New York State Teachers Retirement System Sells 4,141 Shares of Snap-on Incorporated (NYSE:SNA)

New York State Teachers Retirement System decreased its holdings in Snap-on Incorporated (NYSE:SNA) by 6.5% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 59,181 shares of the company’s stock after selling 4,141 shares during the period. New York State Teachers Retirement System’s holdings in Snap-on were worth $17,145,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Opal Wealth Advisors LLC acquired a new position in Snap-on during the second quarter worth about $30,000. Innealta Capital LLC acquired a new position in Snap-on during the 2nd quarter worth approximately $32,000. Massmutual Trust Co. FSB ADV lifted its stake in Snap-on by 53.0% in the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 127 shares of the company’s stock valued at $37,000 after purchasing an additional 44 shares during the last quarter. Quarry LP boosted its position in Snap-on by 244.7% in the second quarter. Quarry LP now owns 162 shares of the company’s stock valued at $42,000 after buying an additional 115 shares in the last quarter. Finally, Versant Capital Management Inc grew its stake in shares of Snap-on by 529.0% during the second quarter. Versant Capital Management Inc now owns 195 shares of the company’s stock worth $51,000 after buying an additional 164 shares during the last quarter. 84.88% of the stock is currently owned by institutional investors.

Snap-on Stock Performance

Shares of SNA stock opened at $330.29 on Friday. The stock has a market capitalization of $17.34 billion, a PE ratio of 17.11, a PEG ratio of 2.20 and a beta of 0.98. The business’s 50 day simple moving average is $293.80 and its 200 day simple moving average is $279.04. The company has a debt-to-equity ratio of 0.22, a current ratio of 4.18 and a quick ratio of 3.14. Snap-on Incorporated has a one year low of $252.98 and a one year high of $337.72.

Snap-on Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 10th. Stockholders of record on Monday, August 19th were paid a $1.86 dividend. This represents a $7.44 dividend on an annualized basis and a dividend yield of 2.25%. The ex-dividend date was Monday, August 19th. Snap-on’s dividend payout ratio is currently 38.29%.

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

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on SNA shares. Bank of America increased their price target on Snap-on from $255.00 to $280.00 and gave the company an “underperform” rating in a research note on Friday, October 18th. Tigress Financial lifted their price target on Snap-on from $336.00 to $385.00 and gave the company a “buy” rating in a research note on Friday, October 25th. Barrington Research lifted 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. Robert W. Baird upped their price target on shares of Snap-on from $290.00 to $347.00 and gave the company a “neutral” rating in a research report on Friday, October 18th. Finally, Roth Mkm lifted their price target on shares of Snap-on from $324.00 to $365.00 and gave the stock a “buy” rating in a report on Tuesday, October 22nd. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $345.40.

Insider Buying and Selling

In other Snap-on news, CEO Nicholas T. Pinchuk sold 24,145 shares of the company’s stock in a transaction on Monday, August 12th. The shares were sold at an average price of $268.95, for a total transaction of $6,493,797.75. Following the sale, the chief executive officer now owns 759,019 shares of the company’s stock, valued at approximately $204,138,160.05. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, VP June C. Lemerand sold 1,186 shares of the business’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $283.97, for a total transaction of $336,788.42. Following the transaction, the vice president now owns 2,283 shares in the company, valued at $648,303.51. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Nicholas T. Pinchuk sold 24,145 shares of the stock in a transaction on Monday, August 12th. The stock was sold at an average price of $268.95, for a total transaction of $6,493,797.75. Following the transaction, the chief executive officer now directly owns 759,019 shares in the company, valued at approximately $204,138,160.05. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 50,335 shares of company stock valued at $14,706,082 over the last quarter. Insiders own 4.10% of the company’s stock.

Snap-on Company 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.