tradition Wealth Management LLC grew its position in shares of Snap-on by 3.1% during the third quarter. Tradition Wealth Management LLC now owns 1,154 shares of the company’s stock worth $334,000 after buying an additional 35 shares in the last quarter. Finally, Verdence Capital Advisors LLC increased its stake in shares of Snap-on by 2.5% in the third quarter. Verdence Capital Advisors LLC now owns 1,526 shares of the company’s stock worth $442,000 after buying an additional 37 shares during the last quarter. Institutional investors and hedge funds own 84.88% of the company’s stock.

Analysts Set New Price Targets

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

Snap-on Stock Performance

Shares of SNA stock opened at $369.69 on Friday. 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 business has a 50 day moving average of $326.41 and a two-hundred day moving average of $291.25. The company has a market cap of $19.41 billion, a P/E ratio of 19.03, a PEG ratio of 2.45 and a beta of 0.96. Snap-on Incorporated has a 52 week low of $252.98 and a 52 week high of $373.89.

Snap-on (NYSE:SNA) last released its quarterly earnings data on Thursday, October 17th. The company reported $4.70 earnings per share (EPS) 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 business had revenue of $1.15 billion during the quarter, compared to analyst estimates of $1.16 billion. As a group, analysts anticipate that Snap-on Incorporated will post 19.05 EPS for the current year.

Snap-on Increases Dividend

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

Snap-on declared that its Board of Directors has initiated a share buyback 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 stock through open market purchases. Stock repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling

In related news, SVP Thomas J. Ward sold 12,737 shares of the 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 completion of the transaction, the senior vice president now directly owns 55,401 shares of the company’s stock, valued at $18,460,167.21. This represents a 18.69 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Iain Boyd sold 6,044 shares of Snap-on stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $298.99, for a total value of $1,807,095.56. Following the sale, the vice president now directly owns 10,493 shares in the company, valued at $3,137,302.07. The trade was a 36.55 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 20,531 shares of company stock valued at $6,628,691 in the last quarter. Company insiders own 4.10% of the company’s stock.

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.