Northwest Bancshares Inc. Reduces Stock Position in Snap-on Incorporated (NYSE:SNA)

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

A number of other institutional investors also recently modified their holdings of SNA. Opal Wealth Advisors LLC purchased a new stake in Snap-on in the 2nd quarter worth approximately $30,000. Reston Wealth Management LLC purchased a new stake in Snap-on in the 3rd quarter worth approximately $30,000. Innealta Capital LLC purchased a new stake in Snap-on in 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 worth $37,000 after purchasing an additional 44 shares in the last quarter. Finally, Quarry LP lifted its stake in Snap-on by 244.7% in the 2nd quarter. Quarry LP now owns 162 shares of the company’s stock worth $42,000 after purchasing an additional 115 shares in the last quarter. 84.88% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have issued reports on SNA. Tigress Financial increased their target price on shares of Snap-on from $336.00 to $385.00 and gave the stock a “buy” rating in a research note on Friday, October 25th. Barrington Research increased their target price on shares of Snap-on from $325.00 to $350.00 and gave the stock an “outperform” rating in a research note on Thursday, October 17th. Robert W. Baird increased 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. Roth Mkm increased 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. Finally, Bank of America increased 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. One 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’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $345.40.

Insider Activity at Snap-on

In other Snap-on news, CFO Aldo John Pagliari sold 4,473 shares of the firm’s stock in a transaction on 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 sale, the chief financial officer now owns 99,244 shares of the company’s stock, valued at $27,663,272.56. This trade represents a 4.31 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Thomas J. Ward sold 12,737 shares of the firm’s stock in a transaction on 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 completion of the sale, the senior vice president now directly owns 55,401 shares in the company, valued at approximately $18,460,167.21. This trade represents a 18.69 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 26,190 shares of company stock valued at $8,212,284. Insiders own 4.10% of the company’s stock.

Snap-on Price Performance

Shares of NYSE:SNA opened at $354.74 on Wednesday. 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 $365.35. The company’s fifty day moving average price is $312.62 and its 200-day moving average price is $286.42. The firm 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 released its earnings results on Thursday, October 17th. The company reported $4.70 EPS for the quarter, beating the consensus estimate of $4.58 by $0.12. Snap-on had a net margin of 22.13% and a return on equity of 19.44%. The company had revenue of $1.15 billion for the quarter, compared to analyst estimates of $1.16 billion. On average, equities research analysts anticipate that Snap-on Incorporated will post 19.05 earnings per share for the current fiscal year.

Snap-on Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Thursday, November 21st will be issued a dividend of $2.14 per share. The ex-dividend date is Thursday, November 21st. This represents a $8.56 annualized dividend and a dividend yield of 2.41%. This is a positive change from Snap-on’s previous quarterly dividend of $1.86. Snap-on’s dividend payout ratio (DPR) is currently 38.29%.

Snap-on announced that its Board of Directors has initiated a share repurchase program on Thursday, August 8th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 3.5% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.

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.