Covenant Partners LLC Grows Stock Holdings in Snap-on Incorporated (NYSE:SNA)

Covenant Partners LLC increased its stake in Snap-on Incorporated (NYSE:SNA) by 1.3% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 5,323 shares of the company’s stock after purchasing an additional 69 shares during the quarter. Snap-on accounts for 0.4% of Covenant Partners LLC’s portfolio, making the stock its 29th largest position. Covenant Partners LLC’s holdings in Snap-on were worth $1,542,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in the stock. Opal Wealth Advisors LLC bought a new stake in shares of Snap-on during the second quarter valued at approximately $30,000. Innealta Capital LLC purchased a new position in Snap-on during the second quarter worth $32,000. Massmutual Trust Co. FSB ADV increased its position in Snap-on by 53.0% during the third quarter. Massmutual Trust Co. FSB ADV now owns 127 shares of the company’s stock valued at $37,000 after acquiring an additional 44 shares during the last quarter. Quarry LP raised its stake in shares of Snap-on by 244.7% in the second quarter. Quarry LP now owns 162 shares of the company’s stock valued at $42,000 after acquiring an additional 115 shares during the period. Finally, Fidelis Capital Partners LLC bought a new stake in shares of Snap-on in the 1st quarter worth about $56,000. Institutional investors own 84.88% of the company’s stock.

Snap-on Stock Up 0.3 %

Shares of NYSE:SNA traded up $0.93 during trading hours on Friday, hitting $326.58. The company’s stock had a trading volume of 222,112 shares, compared to its average volume of 304,530. The company has a debt-to-equity ratio of 0.22, a current ratio of 4.18 and a quick ratio of 3.14. The firm’s fifty day moving average price is $289.40 and its 200 day moving average price is $277.91. Snap-on Incorporated has a 52 week low of $250.30 and a 52 week high of $330.51. The company has a market capitalization of $17.15 billion, a price-to-earnings ratio of 16.81, a P/E/G ratio of 2.14 and a beta of 0.98.

Snap-on Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 10th. Stockholders of record on Monday, August 19th were given a $1.86 dividend. This represents a $7.44 dividend on an annualized basis and a dividend yield of 2.28%. The ex-dividend date was Monday, August 19th. Snap-on’s payout ratio is currently 38.29%.

Snap-on announced that its Board of Directors has approved a stock repurchase program on Thursday, August 8th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the company to buy up to 3.5% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on SNA. Bank of America raised their price objective on shares of Snap-on from $255.00 to $280.00 and gave the stock an “underperform” rating in a research note on Friday, October 18th. Robert W. Baird upped their price target 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. Tigress Financial raised 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. Barrington Research boosted their price objective on shares of Snap-on from $325.00 to $350.00 and gave the company an “outperform” rating in a research report on Thursday, October 17th. Finally, 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 research report on Tuesday. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $345.40.

Insider Activity at Snap-on

In other news, VP Richard Thomas Miller sold 1,750 shares of the company’s stock in a transaction on Friday, October 18th. The stock was sold at an average price of $330.00, for a total transaction of $577,500.00. Following the transaction, the vice president now directly owns 3,218 shares of the company’s stock, valued at approximately $1,061,940. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, VP Iain Boyd sold 6,044 shares of the firm’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $298.99, for a total transaction of $1,807,095.56. Following the sale, the vice president now directly owns 10,493 shares in the company, valued at $3,137,302.07. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Richard Thomas Miller sold 1,750 shares of the business’s stock in a transaction that occurred on Friday, October 18th. The shares were sold at an average price of $330.00, for a total value of $577,500.00. Following the completion of the sale, the vice president now owns 3,218 shares of the company’s stock, valued at $1,061,940. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 37,598 shares of company stock valued at $10,461,986 over the last 90 days. Insiders own 4.10% of the company’s stock.

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.