Mirae Asset Global Investments Co. Ltd. Increases Stock Position in Snap-on Incorporated (NYSE:SNA)

Mirae Asset Global Investments Co. Ltd. raised its position in shares of Snap-on Incorporated (NYSE:SNA) by 14.6% during the third quarter, HoldingsChannel reports. The firm owned 36,252 shares of the company’s stock after purchasing an additional 4,611 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Snap-on were worth $10,459,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of SNA. Lake Street Advisors Group LLC lifted its position in Snap-on by 3.1% in the 3rd quarter. Lake Street Advisors Group LLC now owns 1,074 shares of the company’s stock worth $311,000 after buying an additional 32 shares during the last quarter. Dumont & Blake Investment Advisors LLC purchased a new position in shares of Snap-on during the third quarter worth approximately $209,000. Ballentine Partners LLC lifted its holdings in shares of Snap-on by 13.9% in the 3rd quarter. Ballentine Partners LLC now owns 1,130 shares of the company’s stock worth $327,000 after acquiring an additional 138 shares during the last quarter. Impact Partnership Wealth LLC purchased a new stake in shares of Snap-on in the 3rd quarter valued at $551,000. Finally, Hennion & Walsh Asset Management Inc. grew its holdings in shares of Snap-on by 10.5% during the 3rd quarter. Hennion & Walsh Asset Management Inc. now owns 2,906 shares of the company’s stock valued at $842,000 after purchasing an additional 276 shares during the last quarter. 84.88% of the stock is currently owned by hedge funds and other institutional investors.

Snap-on Trading Up 0.3 %

NYSE SNA opened at $326.58 on Monday. The company has a debt-to-equity ratio of 0.22, a quick ratio of 3.14 and a current ratio of 4.18. Snap-on Incorporated has a fifty-two week low of $250.30 and a fifty-two week high of $330.51. The stock has a market cap of $17.22 billion, a P/E ratio of 17.13, a price-to-earnings-growth ratio of 2.14 and a beta of 0.98. The stock has a 50 day simple moving average of $289.40 and a two-hundred day simple moving average of $277.70.

Snap-on Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 10th. Investors of record on Monday, August 19th were issued a $1.86 dividend. This represents a $7.44 annualized dividend and a yield of 2.28%. The ex-dividend date of this dividend was Monday, August 19th. Snap-on’s dividend payout ratio (DPR) is currently 39.03%.

Snap-on announced that its board has authorized a share buyback program on Thursday, August 8th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 3.5% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

SNA has been the subject of several recent research reports. Barrington Research boosted their price target 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. Tigress Financial increased their target price on Snap-on from $336.00 to $385.00 and gave the company a “buy” rating in a report on Friday. Bank of America lifted their price target on Snap-on from $255.00 to $280.00 and gave the stock an “underperform” rating in a research note on Friday, October 18th. Roth Mkm raised their target price 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, Robert W. Baird lifted their target price on shares of Snap-on from $290.00 to $347.00 and gave the stock a “neutral” rating in a research note on Friday, October 18th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $345.40.

Insiders Place Their Bets

In other news, CEO Nicholas T. Pinchuk sold 24,145 shares of Snap-on stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $268.95, for a total transaction of $6,493,797.75. Following the sale, the chief executive officer now owns 759,019 shares of the company’s stock, valued at approximately $204,138,160.05. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Snap-on news, CEO Nicholas T. Pinchuk sold 24,145 shares of the firm’s stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $268.95, for a total value of $6,493,797.75. Following the completion of the sale, the chief executive officer now directly owns 759,019 shares in the company, valued at $204,138,160.05. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO Aldo John Pagliari sold 4,473 shares of Snap-on stock in a transaction that occurred 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 directly owns 99,244 shares in the company, valued at approximately $27,663,272.56. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 37,598 shares of company stock worth $10,461,986. 4.10% of the stock is currently owned by corporate insiders.

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.