Townsquare Capital LLC Increases Stake in Snap-on Incorporated (NYSE:SNA)

Townsquare Capital LLC increased its holdings in shares of Snap-on Incorporated (NYSE:SNA) by 3.2% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 26,085 shares of the company’s stock after purchasing an additional 811 shares during the quarter. Townsquare Capital LLC’s holdings in Snap-on were worth $7,557,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the business. Transamerica Financial Advisors Inc. acquired a new position in Snap-on during the third quarter worth approximately $92,000. BNP Paribas Financial Markets boosted its position in Snap-on by 111.4% during the third quarter. BNP Paribas Financial Markets now owns 107,724 shares of the company’s stock worth $31,209,000 after purchasing an additional 56,776 shares in the last quarter. Brooklyn Investment Group purchased a new stake in shares of Snap-on in the third quarter valued at $39,000. Quantbot Technologies LP lifted its position in shares of Snap-on by 121.6% in the third quarter. Quantbot Technologies LP now owns 10,798 shares of the company’s stock valued at $3,128,000 after acquiring an additional 5,926 shares in the last quarter. Finally, FMR LLC lifted its position in Snap-on by 16.3% during the third quarter. FMR LLC now owns 57,543 shares of the company’s stock worth $16,671,000 after buying an additional 8,073 shares during the period. Hedge funds and other institutional investors own 84.88% of the company’s stock.

Wall Street Analyst Weigh In

SNA has been the subject of a number of recent research reports. Barrington Research increased their target price on Snap-on from $325.00 to $350.00 and gave the company an “outperform” rating in a research note on Thursday, October 17th. Tigress Financial raised their price target on 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 lifted their price target on Snap-on from $255.00 to $280.00 and gave the company an “underperform” rating in a research report on Friday, October 18th. Roth Mkm lifted their target price on Snap-on from $324.00 to $365.00 and gave the stock a “buy” rating in a report on Tuesday, October 22nd. Finally, Robert W. Baird raised their target price on Snap-on from $290.00 to $347.00 and gave the stock a “neutral” rating in a research report on Friday, October 18th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $345.40.

Insider Activity

In related news, SVP Thomas J. Ward sold 12,737 shares of Snap-on stock in a transaction dated 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 transaction, the senior vice president now owns 55,401 shares in the company, valued at approximately $18,460,167.21. This trade represents a 18.69 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Richard Thomas Miller sold 1,750 shares of the business’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 approximately $1,061,940. This represents a 35.23 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 20,531 shares of company stock worth $6,628,691 in the last quarter. Corporate insiders own 4.10% of the company’s stock.

Snap-on Stock Down 0.6 %

Shares of SNA opened at $369.23 on Thursday. The company has a market capitalization of $19.39 billion, a P/E ratio of 19.00, a PEG ratio of 2.45 and a beta of 0.96. 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 $373.89. The business’s 50 day simple moving average is $321.25 and its 200-day simple moving average is $289.52.

Snap-on (NYSE:SNA) last announced its quarterly earnings data on Thursday, October 17th. The company reported $4.70 EPS 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 return on equity of 19.44% and a net margin of 22.13%. As a group, sell-side analysts predict that Snap-on Incorporated will post 19.05 EPS for the current fiscal year.

Snap-on Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Thursday, November 21st will be paid a $2.14 dividend. This is an increase from Snap-on’s previous quarterly dividend of $1.86. The ex-dividend date of this dividend is Thursday, November 21st. This represents a $8.56 annualized dividend and a dividend yield of 2.32%. Snap-on’s dividend payout ratio (DPR) is currently 44.06%.

Snap-on announced that its board has authorized a share repurchase 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 an indication that the company’s board believes its stock is 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.