Advisors Asset Management Inc. Sells 1,564 Shares of Snap-on Incorporated (NYSE:SNA)

Advisors Asset Management Inc. lowered its stake in shares of Snap-on Incorporated (NYSE:SNA) by 11.1% in the third quarter, according to its most recent disclosure with the SEC. The fund owned 12,507 shares of the company’s stock after selling 1,564 shares during the period. Advisors Asset Management Inc.’s holdings in Snap-on were worth $3,623,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Mawer Investment Management Ltd. lifted its position in shares of Snap-on by 234.7% in the 2nd quarter. Mawer Investment Management Ltd. now owns 632,226 shares of the company’s stock worth $165,258,000 after acquiring an additional 443,333 shares during the period. Pacer Advisors Inc. lifted its position in Snap-on by 51.2% in 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 period. Millennium Management LLC boosted its stake 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 buying an additional 152,631 shares in the last quarter. International Assets Investment Management LLC increased its holdings in Snap-on by 34,381.0% in the 3rd quarter. International Assets Investment Management LLC now owns 130,338 shares of the company’s stock valued at $37,760,000 after buying an additional 129,960 shares during the period. Finally, Glassman Wealth Services acquired a new position in shares of Snap-on in the 2nd quarter valued at $26,608,000. Institutional investors own 84.88% of the company’s stock.

Insider Buying and Selling

In related news, VP Iain Boyd sold 6,044 shares of Snap-on stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $298.99, for a total value of $1,807,095.56. Following the completion of the sale, the vice president now directly owns 10,493 shares in the company, valued at $3,137,302.07. This trade represents a 36.55 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Thomas J. Ward sold 12,737 shares of the company’s stock in a transaction dated 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 transaction, the senior vice president now owns 55,401 shares in the company, valued at approximately $18,460,167.21. The trade was a 18.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 21,717 shares of company stock worth $6,965,480 in the last quarter. Insiders own 4.10% of the company’s stock.

Snap-on Trading Up 1.3 %

Shares of SNA opened at $365.97 on Friday. The stock has a fifty day moving average price of $315.92 and a two-hundred day moving average price of $287.44. 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 market cap of $19.22 billion, a price-to-earnings ratio of 18.84, a PEG ratio of 2.35 and a beta of 0.96. Snap-on Incorporated has a 52-week low of $252.98 and a 52-week high of $367.12.

Snap-on (NYSE:SNA) last issued its quarterly earnings results on Thursday, October 17th. The company reported $4.70 earnings per share (EPS) for the quarter, topping 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 business had revenue of $1.15 billion for the quarter, compared to the consensus estimate of $1.16 billion. Analysts predict that Snap-on Incorporated will post 19.05 EPS for the current fiscal year.

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

Snap-on Increases Dividend

The business also recently declared 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. The ex-dividend date is Thursday, November 21st. This represents a $8.56 dividend on an annualized basis and a dividend yield of 2.34%. This is a positive change from Snap-on’s previous quarterly dividend of $1.86. Snap-on’s dividend payout ratio (DPR) is currently 38.29%.

Analyst Ratings Changes

A number of analysts recently weighed in on SNA shares. Tigress Financial upped their target price on shares of Snap-on from $336.00 to $385.00 and gave the company a “buy” rating in a research note on Friday, October 25th. Bank of America increased their target price on Snap-on from $255.00 to $280.00 and gave the stock an “underperform” rating in a report on Friday, October 18th. Robert W. Baird boosted their price target on Snap-on from $290.00 to $347.00 and gave the company a “neutral” rating in a research note on Friday, October 18th. Roth Mkm increased 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. Finally, Barrington Research boosted their target price on shares of Snap-on from $325.00 to $350.00 and gave the company an “outperform” rating in a research note on Thursday, October 17th. One investment 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, the stock has a consensus rating of “Hold” and an average target price of $345.40.

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.