Snap-on Incorporated (NYSE:SNA) Holdings Lifted by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC boosted its holdings in shares of Snap-on Incorporated (NYSE:SNA) by 122.1% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 9,480 shares of the company’s stock after buying an additional 5,212 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Snap-on were worth $2,746,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the business. Vest Financial LLC increased its holdings in shares of Snap-on by 15.7% in the 3rd quarter. Vest Financial LLC now owns 100,527 shares of the company’s stock valued at $29,124,000 after purchasing an additional 13,672 shares during the period. New Century Financial Group LLC grew its position in Snap-on by 5.1% during the third quarter. New Century Financial Group LLC now owns 2,514 shares of the company’s stock valued at $728,000 after purchasing an additional 123 shares in the last quarter. Raymond James & Associates increased its stake in Snap-on by 4.7% in the 3rd quarter. Raymond James & Associates now owns 367,464 shares of the company’s stock valued at $106,458,000 after buying an additional 16,485 shares during the period. Blue Trust Inc. lifted its position in Snap-on by 22.1% in the 3rd quarter. Blue Trust Inc. now owns 3,596 shares of the company’s stock worth $1,042,000 after buying an additional 650 shares in the last quarter. Finally, Net Worth Advisory Group acquired a new stake in shares of Snap-on during the 3rd quarter valued at $569,000. 84.88% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

SNA has been the topic of a number of research reports. Tigress Financial upped their price target on shares of Snap-on from $336.00 to $385.00 and gave the stock a “buy” rating in a research note on Friday, October 25th. Roth Mkm boosted their target price on Snap-on from $324.00 to $365.00 and gave the company a “buy” rating in a research note on Tuesday, October 22nd. Robert W. Baird raised their price target on Snap-on from $290.00 to $347.00 and gave the stock a “neutral” rating in a research note on Friday, October 18th. Bank of America boosted their price target on Snap-on from $255.00 to $280.00 and gave the company an “underperform” rating in a research note on Friday, October 18th. Finally, 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. One investment analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $345.40.

Insider Buying and Selling

In other news, SVP Thomas J. Ward sold 12,737 shares of Snap-on stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $333.21, for a total value of $4,244,095.77. Following the transaction, the senior vice president now owns 55,401 shares of the company’s stock, valued at $18,460,167.21. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, CEO Nicholas T. Pinchuk sold 24,145 shares of the stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $268.95, for a total transaction of $6,493,797.75. Following the completion of the sale, the chief executive officer now owns 759,019 shares in the company, valued at $204,138,160.05. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Thomas J. Ward sold 12,737 shares of the firm’s stock in a transaction that occurred on Monday, October 28th. The shares were 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 trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 50,335 shares of company stock worth $14,706,082. 4.10% of the stock is currently owned by insiders.

Snap-on Trading Up 0.3 %

Snap-on stock opened at $333.48 on Wednesday. Snap-on Incorporated has a one year low of $252.21 and a one year high of $335.50. The company’s fifty day moving average price is $291.67 and its two-hundred day moving average price is $278.30. The company has a market capitalization of $17.51 billion, a price-to-earnings ratio of 17.16, a PEG ratio of 2.16 and a beta of 0.98. 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 Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 10th. Investors of record on Monday, August 19th were paid a $1.86 dividend. This represents a $7.44 dividend on an annualized basis and a dividend yield of 2.23%. The ex-dividend date of this dividend was Monday, August 19th. Snap-on’s payout ratio is 38.29%.

Snap-on declared that its board has approved a stock buyback plan on Thursday, August 8th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the company to purchase up to 3.5% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board of directors believes its shares are undervalued.

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.