Commerce Bank cut its stake in shares of Snap-on Incorporated (NYSE:SNA) by 12.2% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 3,153 shares of the company’s stock after selling 440 shares during the period. Commerce Bank’s holdings in Snap-on were worth $659,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Moors & Cabot Inc. acquired a new position in Snap-on during the third quarter valued at approximately $25,000. MUFG Americas Holdings Corp acquired a new position in Snap-on during the third quarter valued at approximately $29,000. West Financial Advisors LLC acquired a new position in Snap-on during the third quarter valued at approximately $35,000. Capital Analysts LLC acquired a new position in Snap-on during the third quarter valued at approximately $42,000. Finally, NuWave Investment Management LLC acquired a new position in Snap-on during the third quarter valued at approximately $58,000. 86.89% of the stock is owned by hedge funds and other institutional investors.
In other Snap-on news, Director Karen L. Daniel sold 2,259 shares of the firm’s stock in a transaction on Thursday, December 9th. The stock was sold at an average price of $213.56, for a total transaction of $482,432.04. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Aldo John Pagliari sold 6,191 shares of the firm’s stock in a transaction on Thursday, December 9th. The stock was sold at an average price of $214.00, for a total value of $1,324,874.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 33,330 shares of company stock worth $7,124,162. Corporate insiders own 4.20% of the company’s stock.
Snap-on (NYSE:SNA) last announced its earnings results on Thursday, October 21st. The company reported $3.57 earnings per share for the quarter, topping the Zacks’ consensus estimate of $3.35 by $0.22. The company had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.01 billion. Snap-on had a return on equity of 20.37% and a net margin of 19.10%. The firm’s quarterly revenue was up 10.2% compared to the same quarter last year. During the same quarter last year, the company earned $3.28 earnings per share. Analysts forecast that Snap-on Incorporated will post 14.39 EPS for the current year.
Snap-on declared that its Board of Directors has initiated a stock buyback plan on Thursday, November 4th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the company to buy up to 4.4% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its stock is undervalued.
The company also recently announced a quarterly dividend, which was paid on Friday, December 10th. Stockholders of record on Friday, November 19th were paid a dividend of $1.42 per share. The ex-dividend date was Thursday, November 18th. This represents a $5.68 dividend on an annualized basis and a dividend yield of 2.58%. This is a positive change from Snap-on’s previous quarterly dividend of $1.23. Snap-on’s dividend payout ratio (DPR) is 38.77%.
A number of analysts have recently issued reports on the company. Bank of America cut Snap-on from a “neutral” rating to an “underperform” rating and set a $240.00 price objective for the company. in a research report on Friday, September 17th. Tigress Financial raised their price objective on Snap-on from $289.00 to $295.00 and gave the company a “buy” rating in a research report on Friday, October 29th. Finally, Zacks Investment Research raised Snap-on from a “hold” rating to a “buy” rating and set a $225.00 price objective for the company in a research report on Friday, October 22nd. One equities research 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. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $256.00.
Snap-on Company Profile
Snap-On, Inc engages in the manufacture and marketing of tools, equipment, diagnostics, repair information, and systems solutions for professional users performing critical tasks. Its products and services include hand and power tools, tool storage, diagnostics software, handheld and PC-based diagnostic products, information and management systems, shop equipment and other solutions for vehicle dealerships and repair centers, as well as for customers in industries, such as aviation and aerospace, agriculture, construction, government and military, mining, natural resources, power generation and technical education.
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