PNC Financial Services Group Inc. Trims Stock Position in Snap-on Incorporated (NYSE:SNA)

PNC Financial Services Group Inc. decreased its stake in Snap-on Incorporated (NYSE:SNA) by 8.4% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 29,842 shares of the company’s stock after selling 2,725 shares during the quarter. PNC Financial Services Group Inc. owned approximately 0.06% of Snap-on worth $8,646,000 as of its most recent SEC filing.

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

Snap-on Stock Up 1.3 %

NYSE SNA opened at $365.97 on Friday. The business has a fifty day moving average price of $315.92 and a 200 day moving average price of $287.44. The company has a debt-to-equity ratio of 0.22, a quick ratio of 3.14 and a current ratio of 4.18. The company has a market cap of $19.22 billion, a P/E ratio of 18.83, a P/E/G ratio of 2.35 and a beta of 0.96. Snap-on Incorporated has a one year low of $252.98 and a one year high of $367.12.

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

Snap-on Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Thursday, November 21st will be given a $2.14 dividend. The ex-dividend date is Thursday, November 21st. This is a positive change from Snap-on’s previous quarterly dividend of $1.86. This represents a $8.56 dividend on an annualized basis and a dividend yield of 2.34%. Snap-on’s dividend payout ratio is 38.29%.

Snap-on declared that its Board of Directors has authorized a stock repurchase program on Thursday, August 8th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the company to repurchase up to 3.5% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its stock is undervalued.

Wall Street Analyst Weigh In

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

Insider Activity at Snap-on

In related news, VP June C. Lemerand sold 1,186 shares of the firm’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $283.97, for a total transaction of $336,788.42. Following the completion of the sale, the vice president now directly owns 2,283 shares in the company, valued at approximately $648,303.51. This trade represents a 34.19 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, 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 transaction, the senior vice president now directly owns 55,401 shares in the company, valued at $18,460,167.21. This trade represents a 18.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 21,717 shares of company stock valued at $6,965,480. 4.10% of the stock is currently owned by 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.