iA Global Asset Management Inc. Boosts Stock Position in Snap-on Incorporated (NYSE:SNA)

iA Global Asset Management Inc. raised its position in shares of Snap-on Incorporated (NYSE:SNA) by 10.3% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 7,288 shares of the company’s stock after buying an additional 681 shares during the quarter. iA Global Asset Management Inc.’s holdings in Snap-on were worth $2,111,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. EP Wealth Advisors LLC lifted its position in Snap-on by 101.3% during the third quarter. EP Wealth Advisors LLC now owns 1,725 shares of the company’s stock valued at $500,000 after acquiring an additional 868 shares during the last quarter. Kovitz Investment Group Partners LLC increased its position in shares of Snap-on by 18.4% during the third quarter. Kovitz Investment Group Partners LLC now owns 27,473 shares of the company’s stock worth $7,772,000 after purchasing an additional 4,263 shares in the last quarter. Wellington Management Group LLP lifted its holdings in shares of Snap-on by 77.9% during the 3rd quarter. Wellington Management Group LLP now owns 16,319 shares of the company’s stock valued at $4,728,000 after purchasing an additional 7,148 shares during the last quarter. Worldquant Millennium Advisors LLC boosted its position in shares of Snap-on by 527.2% in the 3rd quarter. Worldquant Millennium Advisors LLC now owns 13,904 shares of the company’s stock worth $4,028,000 after purchasing an additional 11,687 shares in the last quarter. Finally, Wahed Invest LLC grew its stake in Snap-on by 17.3% during the 3rd quarter. Wahed Invest LLC now owns 1,256 shares of the company’s stock worth $364,000 after buying an additional 185 shares during the last quarter. 84.88% of the stock is currently owned by institutional investors.

Insider Activity

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 stock was sold at an average price of $333.21, for a total transaction of $4,244,095.77. Following the completion of the transaction, the senior vice president now directly owns 55,401 shares in the company, valued at approximately $18,460,167.21. This trade represents a 18.69 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Iain Boyd sold 6,044 shares of the company’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $298.99, for a total value of $1,807,095.56. Following the completion of the sale, the vice president now owns 10,493 shares in the company, valued at approximately $3,137,302.07. This represents a 36.55 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 24,031 shares of company stock valued at $7,898,701 in the last quarter. 4.10% of the stock is currently owned by company insiders.

Snap-on Price Performance

Shares of NYSE:SNA opened at $357.77 on Monday. Snap-on Incorporated has a twelve month low of $252.98 and a twelve month high of $373.89. 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 cap of $18.79 billion, a PE ratio of 18.41, a price-to-earnings-growth ratio of 2.37 and a beta of 0.98. The company’s 50 day moving average is $334.08 and its 200 day moving average is $294.41.

Snap-on (NYSE:SNA) last released its quarterly earnings data on Thursday, October 17th. The company reported $4.70 EPS for the quarter, beating the consensus estimate 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 for the quarter, compared to the consensus estimate of $1.16 billion. On average, sell-side analysts forecast that Snap-on Incorporated will post 19.05 EPS for the current year.

Snap-on Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Thursday, November 21st will be given a dividend of $2.14 per share. This is an increase from Snap-on’s previous quarterly dividend of $1.86. This represents a $8.56 annualized dividend and a yield of 2.39%. The ex-dividend date of this dividend is Thursday, November 21st. Snap-on’s dividend payout ratio (DPR) is currently 44.06%.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Robert W. Baird increased 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. Bank of America increased their price objective on shares of 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 boosted 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. Tigress Financial upped their price target on shares of Snap-on from $336.00 to $385.00 and gave the company a “buy” rating in a research note on Friday, October 25th. Finally, Roth Mkm lifted their price objective on shares of Snap-on from $324.00 to $365.00 and gave the stock a “buy” rating in a research note on Tuesday, October 22nd. One analyst has rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the stock. According to MarketBeat, the stock presently 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.