Snap-on Incorporated (NYSE:SNA) Shares Sold by Applied Finance Capital Management LLC

Applied Finance Capital Management LLC trimmed its holdings in Snap-on Incorporated (NYSE:SNA) by 8.4% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,292 shares of the company’s stock after selling 119 shares during the period. Applied Finance Capital Management LLC’s holdings in Snap-on were worth $374,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also modified their holdings of the company. Mawer Investment Management Ltd. increased its position in Snap-on by 234.7% during the second quarter. Mawer Investment Management Ltd. now owns 632,226 shares of the company’s stock worth $165,258,000 after purchasing an additional 443,333 shares during the last quarter. Pacer Advisors Inc. increased its position in Snap-on by 51.2% during the second quarter. Pacer Advisors Inc. now owns 829,471 shares of the company’s stock worth $216,815,000 after purchasing an additional 280,997 shares during the last quarter. Millennium Management LLC increased its position in Snap-on by 1,786.4% during the second quarter. Millennium Management LLC now owns 161,175 shares of the company’s stock worth $42,130,000 after purchasing an additional 152,631 shares during the last quarter. International Assets Investment Management LLC increased its position in Snap-on by 34,381.0% during the third quarter. International Assets Investment Management LLC now owns 130,338 shares of the company’s stock worth $37,760,000 after purchasing an additional 129,960 shares during the last quarter. Finally, Glassman Wealth Services acquired a new stake in Snap-on during the second quarter worth about $26,608,000. 84.88% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Snap-on

In related news, CEO Nicholas T. Pinchuk sold 24,145 shares of Snap-on 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 completion of the transaction, the chief executive officer now owns 759,019 shares in the company, valued at approximately $204,138,160.05. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, CEO Nicholas T. Pinchuk sold 24,145 shares of Snap-on 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 completion of the transaction, the chief executive officer now owns 759,019 shares in the company, valued at $204,138,160.05. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, 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 owns 55,401 shares of the company’s stock, valued at $18,460,167.21. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 50,335 shares of company stock worth $14,706,082. Corporate insiders own 4.10% of the company’s stock.

Snap-on Trading Up 1.8 %

Shares of SNA stock opened at $359.37 on Friday. The company has a debt-to-equity ratio of 0.22, a quick ratio of 3.14 and a current ratio of 4.18. The stock has a market capitalization of $18.87 billion, a P/E ratio of 18.50, a price-to-earnings-growth ratio of 2.34 and a beta of 0.96. The company has a 50 day moving average price of $301.16 and a 200 day moving average price of $281.90. Snap-on Incorporated has a fifty-two week low of $252.98 and a fifty-two week high of $360.41.

Snap-on declared that its Board of Directors has initiated a share repurchase program on Thursday, August 8th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the company to reacquire up to 3.5% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s leadership believes its shares are undervalued.

Snap-on Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Thursday, November 21st will be issued a $2.14 dividend. This represents a $8.56 dividend on an annualized basis and a dividend yield of 2.38%. This is a boost from Snap-on’s previous quarterly dividend of $1.86. Snap-on’s payout ratio is 38.29%.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the stock. Barrington Research raised their price objective 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 lifted their price target on shares of Snap-on from $290.00 to $347.00 and gave the company a “neutral” rating in a research report on Friday, October 18th. Bank of America lifted their price target 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. Roth Mkm lifted their price target on shares of Snap-on from $324.00 to $365.00 and gave the company a “buy” rating in a research report on Tuesday, October 22nd. Finally, Tigress Financial lifted their price target on shares of Snap-on from $336.00 to $385.00 and gave the company a “buy” rating in a research report on Friday, October 25th. 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 company’s stock. According to MarketBeat.com, the stock presently has a consensus 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.