Zurcher Kantonalbank Zurich Cantonalbank Sells 30,525 Shares of Snap-on Incorporated (NYSE:SNA)

Zurcher Kantonalbank Zurich Cantonalbank reduced its position in Snap-on Incorporated (NYSE:SNA) by 53.6% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 26,447 shares of the company’s stock after selling 30,525 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank owned approximately 0.05% of Snap-on worth $7,662,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the business. Reston Wealth Management LLC bought a new position in shares of Snap-on in the third quarter valued at $30,000. Opal Wealth Advisors LLC bought a new position in Snap-on in the 2nd quarter valued at about $30,000. Innealta Capital LLC bought a new stake in Snap-on during the 2nd quarter worth approximately $32,000. Massmutual Trust Co. FSB ADV raised its stake in shares of Snap-on by 53.0% in the third quarter. Massmutual Trust Co. FSB ADV now owns 127 shares of the company’s stock worth $37,000 after purchasing an additional 44 shares during the last quarter. Finally, Brooklyn Investment Group purchased a new position in shares of Snap-on during the third quarter valued at approximately $39,000. Institutional investors and hedge funds own 84.88% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently commented on SNA shares. Barrington Research increased their price target on Snap-on from $325.00 to $350.00 and gave the company an “outperform” rating in a research report on Thursday, October 17th. Bank of America raised 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. Robert W. Baird upped their price objective on shares of Snap-on from $290.00 to $347.00 and gave the stock a “neutral” rating in a research report on Friday, October 18th. Tigress Financial lifted their target price 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. Finally, Roth Mkm increased their price target on Snap-on from $324.00 to $365.00 and gave the stock a “buy” rating in a research note on Tuesday, October 22nd. One investment 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’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $345.40.

Insiders Place Their Bets

In related news, VP Iain Boyd sold 6,044 shares of the company’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 of the company’s stock, valued at $3,137,302.07. This represents a 36.55 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Thomas J. Ward sold 12,737 shares of Snap-on stock in a transaction that occurred 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 owns 55,401 shares of the company’s stock, valued at approximately $18,460,167.21. This trade represents a 18.69 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 20,531 shares of company stock worth $6,628,691 over the last quarter. 4.10% of the stock is currently owned by corporate insiders.

Snap-on Stock Performance

Shares of NYSE:SNA opened at $369.69 on Monday. The company has a current ratio of 4.18, a quick ratio of 3.14 and a debt-to-equity ratio of 0.22. Snap-on Incorporated has a 12 month low of $252.98 and a 12 month high of $373.89. The company has a market cap of $19.41 billion, a price-to-earnings ratio of 19.03, a price-to-earnings-growth ratio of 2.45 and a beta of 0.96. The company has a 50-day moving average price of $326.41 and a 200-day moving average price of $291.33.

Snap-on (NYSE:SNA) last posted its quarterly earnings data on Thursday, October 17th. The company reported $4.70 EPS for the quarter, topping 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 business had revenue of $1.15 billion for the quarter, compared to analyst estimates of $1.16 billion. As a group, equities analysts anticipate that Snap-on Incorporated will post 19.05 EPS for the current year.

Snap-on Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Thursday, November 21st will be paid a $2.14 dividend. This represents a $8.56 annualized dividend and a dividend yield of 2.32%. This is a positive change 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%.

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

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.