ING Groep NV Trims Position in Snap-on Incorporated (NYSE:SNA)

ING Groep NV lowered its stake in shares of Snap-on Incorporated (NYSE:SNA) by 0.7% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 7,046 shares of the company’s stock after selling 48 shares during the quarter. ING Groep NV’s holdings in Snap-on were worth $2,041,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Lake Street Advisors Group LLC lifted its position in Snap-on by 3.1% during the 3rd quarter. Lake Street Advisors Group LLC now owns 1,074 shares of the company’s stock worth $311,000 after acquiring an additional 32 shares during the period. Metis Global Partners LLC lifted its holdings in shares of Snap-on by 1.9% during the third quarter. Metis Global Partners LLC now owns 1,691 shares of the company’s stock worth $490,000 after purchasing an additional 32 shares during the period. Verdence Capital Advisors LLC lifted its holdings in shares of Snap-on by 2.5% during the third quarter. Verdence Capital Advisors LLC now owns 1,526 shares of the company’s stock worth $442,000 after purchasing an additional 37 shares during the period. TFB Advisors LLC increased its stake in Snap-on by 3.2% in the 2nd quarter. TFB Advisors LLC now owns 1,226 shares of the company’s stock valued at $320,000 after buying an additional 38 shares during the period. Finally, Crestwood Advisors Group LLC raised its position in Snap-on by 1.0% during the 3rd quarter. Crestwood Advisors Group LLC now owns 3,759 shares of the company’s stock worth $1,089,000 after buying an additional 38 shares during the last quarter. Hedge funds and other institutional investors own 84.88% of the company’s stock.

Insider Buying and Selling at Snap-on

In related news, CFO Aldo John Pagliari sold 4,473 shares of the business’s stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $278.74, for a total value of $1,246,804.02. Following the completion of the transaction, the chief financial officer now owns 99,244 shares of the company’s stock, valued at approximately $27,663,272.56. The trade was a 4.31 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Thomas J. Ward sold 12,737 shares of the firm’s stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $333.21, for a total transaction of $4,244,095.77. Following the sale, the senior vice president now directly owns 55,401 shares in the company, valued at $18,460,167.21. This represents a 18.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 26,190 shares of company stock worth $8,212,284. 4.10% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

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

Snap-on Price Performance

Shares of NYSE:SNA opened at $357.06 on Friday. The firm has a market capitalization of $18.75 billion, a price-to-earnings ratio of 18.38, a price-to-earnings-growth ratio of 2.39 and a beta of 0.96. The company has a debt-to-equity ratio of 0.22, a current ratio of 4.18 and a quick ratio of 3.14. The business’s 50 day simple moving average is $309.42 and its 200-day simple moving average is $285.07. Snap-on Incorporated has a 12 month low of $252.98 and a 12 month high of $365.35.

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

Snap-on declared that its Board of Directors has initiated a stock repurchase plan on Thursday, August 8th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 3.5% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.

Snap-on Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Thursday, November 21st will be paid a $2.14 dividend. This represents a $8.56 dividend on an annualized basis and a yield of 2.40%. This is a boost from Snap-on’s previous quarterly dividend of $1.86. The ex-dividend date is Thursday, November 21st. Snap-on’s dividend payout ratio is presently 44.06%.

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.