Snap-on Incorporated (NYSE:SNA) Shares Bought by Synovus Financial Corp

Synovus Financial Corp lifted its stake in shares of Snap-on Incorporated (NYSE:SNA) by 4.5% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 4,179 shares of the company’s stock after buying an additional 180 shares during the quarter. Synovus Financial Corp’s holdings in Snap-on were worth $1,210,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Mawer Investment Management Ltd. increased its position in shares of Snap-on by 234.7% in the 2nd quarter. Mawer Investment Management Ltd. now owns 632,226 shares of the company’s stock valued at $165,258,000 after purchasing an additional 443,333 shares during the last quarter. Pacer Advisors Inc. grew its stake in shares of Snap-on by 51.2% during the second 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 in the last quarter. Millennium Management LLC increased its holdings in Snap-on by 1,786.4% in the second quarter. Millennium Management LLC now owns 161,175 shares of the company’s stock valued at $42,130,000 after buying an additional 152,631 shares during the last quarter. Benjamin Edwards Inc. raised its stake in Snap-on by 2,691.2% in the third quarter. Benjamin Edwards Inc. now owns 158,092 shares of the company’s stock valued at $45,810,000 after buying an additional 152,428 shares in the last quarter. Finally, International Assets Investment Management LLC raised its position in shares of Snap-on by 34,381.0% during the 3rd quarter. International Assets Investment Management LLC now owns 130,338 shares of the company’s stock worth $37,760,000 after acquiring an additional 129,960 shares in the last quarter. 84.88% of the stock is currently owned by hedge funds and other institutional investors.

Snap-on Price Performance

Shares of SNA opened at $352.19 on Tuesday. The company has a current ratio of 4.18, a quick ratio of 3.14 and a debt-to-equity ratio of 0.22. The stock’s 50 day moving average is $342.04 and its two-hundred day moving average is $298.03. Snap-on Incorporated has a twelve month low of $252.98 and a twelve month high of $373.89. The firm has a market capitalization of $18.49 billion, a PE ratio of 18.13, a P/E/G ratio of 2.35 and a beta of 0.98.

Snap-on (NYSE:SNA) last posted its quarterly earnings results on Thursday, October 17th. The company reported $4.70 earnings per share for the quarter, beating analysts’ consensus estimates of $4.58 by $0.12. The firm had revenue of $1.15 billion for 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%. Research analysts anticipate that Snap-on Incorporated will post 19.05 earnings per share for the current year.

Snap-on Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, December 10th. Stockholders of record on Thursday, November 21st were issued a $2.14 dividend. This represents a $8.56 dividend on an annualized basis and a dividend yield of 2.43%. The ex-dividend date of this dividend was Thursday, November 21st. This is an increase from Snap-on’s previous quarterly dividend of $1.86. Snap-on’s dividend payout ratio (DPR) is currently 44.06%.

Insider Activity at Snap-on

In other Snap-on news, VP Iain Boyd sold 6,044 shares of Snap-on 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 completion of the transaction, the vice president now owns 10,493 shares in the company, valued at approximately $3,137,302.07. The trade was a 36.55 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Richard Thomas Miller sold 1,750 shares of the company’s stock in a transaction dated Friday, October 18th. The shares were sold at an average price of $330.00, for a total transaction of $577,500.00. Following the completion of the sale, the vice president now directly owns 3,218 shares in the company, valued at $1,061,940. This trade represents a 35.23 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 45,814 shares of company stock worth $15,627,963 over the last 90 days. Company insiders own 4.10% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. Robert W. Baird boosted their price target on shares of Snap-on from $290.00 to $347.00 and gave the company a “neutral” rating in a research report on Friday, October 18th. Bank of America boosted their price target on Snap-on from $255.00 to $280.00 and gave the company an “underperform” rating in a research report on Friday, October 18th. Tigress Financial upped 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. Roth Mkm lifted 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. Finally, Barrington Research upped their price target on Snap-on from $325.00 to $350.00 and gave the stock an “outperform” rating in a research note on Thursday, October 17th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, Snap-on has an average rating of “Hold” and a consensus price target of $345.40.

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.