Quantbot Technologies LP Purchases 5,926 Shares of Snap-on Incorporated (NYSE:SNA)

Quantbot Technologies LP boosted its position in Snap-on Incorporated (NYSE:SNA) by 121.6% during the third quarter, HoldingsChannel reports. The fund owned 10,798 shares of the company’s stock after buying an additional 5,926 shares during the quarter. Quantbot Technologies LP’s holdings in Snap-on were worth $3,128,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Opal Wealth Advisors LLC bought a new stake in Snap-on in the 2nd quarter valued at about $30,000. Reston Wealth Management LLC bought a new stake in Snap-on in the 3rd quarter valued at about $30,000. Innealta Capital LLC bought a new stake in Snap-on in the 2nd quarter valued at about $32,000. Massmutual Trust Co. FSB ADV raised its stake in Snap-on by 53.0% in the 3rd 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 during the period. Finally, Quarry LP raised its stake in Snap-on by 244.7% in the 2nd quarter. Quarry LP now owns 162 shares of the company’s stock valued at $42,000 after acquiring an additional 115 shares during the period. 84.88% of the stock is currently owned by institutional investors.

Snap-on Stock Down 0.6 %

Shares of SNA opened at $369.23 on Thursday. The firm has a market cap of $19.39 billion, a P/E ratio of 19.00, a P/E/G ratio of 2.45 and a beta of 0.96. The stock has a 50 day simple moving average of $321.25 and a two-hundred day simple moving average of $289.52. The company has a debt-to-equity ratio of 0.22, a current ratio of 4.18 and a quick ratio of 3.14. Snap-on Incorporated has a 1 year low of $252.98 and a 1 year high of $373.89.

Snap-on (NYSE:SNA) last issued 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 during the quarter, compared to analyst estimates of $1.16 billion. Snap-on had a return on equity of 19.44% and a net margin of 22.13%. On average, analysts forecast that Snap-on Incorporated will post 19.05 earnings per share for the current fiscal 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 dividend of $2.14 per share. This represents a $8.56 dividend on an annualized basis and a dividend yield of 2.32%. 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. Snap-on’s dividend payout ratio is 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 shares. This buyback authorization allows the company to buy up to 3.5% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

Analysts Set New Price Targets

SNA has been the topic of several analyst reports. Roth Mkm upped their price target on Snap-on from $324.00 to $365.00 and gave the company a “buy” rating in a research report on Tuesday, October 22nd. Barrington Research upped 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. Robert W. Baird upped their price target on 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 upped 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. Finally, Tigress Financial upped their price target on Snap-on from $336.00 to $385.00 and gave the company a “buy” rating in a research report on Friday, October 25th. One investment 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 company presently has a consensus rating of “Hold” and an average target price of $345.40.

Insider Activity

In other news, SVP Thomas J. Ward sold 12,737 shares of the stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $333.21, for a total transaction of $4,244,095.77. Following the completion of the sale, the senior vice president now owns 55,401 shares of the company’s stock, valued at approximately $18,460,167.21. This represents a 18.69 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Iain Boyd sold 6,044 shares of the stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $298.99, for a total value of $1,807,095.56. Following the sale, the vice president now directly owns 10,493 shares of the company’s stock, valued at approximately $3,137,302.07. This trade represents a 36.55 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 20,531 shares of company stock valued at $6,628,691. 4.10% of the stock is currently owned by company insiders.

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.