Hilltop Holdings Inc. Acquires Shares of 8,662 Snap-on Incorporated (NYSE:SNA)

Hilltop Holdings Inc. bought a new stake in Snap-on Incorporated (NYSE:SNA) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 8,662 shares of the company’s stock, valued at approximately $2,509,000.

A number of other institutional investors have also modified their holdings of the stock. Opal Wealth Advisors LLC acquired a new stake in shares of Snap-on during the second quarter worth $30,000. Reston Wealth Management LLC acquired a new stake in shares of Snap-on in the 3rd quarter worth $30,000. Innealta Capital LLC purchased a new stake in shares of Snap-on in the second quarter valued at about $32,000. Massmutual Trust Co. FSB ADV boosted its holdings 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 valued at $37,000 after acquiring an additional 44 shares in the last quarter. Finally, Brooklyn Investment Group acquired a new position in shares of Snap-on during the third quarter worth about $39,000. Institutional investors and hedge funds own 84.88% of the company’s stock.

Insider Transactions at Snap-on

In other Snap-on news, VP Iain Boyd sold 6,044 shares of the firm’s stock in a transaction dated 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 directly owns 10,493 shares of the company’s stock, valued at $3,137,302.07. This trade represents a 36.55 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Thomas J. Ward sold 12,737 shares of the business’s stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $333.21, for a total transaction 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 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 valued at $6,628,691 in the last ninety days. Corporate insiders own 4.10% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Robert W. Baird lifted their price objective on Snap-on from $290.00 to $347.00 and gave the company a “neutral” rating in a report on Friday, October 18th. Tigress Financial lifted their price target on Snap-on from $336.00 to $385.00 and gave the company a “buy” rating in a research note on Friday, October 25th. Roth Mkm increased their price objective on Snap-on from $324.00 to $365.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. Barrington Research boosted 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. Finally, Bank of America increased their price target on shares of Snap-on from $255.00 to $280.00 and gave the company an “underperform” rating in a report on Friday, October 18th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $345.40.

Snap-on Stock Performance

Shares of SNA stock opened at $366.67 on Tuesday. 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 stock has a market cap of $19.25 billion, a PE ratio of 18.87, a P/E/G ratio of 2.45 and a beta of 0.98. Snap-on Incorporated has a 1 year low of $252.98 and a 1 year high of $373.89. The stock has a fifty day moving average price of $328.05 and a 200 day moving average price of $292.05.

Snap-on (NYSE:SNA) last released its quarterly 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 during the quarter, compared to the consensus estimate of $1.16 billion. Snap-on had a return on equity of 19.44% and a net margin of 22.13%. Sell-side analysts forecast that Snap-on Incorporated will post 19.05 earnings per share for the current fiscal year.

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

Snap-on Increases Dividend

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

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.