BIP Wealth LLC Takes Position in Snap-on Incorporated (NYSE:SNA)

BIP Wealth LLC purchased a new stake in shares of Snap-on Incorporated (NYSE:SNA) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 770 shares of the company’s stock, valued at approximately $223,000.

Other large investors have also recently bought and sold shares of the company. Lake Street Advisors Group LLC boosted 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 boosted 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 grew its position in Snap-on by 2.5% during the third quarter. Verdence Capital Advisors LLC now owns 1,526 shares of the company’s stock valued at $442,000 after purchasing an additional 37 shares in the last quarter. 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 lifted its position in Snap-on by 1.0% in 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 in the last quarter. 84.88% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Snap-on

In other Snap-on news, VP Richard Thomas Miller sold 1,750 shares of the firm’s stock in a transaction that occurred on Friday, October 18th. The stock was sold at an average price of $330.00, for a total value of $577,500.00. Following the sale, the vice president now owns 3,218 shares of the company’s stock, valued at $1,061,940. This trade represents a 35.23 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, SVP Thomas J. Ward sold 12,737 shares of Snap-on stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $333.21, for a total value of $4,244,095.77. Following the completion of the transaction, the senior vice president now directly owns 55,401 shares in the company, valued at approximately $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 have sold 26,190 shares of company stock worth $8,212,284. 4.10% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

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

Snap-on Price Performance

Shares of NYSE:SNA opened at $354.74 on Wednesday. The stock has a market capitalization of $18.63 billion, a P/E ratio of 18.26, a P/E/G ratio of 2.36 and a beta of 0.96. The business has a 50-day moving average of $312.62 and a two-hundred day moving average of $286.42. Snap-on Incorporated has a fifty-two week low of $252.98 and a fifty-two week high of $365.35. 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 (NYSE:SNA) last posted its earnings results on Thursday, October 17th. The company reported $4.70 earnings per share for the quarter, topping the consensus estimate of $4.58 by $0.12. The firm had revenue of $1.15 billion during the quarter, compared to analyst estimates of $1.16 billion. Snap-on had a return on equity of 19.44% and a net margin of 22.13%. On average, equities research analysts predict that Snap-on Incorporated will post 19.05 EPS for the current fiscal year.

Snap-on declared that its Board of Directors 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 buy up to 3.5% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s management believes its stock is undervalued.

Snap-on Increases Dividend

The company also recently disclosed 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. This is an increase from Snap-on’s previous quarterly dividend of $1.86. This represents a $8.56 annualized dividend and a dividend yield of 2.41%. The ex-dividend date of this dividend is Thursday, November 21st. Snap-on’s dividend payout ratio is currently 38.29%.

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.