DRW Securities LLC Takes Position in Snap-on Incorporated (NYSE:SNA)

DRW Securities LLC purchased a new stake in Snap-on Incorporated (NYSE:SNA) during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 1,113 shares of the company’s stock, valued at approximately $322,000.

A number of other hedge funds have also bought and sold shares of the business. Opal Wealth Advisors LLC acquired a new position in shares of Snap-on during the 2nd quarter worth approximately $30,000. Reston Wealth Management LLC bought a new stake in shares of Snap-on in the third quarter valued at approximately $30,000. Innealta Capital LLC acquired a new stake in Snap-on during the second quarter worth approximately $32,000. Massmutual Trust Co. FSB ADV increased its stake in Snap-on by 53.0% during the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 127 shares of the company’s stock worth $37,000 after acquiring an additional 44 shares during the period. Finally, Quarry LP raised its holdings in Snap-on by 244.7% in the 2nd quarter. Quarry LP now owns 162 shares of the company’s stock valued at $42,000 after acquiring an additional 115 shares in the last quarter. 84.88% of the stock is owned by institutional investors.

Snap-on Trading Up 0.3 %

SNA opened at $371.61 on Wednesday. The company has a market cap of $19.51 billion, a P/E ratio of 19.13, a PEG ratio of 2.45 and a beta of 0.96. The company has a current ratio of 4.18, a quick ratio of 3.14 and a debt-to-equity ratio of 0.22. The company’s 50 day moving average is $319.42 and its 200-day moving average is $288.88. Snap-on Incorporated has a 1-year low of $252.98 and a 1-year high of $372.94.

Snap-on (NYSE:SNA) last issued its earnings results on Thursday, October 17th. The company reported $4.70 earnings per share for the quarter, beating analysts’ consensus estimates of $4.58 by $0.12. The firm had revenue of $1.15 billion for the quarter, compared to analyst estimates of $1.16 billion. Snap-on had a net margin of 22.13% and a return on equity of 19.44%. Equities research analysts predict that Snap-on Incorporated will post 19.05 earnings per share for the current fiscal year.

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 given a dividend of $2.14 per share. The ex-dividend date is Thursday, November 21st. This represents a $8.56 dividend on an annualized basis and a yield of 2.30%. This is a positive change from Snap-on’s previous quarterly dividend of $1.86. Snap-on’s payout ratio is currently 44.06%.

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

Analysts Set New Price Targets

A number of brokerages recently commented on SNA. Barrington Research raised their price target on Snap-on from $325.00 to $350.00 and gave the stock an “outperform” rating in a research report on Thursday, October 17th. Roth Mkm raised their target price on shares of Snap-on from $324.00 to $365.00 and gave the company a “buy” rating in a report on Tuesday, October 22nd. Bank of America boosted their target price on shares of Snap-on from $255.00 to $280.00 and gave the company an “underperform” rating in a research report on Friday, October 18th. Tigress Financial increased their price target 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. Finally, Robert W. Baird boosted their price objective 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. 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 stock. According to data from MarketBeat, Snap-on currently has an average rating of “Hold” and a consensus price target of $345.40.

Insiders Place Their Bets

In related news, SVP Thomas J. Ward sold 12,737 shares of the stock in a transaction 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 sale, the senior vice president now directly owns 55,401 shares in the company, valued at $18,460,167.21. This represents a 18.69 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Iain Boyd sold 6,044 shares of Snap-on stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $298.99, for a total value of $1,807,095.56. Following the transaction, the vice president now directly owns 10,493 shares in the company, valued at $3,137,302.07. The trade was a 36.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 20,531 shares of company stock valued at $6,628,691 in the last 90 days. Corporate 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.