Martingale Asset Management L P Sells 18,555 Shares of Snap-on Incorporated (NYSE:SNA)

Martingale Asset Management L P trimmed its holdings in shares of Snap-on Incorporated (NYSE:SNA) by 23.0% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 62,122 shares of the company’s stock after selling 18,555 shares during the quarter. Martingale Asset Management L P owned about 0.12% of Snap-on worth $17,997,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of SNA. Charles Schwab Investment Management Inc. grew its stake in Snap-on by 3.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,728,792 shares of the company’s stock worth $500,848,000 after buying an additional 56,266 shares in the last quarter. Earnest Partners LLC grew its stake in Snap-on by 1.4% during the second quarter. Earnest Partners LLC now owns 942,743 shares of the company’s stock worth $246,424,000 after buying an additional 13,033 shares in the last quarter. Pacer Advisors Inc. grew 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 in the last quarter. 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. 84.88% of the stock is owned by institutional investors.

Insider Activity

In other news, VP Richard Thomas Miller sold 1,750 shares of Snap-on stock in a transaction on Friday, October 18th. The shares were sold at an average price of $330.00, for a total value of $577,500.00. Following the completion of the sale, the vice president now owns 3,218 shares in the company, valued at $1,061,940. The trade was a 35.23 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Thomas J. Ward sold 12,737 shares of Snap-on 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 sale, the senior vice president now directly 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 sold 20,531 shares of company stock worth $6,628,691 in the last quarter. 4.10% of the stock is owned by corporate insiders.

Snap-on Stock Down 0.6 %

Snap-on stock opened at $369.23 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. Snap-on Incorporated has a 52-week low of $252.98 and a 52-week high of $373.89. The firm has a 50 day moving average price of $323.02 and a two-hundred day moving average price of $290.07. The firm has a market cap of $19.39 billion, a price-to-earnings ratio of 19.00, a PEG ratio of 2.44 and a beta of 0.96.

Snap-on (NYSE:SNA) last released 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 firm had revenue of $1.15 billion during the quarter, compared to analyst estimates of $1.16 billion. Equities analysts predict that Snap-on Incorporated will post 19.05 EPS for the current year.

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

Snap-on Increases Dividend

The business 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 2.32%. This is a positive change from Snap-on’s previous quarterly dividend of $1.86. Snap-on’s payout ratio is currently 44.06%.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. Roth Mkm increased their price objective on shares of Snap-on from $324.00 to $365.00 and gave the stock a “buy” rating in a research note on Tuesday, October 22nd. Robert W. Baird raised their price target on shares of Snap-on from $290.00 to $347.00 and gave the company a “neutral” rating in a research note on Friday, October 18th. Barrington Research raised their price target 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. Tigress Financial raised their price target 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. Finally, Bank of America raised their price target on shares of Snap-on from $255.00 to $280.00 and gave the company an “underperform” rating in a research note on Friday, October 18th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the company 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.