Principal Street Partners LLC Cuts Stock Position in Snap-on Incorporated (NYSE:SNA)

Principal Street Partners LLC cut its holdings in shares of Snap-on Incorporated (NYSE:SNA) by 22.3% in the 3rd quarter, HoldingsChannel reports. The firm owned 16,949 shares of the company’s stock after selling 4,867 shares during the quarter. Principal Street Partners LLC’s holdings in Snap-on were worth $4,909,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in the business. Mawer Investment Management Ltd. raised its position in 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 period. Pacer Advisors Inc. increased its stake in shares of Snap-on by 51.2% during the 2nd quarter. Pacer Advisors Inc. now owns 829,471 shares of the company’s stock worth $216,815,000 after purchasing an additional 280,997 shares during the last quarter. Millennium Management LLC raised its holdings in shares of Snap-on by 1,786.4% in 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 period. International Assets Investment Management LLC lifted its stake in Snap-on by 34,381.0% in the third quarter. International Assets Investment Management LLC now owns 130,338 shares of the company’s stock valued at $37,760,000 after purchasing an additional 129,960 shares during the last quarter. Finally, Glassman Wealth Services bought a new position in Snap-on during the second quarter valued at $26,608,000. 84.88% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have issued reports on SNA shares. Roth Mkm boosted their target price on Snap-on from $324.00 to $365.00 and gave the company a “buy” rating in a research note on Tuesday, October 22nd. Tigress Financial boosted their price objective on Snap-on from $336.00 to $385.00 and gave the company a “buy” rating in a research note on Friday, October 25th. Barrington Research increased their target price on shares of Snap-on from $325.00 to $350.00 and gave the stock an “outperform” rating in a research report on Thursday, October 17th. Bank of America boosted their price target on shares of Snap-on from $255.00 to $280.00 and gave the company an “underperform” rating in a research report on Friday, October 18th. Finally, Robert W. Baird lifted their price objective on shares of Snap-on from $290.00 to $347.00 and gave the company a “neutral” rating in a research note on Friday, October 18th. One analyst has rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $345.40.

Insiders Place Their Bets

In other news, VP Iain Boyd sold 6,044 shares of the firm’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 sale, the vice president now owns 10,493 shares in the company, valued at approximately $3,137,302.07. This trade represents a 36.55 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Richard Thomas Miller sold 1,750 shares of the stock in a transaction 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 transaction, the vice president now directly owns 3,218 shares in the company, valued at approximately $1,061,940. This represents a 35.23 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 20,531 shares of company stock worth $6,628,691 in the last ninety days. 4.10% of the stock is currently owned by insiders.

Snap-on Trading Down 0.2 %

Shares of SNA opened at $369.80 on Tuesday. Snap-on Incorporated has a twelve month low of $252.98 and a twelve month high of $372.94. The stock has a market cap of $19.42 billion, a PE ratio of 19.09, a P/E/G ratio of 2.42 and a beta of 0.96. The company has a quick ratio of 3.14, a current ratio of 4.18 and a debt-to-equity ratio of 0.22. The business’s 50-day moving average price is $317.63 and its 200-day moving average price is $288.24.

Snap-on (NYSE:SNA) last posted its earnings results on Thursday, October 17th. The company reported $4.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.58 by $0.12. The business had revenue of $1.15 billion for 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%. On average, equities analysts forecast that Snap-on Incorporated will post 19.05 EPS for the current fiscal year.

Snap-on Increases Dividend

The firm also recently announced 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 annualized dividend and a yield of 2.31%. This is a boost from Snap-on’s previous quarterly dividend of $1.86. The ex-dividend date is Thursday, November 21st. Snap-on’s payout ratio is presently 44.06%.

Snap-on declared that its Board of Directors has approved a share repurchase plan on Thursday, August 8th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 3.5% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

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.