Victory Capital Management Inc. Acquires 28,049 Shares of Snap-on Incorporated (NYSE:SNA)

Victory Capital Management Inc. lifted its holdings in shares of Snap-on Incorporated (NYSE:SNA) by 21.5% in the third quarter, according to its most recent filing with the SEC. The firm owned 158,777 shares of the company’s stock after acquiring an additional 28,049 shares during the period. Victory Capital Management Inc. owned approximately 0.30% of Snap-on worth $45,999,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Opal Wealth Advisors LLC bought a new position in Snap-on during the 2nd quarter valued at about $30,000. Reston Wealth Management LLC bought a new position in Snap-on during the 3rd quarter valued at about $30,000. Innealta Capital LLC bought a new position in Snap-on during the 2nd quarter valued at about $32,000. Massmutual Trust Co. FSB ADV lifted its holdings in Snap-on by 53.0% during the 3rd 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 last quarter. Finally, Quarry LP lifted its holdings in Snap-on by 244.7% during the 2nd quarter. Quarry LP now owns 162 shares of the company’s stock valued at $42,000 after purchasing an additional 115 shares during the last quarter. 84.88% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on SNA shares. Roth Mkm raised their price objective on shares of 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 raised their price objective on shares of 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 raised their price objective 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. Tigress Financial raised their price objective on shares of Snap-on from $336.00 to $385.00 and gave the company a “buy” rating in a research report on Friday, October 25th. Finally, Bank of America raised their price objective 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. One 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’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $345.40.

Snap-on Price Performance

Shares of SNA opened at $357.06 on Friday. The company has a market cap of $18.75 billion, a price-to-earnings ratio of 18.38, a PEG ratio of 2.39 and a beta of 0.96. Snap-on Incorporated has a 1-year low of $252.98 and a 1-year high of $365.35. The company’s fifty day simple moving average is $309.42 and its 200 day simple moving average is $284.95. 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 (NYSE:SNA) last released its quarterly earnings data on Thursday, October 17th. The company reported $4.70 EPS for the quarter, beating 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 firm had revenue of $1.15 billion for the quarter, compared to the consensus estimate of $1.16 billion. On average, research analysts forecast that Snap-on Incorporated will post 19.05 earnings per share for the current fiscal year.

Snap-on Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Thursday, November 21st will be given a dividend of $2.14 per share. This is a boost from Snap-on’s previous quarterly dividend of $1.86. The ex-dividend date of this dividend is Thursday, November 21st. This represents a $8.56 annualized dividend and a yield of 2.40%. Snap-on’s dividend payout ratio is currently 38.29%.

Snap-on declared that its board has initiated a stock buyback plan on Thursday, August 8th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the company to buy up to 3.5% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling

In related news, SVP Thomas J. Ward sold 12,737 shares of the company’s stock in a transaction dated 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 sale, the senior vice president now owns 55,401 shares of the company’s stock, valued at $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 is available through the SEC website. Also, CFO Aldo John Pagliari sold 4,473 shares of the stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $278.74, for a total transaction of $1,246,804.02. Following the completion of the transaction, the chief financial officer now directly owns 99,244 shares of the company’s stock, valued at $27,663,272.56. This trade represents a 4.31 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 26,190 shares of company stock valued at $8,212,284 over the last quarter. 4.10% of the stock is owned by company insiders.

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.