Snap-on Incorporated (NYSE:SNA) Shares Purchased by Bank of Montreal Can

Bank of Montreal Can grew its position in Snap-on Incorporated (NYSE:SNA) by 6.6% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 394,121 shares of the company’s stock after buying an additional 24,245 shares during the period. Bank of Montreal Can’s holdings in Snap-on were worth $113,708,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Charles Schwab Investment Management Inc. raised its position in Snap-on by 3.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,728,792 shares of the company’s stock valued at $500,848,000 after purchasing an additional 56,266 shares during the period. Earnest Partners LLC lifted its position in Snap-on by 1.4% in the second quarter. Earnest Partners LLC now owns 942,743 shares of the company’s stock valued at $246,424,000 after buying an additional 13,033 shares during the last quarter. Pacer Advisors Inc. boosted its stake in Snap-on by 9.4% during the third quarter. Pacer Advisors Inc. now owns 907,655 shares of the company’s stock worth $262,957,000 after buying an additional 78,184 shares during the period. Dimensional Fund Advisors LP increased its position in shares of Snap-on by 8.7% during the second quarter. Dimensional Fund Advisors LP now owns 817,536 shares of the company’s stock valued at $213,686,000 after acquiring an additional 65,485 shares during the last quarter. Finally, Envestnet Asset Management Inc. raised its stake in shares of Snap-on by 0.4% in the 2nd quarter. Envestnet Asset Management Inc. now owns 732,571 shares of the company’s stock valued at $191,487,000 after acquiring an additional 2,616 shares during the period. Hedge funds and other institutional investors own 84.88% of the company’s stock.

Snap-on Trading Up 0.3 %

SNA opened at $371.61 on Wednesday. The business has a fifty day moving average price of $319.42 and a 200 day moving average price of $288.88. 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 12 month low of $252.98 and a 12 month high of $372.94. The stock has a market capitalization of $19.51 billion, a price-to-earnings ratio of 19.13, a PEG ratio of 2.45 and a beta of 0.96.

Snap-on (NYSE:SNA) last released its earnings results on Thursday, October 17th. The company reported $4.70 earnings per share for the quarter, topping analysts’ consensus estimates of $4.58 by $0.12. Snap-on had a net margin of 22.13% and a return on equity of 19.44%. The firm had revenue of $1.15 billion for the quarter, compared to analyst estimates of $1.16 billion. Sell-side analysts expect that Snap-on Incorporated will post 19.05 earnings per share for the current fiscal year.

Snap-on declared that its Board of Directors has initiated a stock repurchase program on Thursday, August 8th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 3.5% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board believes its stock is undervalued.

Snap-on Increases Dividend

The company 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 dividend of $2.14 per share. The ex-dividend date is Thursday, November 21st. This represents a $8.56 dividend on an annualized basis and a dividend yield of 2.30%. This is an increase from Snap-on’s previous quarterly dividend of $1.86. Snap-on’s payout ratio is presently 44.06%.

Insider Activity at Snap-on

In other Snap-on news, VP Iain Boyd sold 6,044 shares of the firm’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $298.99, for a total transaction of $1,807,095.56. Following the sale, the vice president now owns 10,493 shares of the company’s stock, valued at approximately $3,137,302.07. This trade represents a 36.55 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Thomas J. Ward sold 12,737 shares of the company’s stock in a transaction on Monday, October 28th. The shares were 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 approximately $18,460,167.21. The trade was a 18.69 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 20,531 shares of company stock valued at $6,628,691 over the last quarter. 4.10% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the stock. Bank of America lifted their target price on shares of Snap-on from $255.00 to $280.00 and gave the company an “underperform” rating in a report on Friday, October 18th. Roth Mkm raised their price target on 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 boosted their price objective on Snap-on from $336.00 to $385.00 and gave the company a “buy” rating in a report on Friday, October 25th. Robert W. Baird raised their target price on Snap-on from $290.00 to $347.00 and gave the company a “neutral” rating in a report on Friday, October 18th. Finally, Barrington Research increased their price target 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. One 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. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target 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.