FORA Capital LLC Grows Stock Position in Snap-on Incorporated (NYSE:SNA)

FORA Capital LLC grew its position in shares of Snap-on Incorporated (NYSE:SNA) by 5.1% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 7,255 shares of the company’s stock after buying an additional 350 shares during the period. FORA Capital LLC’s holdings in Snap-on were worth $2,102,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Reston Wealth Management LLC bought a new position in Snap-on in the 3rd quarter worth approximately $30,000. Opal Wealth Advisors LLC bought a new position in shares of Snap-on in the second quarter worth $30,000. Innealta Capital LLC purchased a new position in shares of Snap-on in the second quarter valued at $32,000. Massmutual Trust Co. FSB ADV raised its stake in shares of Snap-on by 53.0% during the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 127 shares of the company’s stock valued at $37,000 after purchasing an additional 44 shares during the period. Finally, Brooklyn Investment Group purchased a new stake in Snap-on during the 3rd quarter worth about $39,000. Institutional investors own 84.88% of the company’s stock.

Snap-on Stock Performance

Shares of NYSE SNA opened at $369.23 on Thursday. The stock has a market cap of $19.39 billion, a price-to-earnings ratio of 19.00, a P/E/G ratio of 2.45 and a beta of 0.96. The stock’s 50-day moving average is $321.25 and its 200 day moving average is $289.52. The company has a current ratio of 4.18, a quick ratio of 3.14 and a debt-to-equity ratio of 0.22. Snap-on Incorporated has a 1-year low of $252.98 and a 1-year high of $373.89.

Snap-on (NYSE:SNA) last announced its quarterly earnings data on Thursday, October 17th. The company reported $4.70 earnings per share for the quarter, topping analysts’ consensus estimates of $4.58 by $0.12. Snap-on had a net margin of 22.13% and a return on equity of 19.44%. The firm had revenue of $1.15 billion during the quarter, compared to analyst estimates of $1.16 billion. On average, sell-side analysts anticipate that Snap-on Incorporated will post 19.05 EPS for the current fiscal year.

Snap-on Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Thursday, November 21st will be issued a $2.14 dividend. The ex-dividend date is Thursday, November 21st. This represents a $8.56 annualized dividend and a dividend yield of 2.32%. This is an increase 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 of Directors has approved a stock repurchase plan on Thursday, August 8th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the company to purchase up to 3.5% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. 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. Tigress Financial raised their price target on shares of Snap-on from $336.00 to $385.00 and gave the company 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 company an “underperform” rating in a research report on Friday, October 18th. Barrington Research increased their price objective on Snap-on from $325.00 to $350.00 and gave the stock an “outperform” rating in a research report on Thursday, October 17th. Finally, Roth Mkm boosted their target price on Snap-on from $324.00 to $365.00 and gave the stock a “buy” rating in a research 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. Based on data from MarketBeat.com, Snap-on presently has an average rating of “Hold” and a consensus target price of $345.40.

Insider Activity

In related news, VP Iain Boyd sold 6,044 shares of Snap-on stock in a transaction on Tuesday, October 15th. The shares were 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 of the company’s stock, valued at $3,137,302.07. The trade was a 36.55 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Thomas J. Ward sold 12,737 shares of the stock in a transaction on Monday, October 28th. The shares were sold at an average price of $333.21, for a total transaction of $4,244,095.77. Following the sale, the senior vice president now directly owns 55,401 shares of the company’s stock, valued at $18,460,167.21. The trade was a 18.69 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 20,531 shares of company stock valued at $6,628,691. Insiders own 4.10% of the company’s stock.

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.