Snap-on Incorporated (NYSE:SNA) Shares Sold by Zurcher Kantonalbank Zurich Cantonalbank

Zurcher Kantonalbank Zurich Cantonalbank reduced its holdings in shares of Snap-on Incorporated (NYSE:SNA) by 53.6% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 26,447 shares of the company’s stock after selling 30,525 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Snap-on were worth $7,662,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in SNA. Manning & Napier Advisors LLC purchased a new position in shares of Snap-on in the 2nd quarter valued at approximately $4,571,000. Asset Management One Co. Ltd. raised its holdings in shares of Snap-on by 0.3% in the third quarter. Asset Management One Co. Ltd. now owns 19,896 shares of the company’s stock worth $5,764,000 after buying an additional 67 shares during the last quarter. SG Americas Securities LLC lifted its stake in shares of Snap-on by 32.7% during the second quarter. SG Americas Securities LLC now owns 13,140 shares of the company’s stock worth $3,435,000 after buying an additional 3,238 shares during the period. Strategic Financial Concepts LLC purchased a new stake in shares of Snap-on during the second quarter valued at $3,653,000. Finally, Victory Capital Management Inc. increased its position in shares of Snap-on by 21.5% in the 3rd quarter. Victory Capital Management Inc. now owns 158,777 shares of the company’s stock valued at $45,999,000 after acquiring an additional 28,049 shares during the period. 84.88% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on SNA shares. Barrington Research raised their price objective on Snap-on from $325.00 to $350.00 and gave the stock an “outperform” rating in a research note on Thursday, October 17th. Roth Mkm raised their price target on shares of Snap-on from $324.00 to $365.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. Tigress Financial upped their price objective on shares of Snap-on from $336.00 to $385.00 and gave the company a “buy” rating in a report on Friday, October 25th. Robert W. Baird raised their target price 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. Finally, Bank of America upped 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 equities research analyst has rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, Snap-on presently has an average rating of “Hold” and an average price target of $345.40.

Insider Buying and Selling

In other news, SVP Thomas J. Ward sold 12,737 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the senior vice president now directly owns 55,401 shares in the company, valued at $18,460,167.21. The trade was a 18.69 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP Richard Thomas Miller sold 1,750 shares of the stock in a transaction that occurred 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 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. In the last 90 days, insiders sold 20,531 shares of company stock valued at $6,628,691. 4.10% of the stock is owned by company insiders.

Snap-on Trading Up 0.1 %

Snap-on stock opened at $369.69 on Monday. The firm has a market cap of $19.41 billion, a PE ratio of 19.03, a P/E/G ratio of 2.45 and a beta of 0.96. Snap-on Incorporated has a 12 month low of $252.98 and a 12 month high of $373.89. The stock’s 50 day simple moving average is $326.41 and its two-hundred day simple moving average is $291.33. 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 announced its quarterly earnings results on Thursday, October 17th. The company reported $4.70 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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. Analysts anticipate that Snap-on Incorporated will post 19.05 earnings per share for the current year.

Snap-on Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Thursday, November 21st will be given a dividend of $2.14 per share. The ex-dividend date of this dividend is Thursday, November 21st. 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 2.32%. Snap-on’s dividend payout ratio (DPR) is 44.06%.

Snap-on declared that its board has authorized a stock repurchase program on Thursday, August 8th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the company to reacquire up to 3.5% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

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.