Northwest Bancshares Inc. Has $1.70 Million Stock Position in Snap-on Incorporated (NYSE:SNA)

Northwest Bancshares Inc. lowered its stake in shares of Snap-on Incorporated (NYSE:SNA) by 36.7% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 5,859 shares of the company’s stock after selling 3,397 shares during the period. Northwest Bancshares Inc.’s holdings in Snap-on were worth $1,697,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently made changes to their positions in the stock. Strategy Asset Managers LLC acquired a new position in shares of Snap-on during the third quarter valued at about $209,000. B. Metzler seel. Sohn & Co. Holding AG acquired a new position in shares of Snap-on during the third quarter valued at about $313,000. SouthState Corp raised its holdings in shares of Snap-on by 0.8% during the third quarter. SouthState Corp now owns 21,804 shares of the company’s stock valued at $6,317,000 after purchasing an additional 167 shares during the period. BIP Wealth LLC acquired a new position in shares of Snap-on during the third quarter valued at about $223,000. Finally, Pathstone Holdings LLC increased its position in shares of Snap-on by 5.5% during the third quarter. Pathstone Holdings LLC now owns 5,606 shares of the company’s stock worth $1,624,000 after acquiring an additional 291 shares in the last quarter. Institutional investors and hedge funds own 84.88% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently commented on SNA. Tigress Financial boosted their target price on shares of Snap-on from $336.00 to $385.00 and gave the stock a “buy” rating in a research report on Friday, October 25th. Bank of America boosted their target price 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. Roth Mkm boosted their target price on shares of Snap-on from $324.00 to $365.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. Robert W. Baird boosted their target price on shares of Snap-on from $290.00 to $347.00 and gave the stock a “neutral” rating in a research report on Friday, October 18th. Finally, Barrington Research boosted their target price on shares of Snap-on from $325.00 to $350.00 and gave the stock an “outperform” rating in a research report on Thursday, October 17th. One research analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $345.40.

Snap-on Trading Down 0.7 %

Shares of SNA stock opened at $354.74 on Wednesday. Snap-on Incorporated has a 52-week low of $252.98 and a 52-week high of $365.35. 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 50-day simple moving average of $312.62 and a two-hundred day simple moving average of $286.42. The company has a market capitalization of $18.63 billion, a price-to-earnings ratio of 18.26, a PEG ratio of 2.36 and a beta of 0.96.

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

Snap-on Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders 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 2.41%. 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. Snap-on’s payout ratio is presently 38.29%.

Snap-on announced that its Board of Directors has approved a share buyback plan on Thursday, August 8th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 3.5% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.

Insider Buying and Selling at Snap-on

In other Snap-on news, VP June C. Lemerand sold 1,186 shares of the business’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $283.97, for a total value of $336,788.42. Following the transaction, the vice president now directly owns 2,283 shares in the company, valued at $648,303.51. The trade was a 34.19 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Thomas J. Ward sold 12,737 shares of the company’s stock in a transaction that occurred 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 sale, the senior vice president now owns 55,401 shares in the company, valued at $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 have sold a total of 26,190 shares of company stock worth $8,212,284 over the last three months. 4.10% of the stock is currently owned by insiders.

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.