Martingale Asset Management L P Has $18 Million Position in Snap-on Incorporated (NYSE:SNA)

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

A number of other hedge funds have also recently bought and sold shares of SNA. Mawer Investment Management Ltd. boosted its holdings in Snap-on by 234.7% during the 2nd quarter. Mawer Investment Management Ltd. now owns 632,226 shares of the company’s stock worth $165,258,000 after acquiring an additional 443,333 shares during the last quarter. Pacer Advisors Inc. boosted its holdings in Snap-on by 51.2% during the 2nd quarter. Pacer Advisors Inc. now owns 829,471 shares of the company’s stock worth $216,815,000 after acquiring an additional 280,997 shares during the last quarter. Millennium Management LLC boosted its holdings in Snap-on by 1,786.4% during the 2nd quarter. Millennium Management LLC now owns 161,175 shares of the company’s stock worth $42,130,000 after acquiring an additional 152,631 shares during the last quarter. International Assets Investment Management LLC boosted its holdings in Snap-on by 34,381.0% during the 3rd quarter. International Assets Investment Management LLC now owns 130,338 shares of the company’s stock worth $37,760,000 after acquiring an additional 129,960 shares during the last quarter. Finally, Glassman Wealth Services purchased a new position in shares of Snap-on in the 2nd quarter worth about $26,608,000. 84.88% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, VP Iain Boyd sold 6,044 shares of the company’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $298.99, for a total transaction of $1,807,095.56. Following the sale, the vice president now directly owns 10,493 shares in the company, valued at $3,137,302.07. This represents a 36.55 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, VP Richard Thomas Miller sold 1,750 shares of the business’s stock in a transaction dated Friday, October 18th. The stock was sold at an average price of $330.00, for a total value of $577,500.00. Following the transaction, the vice president now directly owns 3,218 shares of the company’s stock, valued at $1,061,940. The trade was a 35.23 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 20,531 shares of company stock worth $6,628,691 over the last ninety days. Company insiders own 4.10% of the company’s stock.

Snap-on Trading Down 0.6 %

Shares of Snap-on stock opened at $369.23 on Friday. Snap-on Incorporated has a 52-week low of $252.98 and a 52-week high of $373.89. The stock’s 50-day simple moving average is $323.02 and its 200 day simple moving average is $290.07. The stock has a market capitalization of $19.39 billion, a P/E ratio of 19.00, a P/E/G ratio of 2.44 and a beta of 0.96. 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 (NYSE:SNA) last announced its quarterly earnings data on Thursday, October 17th. The company reported $4.70 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.58 by $0.12. Snap-on had a return on equity of 19.44% and a net margin of 22.13%. The business had revenue of $1.15 billion for the quarter, compared to analysts’ expectations of $1.16 billion. As a group, research analysts anticipate that Snap-on Incorporated will post 19.05 EPS for the current year.

Snap-on declared that its Board of Directors has approved a stock buyback program on Thursday, August 8th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the company to reacquire up to 3.5% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s management believes its shares are undervalued.

Snap-on Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Thursday, November 21st will be given a dividend of $2.14 per share. The ex-dividend date of this dividend is Thursday, November 21st. This is a boost from Snap-on’s previous quarterly dividend of $1.86. This represents a $8.56 annualized dividend and a dividend yield of 2.32%. Snap-on’s dividend payout ratio is currently 44.06%.

Analyst Ratings Changes

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

About Snap-on

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.