Millburn Ridgefield Corp Buys Shares of 615 Snap-on Incorporated (NYSE:SNA)

Millburn Ridgefield Corp purchased a new stake in shares of Snap-on Incorporated (NYSE:SNA) during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 615 shares of the company’s stock, valued at approximately $178,000.

A number of other large investors also recently modified their holdings of SNA. Manning & Napier Advisors LLC purchased a new stake in Snap-on in the 2nd quarter worth approximately $4,571,000. Asset Management One Co. Ltd. boosted its stake in Snap-on by 0.3% during the third quarter. Asset Management One Co. Ltd. now owns 19,896 shares of the company’s stock valued at $5,764,000 after buying an additional 67 shares during the period. SG Americas Securities LLC grew its position in Snap-on by 32.7% during the second quarter. SG Americas Securities LLC now owns 13,140 shares of the company’s stock worth $3,435,000 after buying an additional 3,238 shares in the last quarter. Strategic Financial Concepts LLC bought a new position in Snap-on in the 2nd quarter worth about $3,653,000. Finally, Victory Capital Management Inc. boosted its position in shares of Snap-on by 21.5% during the 3rd quarter. Victory Capital Management Inc. now owns 158,777 shares of the company’s stock valued at $45,999,000 after acquiring an additional 28,049 shares during the last quarter. 84.88% of the stock is currently owned by institutional investors.

Snap-on Trading Down 0.5 %

Shares of SNA stock opened at $365.10 on Wednesday. The business has a 50-day moving average of $329.67 and a 200 day moving average of $292.65. The company has a debt-to-equity ratio of 0.22, a current ratio of 4.18 and a quick ratio of 3.14. Snap-on Incorporated has a 1-year low of $252.98 and a 1-year high of $373.89. The stock has a market capitalization of $19.17 billion, a PE ratio of 18.79, a P/E/G ratio of 2.43 and a beta of 0.98.

Snap-on (NYSE:SNA) last released 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, sell-side analysts anticipate that Snap-on Incorporated will post 19.05 earnings per share for the current year.

Snap-on announced that its Board of Directors has initiated a stock buyback program on Thursday, August 8th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the company to buy up to 3.5% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s management believes its stock is undervalued.

Snap-on Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Thursday, November 21st will be given a $2.14 dividend. This is a boost from Snap-on’s previous quarterly dividend of $1.86. The ex-dividend date of this dividend is Thursday, November 21st. This represents a $8.56 dividend on an annualized basis and a dividend yield of 2.34%. Snap-on’s payout ratio is presently 44.06%.

Insider Transactions at Snap-on

In other Snap-on news, VP Iain Boyd sold 6,044 shares of Snap-on stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $298.99, for a total transaction of $1,807,095.56. Following the sale, the vice president now directly owns 10,493 shares of the company’s stock, valued at approximately $3,137,302.07. The trade was a 36.55 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Thomas J. Ward sold 12,737 shares of the company’s stock in a transaction dated 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 sale, the senior vice president now owns 55,401 shares in the company, valued at approximately $18,460,167.21. This trade represents a 18.69 % 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 worth $6,628,691. Company insiders own 4.10% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. Robert W. Baird upped their price objective on shares of Snap-on from $290.00 to $347.00 and gave the stock a “neutral” rating in a research report on Friday, October 18th. Bank of America upped their target price 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. Tigress Financial raised their price target on Snap-on from $336.00 to $385.00 and gave the company a “buy” rating in a research report on Friday, October 25th. Barrington Research increased their price objective on Snap-on from $325.00 to $350.00 and gave the company an “outperform” rating in a research report on Thursday, October 17th. Finally, Roth Mkm boosted their target price on Snap-on from $324.00 to $365.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. One equities research 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. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price 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.