Geode Capital Management LLC Raises Position in Snap-on Incorporated (NYSE:SNA)

Geode Capital Management LLC raised its holdings in shares of Snap-on Incorporated (NYSE:SNA) by 4.5% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,613,459 shares of the company’s stock after buying an additional 69,590 shares during the period. Geode Capital Management LLC owned about 3.07% of Snap-on worth $466,199,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Reston Wealth Management LLC purchased a new stake in Snap-on during the 3rd quarter valued at about $30,000. Innealta Capital LLC bought a new stake in Snap-on in the second quarter valued at approximately $32,000. Massmutual Trust Co. FSB ADV boosted its stake in shares of Snap-on by 53.0% during the third quarter. Massmutual Trust Co. FSB ADV now owns 127 shares of the company’s stock valued at $37,000 after purchasing an additional 44 shares during the period. Brooklyn Investment Group bought a new position in shares of Snap-on in the third quarter worth approximately $39,000. Finally, Quarry LP increased its stake in shares of Snap-on by 244.7% in the second quarter. Quarry LP now owns 162 shares of the company’s stock worth $42,000 after buying an additional 115 shares during the period. 84.88% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, SVP Thomas J. Ward sold 12,737 shares of the stock in a transaction 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 sale, 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 ownership of the stock. The transaction 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 firm’s 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 transaction, the vice president now owns 3,218 shares of the company’s stock, valued at $1,061,940. The trade was a 35.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 45,814 shares of company stock worth $15,627,963 in the last 90 days. Insiders own 4.10% of the company’s stock.

Snap-on Price Performance

Shares of SNA stock opened at $355.64 on Friday. The business’s fifty day moving average is $339.35 and its 200 day moving average is $296.43. 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 stock has a market cap of $18.67 billion, a price-to-earnings ratio of 18.30, a PEG ratio of 2.35 and a beta of 0.98. Snap-on Incorporated has a twelve month low of $252.98 and a twelve month high of $373.89.

Snap-on (NYSE:SNA) last issued 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. Snap-on had a net margin of 22.13% and a return on equity of 19.44%. The company had revenue of $1.15 billion during the quarter, compared to analyst estimates of $1.16 billion. Research analysts expect that Snap-on Incorporated will post 19.05 EPS for the current fiscal 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 given a $2.14 dividend. This is a boost from Snap-on’s previous quarterly dividend of $1.86. This represents a $8.56 dividend on an annualized basis and a dividend yield of 2.41%. The ex-dividend date of this dividend was Thursday, November 21st. Snap-on’s payout ratio is currently 44.06%.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on SNA. Robert W. Baird raised their price target on shares of Snap-on from $290.00 to $347.00 and gave the stock a “neutral” rating in a report on Friday, October 18th. Roth Mkm boosted their price target on Snap-on from $324.00 to $365.00 and gave the company a “buy” rating in a report on Tuesday, October 22nd. Tigress Financial increased their price objective on Snap-on from $336.00 to $385.00 and gave the stock a “buy” rating in a report on Friday, October 25th. Bank of America boosted their target price on Snap-on from $255.00 to $280.00 and gave the company an “underperform” rating in a research note on Friday, October 18th. Finally, Barrington Research raised 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 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 stock. According to MarketBeat, Snap-on presently has an average rating of “Hold” and an average price target of $345.40.

Snap-on 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.