Snap-on Incorporated (NYSE:SNA) Shares Acquired by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company raised its holdings in shares of Snap-on Incorporated (NYSE:SNA) by 0.6% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 43,983 shares of the company’s stock after acquiring an additional 273 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.08% of Snap-on worth $12,742,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Mawer Investment Management Ltd. raised its holdings in shares of Snap-on by 234.7% in the second quarter. Mawer Investment Management Ltd. now owns 632,226 shares of the company’s stock worth $165,258,000 after acquiring an additional 443,333 shares during the last quarter. Pacer Advisors Inc. lifted its holdings in Snap-on by 51.2% in the 2nd quarter. Pacer Advisors Inc. now owns 829,471 shares of the company’s stock valued at $216,815,000 after purchasing an additional 280,997 shares in the last quarter. Millennium Management LLC boosted its stake in shares of Snap-on by 1,786.4% during the 2nd quarter. Millennium Management LLC now owns 161,175 shares of the company’s stock worth $42,130,000 after purchasing an additional 152,631 shares during the last quarter. International Assets Investment Management LLC grew its holdings in shares of Snap-on by 34,381.0% during the third quarter. International Assets Investment Management LLC now owns 130,338 shares of the company’s stock worth $37,760,000 after buying an additional 129,960 shares in the last quarter. Finally, Glassman Wealth Services acquired a new position in shares of Snap-on in the second quarter valued at approximately $26,608,000. Institutional investors and hedge funds own 84.88% of the company’s stock.

Snap-on Stock Performance

Shares of NYSE:SNA opened at $366.67 on Tuesday. The business has a 50-day moving average of $328.05 and a two-hundred day moving average of $292.05. The firm has a market capitalization of $19.25 billion, a PE ratio of 18.87, a P/E/G ratio of 2.45 and a beta of 0.96. 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 Incorporated has a 12 month low of $252.98 and a 12 month high of $373.89.

Snap-on (NYSE:SNA) last posted its quarterly earnings results on Thursday, October 17th. The company reported $4.70 EPS for the quarter, beating the consensus estimate 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 for the quarter, compared to analyst estimates of $1.16 billion. As a group, research analysts forecast that Snap-on Incorporated will post 19.05 earnings per share for the current year.

Snap-on announced that its Board of Directors has authorized a share repurchase plan on Thursday, August 8th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the company to reacquire up to 3.5% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s leadership believes its shares are undervalued.

Snap-on Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Thursday, November 21st will be given a dividend of $2.14 per share. This represents a $8.56 dividend on an annualized basis and a yield of 2.33%. This is a boost from Snap-on’s previous quarterly dividend of $1.86. The ex-dividend date of this dividend is Thursday, November 21st. Snap-on’s dividend payout ratio is 44.06%.

Insider Activity at Snap-on

In other news, VP Iain Boyd sold 6,044 shares of the business’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $298.99, for a total transaction of $1,807,095.56. Following the transaction, the vice president now directly owns 10,493 shares of the company’s stock, valued at approximately $3,137,302.07. The trade was a 36.55 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Richard Thomas Miller sold 1,750 shares of the firm’s stock in a transaction on Friday, October 18th. The shares were sold at an average price of $330.00, for a total transaction of $577,500.00. Following the sale, the vice president now directly owns 3,218 shares of the company’s stock, valued at approximately $1,061,940. The trade was a 35.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 20,531 shares of company stock worth $6,628,691. Corporate insiders own 4.10% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Barrington Research lifted their target price 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. Bank of America lifted their price objective on Snap-on from $255.00 to $280.00 and gave the company an “underperform” rating in a research report on Friday, October 18th. Tigress Financial increased their target price on Snap-on from $336.00 to $385.00 and gave the stock a “buy” rating in a research report on Friday, October 25th. Roth Mkm upped their price objective on shares of Snap-on from $324.00 to $365.00 and gave the company a “buy” rating in a research note on Tuesday, October 22nd. Finally, Robert W. Baird increased their price objective 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. One research analyst has rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $345.40.

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.