Hancock Whitney Corp Buys New Stake in Snap-on Incorporated (NYSE:SNA)

Hancock Whitney Corp purchased a new position in shares of Snap-on Incorporated (NYSE:SNA) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 1,730 shares of the company’s stock, valued at approximately $501,000.

A number of other institutional investors also recently added to or reduced their stakes in SNA. Opal Wealth Advisors LLC bought a new position in shares of Snap-on during the 2nd quarter worth approximately $30,000. Reston Wealth Management LLC bought a new position in shares of Snap-on during the third quarter valued at $30,000. Innealta Capital LLC bought a new stake in shares of Snap-on in the 2nd quarter worth about $32,000. Massmutual Trust Co. FSB ADV increased its position in shares of Snap-on by 53.0% during the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 127 shares of the company’s stock worth $37,000 after purchasing an additional 44 shares in the last quarter. Finally, Quarry LP lifted its holdings in Snap-on by 244.7% during the 2nd quarter. Quarry LP now owns 162 shares of the company’s stock valued at $42,000 after purchasing an additional 115 shares during the last quarter. 84.88% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, 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 value of $4,244,095.77. Following the completion of the sale, the senior vice president now directly owns 55,401 shares of the company’s stock, valued at $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 is available through this hyperlink. Also, 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 transaction, the vice president now directly owns 10,493 shares in the company, valued at $3,137,302.07. The trade was a 36.55 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 20,531 shares of company stock valued at $6,628,691 in the last 90 days. 4.10% of the stock is owned by company insiders.

Snap-on Trading Up 0.3 %

Shares of SNA opened at $371.61 on Wednesday. The stock’s fifty day simple moving average is $319.42 and its 200-day simple moving average is $288.88. The firm has a market capitalization of $19.51 billion, a PE ratio of 19.13, a price-to-earnings-growth ratio of 2.45 and a beta of 0.96. Snap-on Incorporated has a 12-month low of $252.98 and a 12-month high of $372.94. The company has a quick ratio of 3.14, a current ratio of 4.18 and a debt-to-equity ratio of 0.22.

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, beating the consensus estimate of $4.58 by $0.12. Snap-on had a net margin of 22.13% and a return on equity of 19.44%. The company had revenue of $1.15 billion for the quarter, compared to analyst estimates of $1.16 billion. As a group, research analysts predict that Snap-on Incorporated will post 19.05 earnings per share for the current year.

Snap-on declared that its board has initiated a share repurchase plan on Thursday, August 8th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the company to purchase up to 3.5% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s management believes its shares are undervalued.

Snap-on Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Thursday, November 21st will be given a dividend of $2.14 per share. 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 annualized dividend and a dividend yield of 2.30%. Snap-on’s payout ratio is presently 44.06%.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on SNA shares. Robert W. Baird raised their price objective 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. Roth Mkm boosted their price objective on Snap-on from $324.00 to $365.00 and gave the stock a “buy” rating in a research note on Tuesday, October 22nd. Barrington Research raised their target price on Snap-on from $325.00 to $350.00 and gave the company an “outperform” rating in a research note on Thursday, October 17th. Bank of America upped their price target 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. Finally, Tigress Financial raised their price objective 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 investment analyst has rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, Snap-on 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.