Covenant Partners LLC Increases Stake in Snap-on Incorporated (NYSE:SNA)

Covenant Partners LLC raised its holdings in shares of Snap-on Incorporated (NYSE:SNA) by 1.3% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,323 shares of the company’s stock after buying an additional 69 shares during the quarter. Snap-on comprises about 0.4% of Covenant Partners LLC’s portfolio, making the stock its 29th biggest holding. Covenant Partners LLC’s holdings in Snap-on were worth $1,542,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Lake Street Advisors Group LLC increased its stake in shares of Snap-on by 3.1% in the 3rd quarter. Lake Street Advisors Group LLC now owns 1,074 shares of the company’s stock worth $311,000 after acquiring an additional 32 shares during the last quarter. Renasant Bank boosted its stake in Snap-on by 2.3% during the first quarter. Renasant Bank now owns 1,592 shares of the company’s stock worth $472,000 after buying an additional 36 shares during the period. TFB Advisors LLC raised its position in Snap-on by 3.2% in the second quarter. TFB Advisors LLC now owns 1,226 shares of the company’s stock valued at $320,000 after purchasing an additional 38 shares during the period. Financial Advocates Investment Management lifted its stake in Snap-on by 1.2% during the 2nd quarter. Financial Advocates Investment Management now owns 3,360 shares of the company’s stock worth $878,000 after acquiring an additional 39 shares in the last quarter. Finally, Ritholtz Wealth Management boosted its stake in shares of Snap-on by 4.0% in the second quarter. Ritholtz Wealth Management now owns 1,013 shares of the company’s stock valued at $265,000 after purchasing an additional 39 shares during the period. 84.88% of the stock is currently owned by institutional investors and hedge funds.

Snap-on Trading Up 0.3 %

NYSE SNA traded up $0.93 during trading hours on Friday, hitting $326.58. 222,112 shares of the company’s stock were exchanged, compared to its average volume of 304,530. The company has a debt-to-equity ratio of 0.22, a quick ratio of 3.14 and a current ratio of 4.18. The firm has a market capitalization of $17.15 billion, a P/E ratio of 16.81, a price-to-earnings-growth ratio of 2.14 and a beta of 0.98. The business’s 50 day moving average is $289.40 and its 200-day moving average is $277.91. Snap-on Incorporated has a 12-month low of $250.30 and a 12-month high of $330.51.

Snap-on announced that its board has authorized a share buyback plan on Thursday, August 8th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the company to repurchase up to 3.5% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.

Snap-on Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 10th. Investors of record on Monday, August 19th were given a $1.86 dividend. The ex-dividend date of this dividend was Monday, August 19th. This represents a $7.44 annualized dividend and a dividend yield of 2.28%. Snap-on’s dividend payout ratio is presently 38.29%.

Insider Activity at Snap-on

In other Snap-on news, VP Richard Thomas Miller sold 1,750 shares of Snap-on 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 in the company, valued at $1,061,940. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, VP Richard Thomas Miller sold 1,750 shares of Snap-on stock in a transaction dated Friday, October 18th. The stock was sold at an average price of $330.00, for a total value of $577,500.00. Following the transaction, the vice president now directly owns 3,218 shares of the company’s stock, valued at $1,061,940. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, VP Iain Boyd sold 6,044 shares of the stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $298.99, for a total transaction of $1,807,095.56. Following the completion of the sale, the vice president now directly owns 10,493 shares of the company’s stock, valued at $3,137,302.07. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 37,598 shares of company stock worth $10,461,986. 4.10% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Tigress Financial upped their price target on Snap-on from $336.00 to $385.00 and gave the stock a “buy” rating in a report on Friday. Barrington Research boosted their target price on Snap-on from $325.00 to $350.00 and gave the company an “outperform” rating in a report on Thursday, October 17th. Bank of America lifted their price objective on shares of Snap-on from $255.00 to $280.00 and gave the company an “underperform” rating in a research note on Friday, October 18th. Robert W. Baird upped their target price on shares of Snap-on from $290.00 to $347.00 and gave the company a “neutral” rating in a report on Friday, October 18th. Finally, Roth Mkm raised their price target on Snap-on from $324.00 to $365.00 and gave the stock a “buy” rating in a report on Tuesday. One investment analyst has rated the stock with a sell rating, one has issued 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 an average target price 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.