Principal Financial Group Inc. boosted its stake in shares of Snap-on Incorporated (NYSE:SNA – Free Report) by 5.8% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 280,593 shares of the company’s stock after buying an additional 15,314 shares during the quarter. Principal Financial Group Inc. owned approximately 0.53% of Snap-on worth $81,289,000 as of its most recent SEC filing.
Several other institutional investors also recently added to or reduced their stakes in the stock. Lake Street Advisors Group LLC grew its position in Snap-on by 3.1% during the third quarter. Lake Street Advisors Group LLC now owns 1,074 shares of the company’s stock valued at $311,000 after buying an additional 32 shares during the period. Renasant Bank grew its position in Snap-on by 2.3% during the first quarter. Renasant Bank now owns 1,592 shares of the company’s stock valued at $472,000 after buying an additional 36 shares during the period. TFB Advisors LLC boosted its position in Snap-on by 3.2% during the second quarter. TFB Advisors LLC now owns 1,226 shares of the company’s stock worth $320,000 after purchasing an additional 38 shares during the period. Crestwood Advisors Group LLC boosted its position in Snap-on by 1.0% during the third quarter. Crestwood Advisors Group LLC now owns 3,759 shares of the company’s stock worth $1,089,000 after purchasing an additional 38 shares during the period. Finally, Financial Advocates Investment Management boosted its position in Snap-on by 1.2% during the second quarter. Financial Advocates Investment Management now owns 3,360 shares of the company’s stock worth $878,000 after purchasing an additional 39 shares during the period. Institutional investors own 84.88% of the company’s stock.
Analyst Ratings Changes
SNA has been the subject of a number of research reports. Roth Mkm increased their target price on shares of Snap-on from $324.00 to $365.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. Tigress Financial increased their target price on shares of Snap-on from $336.00 to $385.00 and gave the stock a “buy” rating in a research report on Friday, October 25th. Barrington Research increased 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. Robert W. Baird increased their target price 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. Finally, Bank of America increased their price target on shares of Snap-on from $255.00 to $280.00 and gave the stock an “underperform” rating in a report on Friday, October 18th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $345.40.
View Our Latest Report on SNA
Insider Activity at Snap-on
In related news, CEO Nicholas T. Pinchuk sold 24,145 shares of the firm’s stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $268.95, for a total value of $6,493,797.75. Following the sale, the chief executive officer now directly owns 759,019 shares of the company’s stock, valued at $204,138,160.05. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other Snap-on news, VP June C. Lemerand sold 1,186 shares of Snap-on stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $283.97, for a total transaction of $336,788.42. Following the transaction, the vice president now directly owns 2,283 shares of the company’s stock, valued at approximately $648,303.51. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Nicholas T. Pinchuk sold 24,145 shares of Snap-on stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $268.95, for a total transaction of $6,493,797.75. Following the transaction, the chief executive officer now directly owns 759,019 shares in the company, valued at $204,138,160.05. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 50,335 shares of company stock valued at $14,706,082 over the last three months. 4.10% of the stock is owned by corporate insiders.
Snap-on Trading Up 1.7 %
Shares of Snap-on stock opened at $359.27 on Friday. Snap-on Incorporated has a 12-month low of $252.98 and a 12-month high of $360.41. The company has a market cap of $18.86 billion, a price-to-earnings ratio of 18.49, a PEG ratio of 2.34 and a beta of 0.96. 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’s 50-day moving average price is $301.16 and its 200-day moving average price is $281.97.
Snap-on (NYSE:SNA – Get Free Report) last announced its 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%. On average, equities analysts expect that Snap-on Incorporated will post 19.05 earnings per share for the current fiscal year.
Snap-on Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Thursday, November 21st will be paid a $2.14 dividend. This is an increase from Snap-on’s previous quarterly dividend of $1.86. This represents a $8.56 dividend on an annualized basis and a yield of 2.38%. The ex-dividend date of this dividend is Thursday, November 21st. Snap-on’s dividend payout ratio (DPR) is currently 38.29%.
Snap-on declared that its board has approved a stock repurchase program on Thursday, August 8th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 3.5% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.
About Snap-on
(Free Report)
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.
Recommended Stories
Receive News & Ratings for Snap-on Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for Snap-on and related companies with MarketBeat.com’s FREE daily email newsletter.
