Raymond James & Associates Acquires 16,485 Shares of Snap-on Incorporated (NYSE:SNA)

Raymond James & Associates grew its holdings in shares of Snap-on Incorporated (NYSE:SNA) by 4.7% during the third quarter, Holdings Channel.com reports. The institutional investor owned 367,464 shares of the company’s stock after purchasing an additional 16,485 shares during the quarter. Raymond James & Associates’ holdings in Snap-on were worth $106,458,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the stock. Wellington Management Group LLP grew its stake in shares of Snap-on by 3.3% in the 4th quarter. Wellington Management Group LLP now owns 159,233 shares of the company’s stock valued at $45,993,000 after buying an additional 5,144 shares during the period. Nomura Holdings Inc. bought a new stake in shares of Snap-on during the fourth quarter valued at approximately $304,000. Czech National Bank increased its holdings in shares of Snap-on by 0.4% during the first quarter. Czech National Bank now owns 9,286 shares of the company’s stock valued at $2,751,000 after acquiring an additional 41 shares in the last quarter. &PARTNERS acquired a new position in shares of Snap-on during the first quarter worth approximately $248,000. Finally, AdvisorNet Financial Inc lifted its holdings in shares of Snap-on by 1,327.2% in the 1st quarter. AdvisorNet Financial Inc now owns 1,156 shares of the company’s stock worth $342,000 after purchasing an additional 1,075 shares in the last quarter. Institutional investors and hedge funds own 84.88% of the company’s stock.

Insiders Place Their Bets

In other news, VP June C. Lemerand sold 1,186 shares of Snap-on stock in a transaction on Monday, August 26th. The stock was sold at an average price of $283.97, for a total transaction of $336,788.42. Following the sale, the vice president now directly owns 2,283 shares in the company, valued at $648,303.51. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, CEO Nicholas T. Pinchuk sold 24,145 shares of the stock in a transaction 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 transaction, the chief executive officer now owns 759,019 shares in the company, valued at approximately $204,138,160.05. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP June C. Lemerand sold 1,186 shares of the business’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $283.97, for a total value of $336,788.42. Following the completion of the sale, the vice president now owns 2,283 shares in the company, valued at $648,303.51. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 35,848 shares of company stock valued at $9,884,486. Insiders own 4.10% of the company’s stock.

Snap-on Stock Down 0.5 %

SNA opened at $326.09 on Monday. Snap-on Incorporated has a fifty-two week low of $249.84 and a fifty-two week high of $330.51. The firm has a market capitalization of $17.19 billion, a P/E ratio of 17.11, a PEG ratio of 2.06 and a beta of 0.98. The company’s 50-day moving average is $284.18 and its 200 day moving average is $276.57. The company has a debt-to-equity ratio of 0.22, a current ratio of 4.06 and a quick ratio of 3.05.

Snap-on (NYSE:SNA) last posted its earnings results on Thursday, July 18th. The company reported $5.07 EPS for the quarter, topping the consensus estimate of $4.94 by $0.13. The firm had revenue of $1.18 billion for the quarter, compared to analysts’ expectations of $1.20 billion. Snap-on had a net margin of 21.90% and a return on equity of 19.90%. The company’s quarterly revenue was down 1.0% compared to the same quarter last year. During the same quarter last year, the firm earned $4.89 EPS. Research analysts expect that Snap-on Incorporated will post 18.95 earnings per share for the current fiscal year.

Snap-on declared that its board 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 buy up to 3.5% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s leadership believes its shares are undervalued.

Snap-on Dividend Announcement

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

Analysts Set New Price Targets

A number of analysts have commented on SNA shares. Roth Mkm restated a “buy” rating and set a $324.00 price target on shares of Snap-on in a research note on Tuesday, July 16th. Tigress Financial reissued a “buy” rating and set a $336.00 target price on shares of Snap-on in a research report on Thursday, July 25th. Barrington Research raised their price target on shares of Snap-on from $325.00 to $350.00 and gave the company an “outperform” rating in a research report on Thursday. Robert W. Baird lifted their price target on Snap-on from $290.00 to $347.00 and gave the company a “neutral” rating in a research note on Friday. Finally, Bank of America increased their price objective on Snap-on from $255.00 to $280.00 and gave the stock an “underperform” rating in a research note on Friday. One research analyst has rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $327.40.

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.