Truvestments Capital LLC Sells 1,053 Shares of Snap-on Incorporated (NYSE:SNA)

Truvestments Capital LLC reduced its stake in Snap-on Incorporated (NYSE:SNA) by 58.4% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 749 shares of the company’s stock after selling 1,053 shares during the period. Truvestments Capital LLC’s holdings in Snap-on were worth $217,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. raised its holdings in Snap-on by 3.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,728,792 shares of the company’s stock valued at $500,848,000 after acquiring an additional 56,266 shares in the last quarter. Earnest Partners LLC raised its stake 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 purchasing an additional 13,033 shares in the last quarter. Pacer Advisors Inc. lifted its position 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 purchasing an additional 78,184 shares during the period. Dimensional Fund Advisors LP grew its stake in Snap-on by 8.7% during the second quarter. Dimensional Fund Advisors LP now owns 817,536 shares of the company’s stock worth $213,686,000 after buying an additional 65,485 shares in the last quarter. Finally, Envestnet Asset Management Inc. grew its stake in Snap-on by 0.4% during the second quarter. Envestnet Asset Management Inc. now owns 732,571 shares of the company’s stock worth $191,487,000 after buying an additional 2,616 shares in the last quarter. Institutional investors and hedge funds own 84.88% of the company’s stock.

Snap-on Stock Up 1.3 %

Shares of NYSE:SNA opened at $370.89 on Tuesday. Snap-on Incorporated has a 52-week low of $252.98 and a 52-week high of $372.94. The company has a market capitalization of $19.47 billion, a PE ratio of 19.09, a price-to-earnings-growth ratio of 2.42 and a beta of 0.96. 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 company has a fifty day moving average of $317.63 and a 200-day moving average of $288.24.

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

Snap-on Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Thursday, November 21st will be paid a $2.14 dividend. The ex-dividend date of this dividend is Thursday, November 21st. This represents a $8.56 annualized dividend and a dividend yield of 2.31%. This is an increase from Snap-on’s previous quarterly dividend of $1.86. Snap-on’s dividend payout ratio is currently 44.06%.

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

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Robert W. Baird upped their price target on shares of Snap-on from $290.00 to $347.00 and gave the stock a “neutral” rating in a report on Friday, October 18th. Barrington Research upped their target price on Snap-on from $325.00 to $350.00 and gave the stock an “outperform” rating in a research note on Thursday, October 17th. Bank of America lifted their price target on Snap-on from $255.00 to $280.00 and gave the company an “underperform” rating in a research note on Friday, October 18th. Tigress Financial upped their price objective on Snap-on from $336.00 to $385.00 and gave the stock a “buy” rating in a research report on Friday, October 25th. Finally, Roth Mkm lifted their target price on Snap-on from $324.00 to $365.00 and gave the company a “buy” rating in a research report on Tuesday, October 22nd. One research analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, Snap-on currently has a consensus rating of “Hold” and a consensus price target of $345.40.

Insider Activity at Snap-on

In other Snap-on news, SVP Thomas J. Ward sold 12,737 shares of the company’s stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $333.21, for a total value 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 represents a 18.69 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Richard Thomas Miller sold 1,750 shares of Snap-on stock in a transaction on Friday, October 18th. The stock was sold at an average price of $330.00, for a total transaction of $577,500.00. Following the transaction, the vice president now owns 3,218 shares in the company, valued at approximately $1,061,940. This trade represents a 35.23 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 20,531 shares of company stock worth $6,628,691 in the last quarter. 4.10% of the stock is owned by insiders.

Snap-on 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.