New York State Common Retirement Fund Trims Holdings in Snap-on Incorporated (NYSE:SNA)

New York State Common Retirement Fund lowered its position in Snap-on Incorporated (NYSE:SNA) by 7.7% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 122,034 shares of the company’s stock after selling 10,164 shares during the period. New York State Common Retirement Fund’s holdings in Snap-on were worth $35,354,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently bought and sold shares of SNA. Earnest Partners LLC boosted its holdings in shares of Snap-on by 1.4% in the 2nd quarter. Earnest Partners LLC now owns 942,743 shares of the company’s stock valued at $246,424,000 after acquiring an additional 13,033 shares during the last quarter. Pacer Advisors Inc. boosted its holdings in Snap-on by 51.2% in the second 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 during the last quarter. Dimensional Fund Advisors LP grew its position in Snap-on by 8.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 817,536 shares of the company’s stock worth $213,686,000 after purchasing an additional 65,485 shares during the period. Envestnet Asset Management Inc. raised its stake in shares of Snap-on by 0.4% during the 2nd quarter. Envestnet Asset Management Inc. now owns 732,571 shares of the company’s stock valued at $191,487,000 after buying an additional 2,616 shares during the last quarter. Finally, LSV Asset Management lifted its holdings in shares of Snap-on by 0.5% in the 1st quarter. LSV Asset Management now owns 674,341 shares of the company’s stock valued at $199,753,000 after buying an additional 3,535 shares during the period. Institutional investors and hedge funds own 84.88% of the company’s stock.

Snap-on Price Performance

Shares of NYSE SNA opened at $330.29 on Friday. 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 firm has a fifty day moving average of $294.73 and a 200 day moving average of $279.35. The firm has a market cap of $17.34 billion, a PE ratio of 17.00, a PEG ratio of 2.18 and a beta of 0.96. Snap-on Incorporated has a one year low of $252.98 and a one year high of $337.72.

Snap-on Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 10th. Stockholders of record on Monday, August 19th were paid a dividend of $1.86 per share. The ex-dividend date was Monday, August 19th. This represents a $7.44 dividend on an annualized basis and a dividend yield of 2.25%. Snap-on’s dividend payout ratio is currently 38.29%.

Snap-on declared that its Board of Directors has authorized a stock buyback program on Thursday, August 8th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 3.5% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

Several research firms recently commented on SNA. Robert W. Baird raised their target price on Snap-on from $290.00 to $347.00 and gave the stock a “neutral” rating in a report on Friday, October 18th. 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. Barrington Research boosted their target price 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. Roth Mkm raised their price target on shares of Snap-on from $324.00 to $365.00 and gave the company a “buy” rating in a research report on Tuesday, October 22nd. Finally, Tigress Financial upped their price objective on shares of Snap-on from $336.00 to $385.00 and gave the stock a “buy” rating in a research report on Friday, October 25th. One 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’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $345.40.

Insider Buying and Selling

In related news, 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 value of $4,244,095.77. Following the sale, the senior vice president now directly owns 55,401 shares in the company, valued at approximately $18,460,167.21. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, SVP Thomas J. Ward sold 12,737 shares of the stock in a transaction on Monday, October 28th. The stock was sold at an average price of $333.21, for a total value of $4,244,095.77. Following the completion of the transaction, the senior vice president now directly owns 55,401 shares of the company’s stock, valued at approximately $18,460,167.21. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 approximately $648,303.51. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 50,335 shares of company stock worth $14,706,082 in the last 90 days. Insiders own 4.10% of the company’s stock.

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.