Truvestments Capital LLC Sells 1,053 Shares of Snap-on Incorporated (NYSE:SNA)

Truvestments Capital LLC lowered its stake in Snap-on Incorporated (NYSE:SNA) by 58.4% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 749 shares of the company’s stock after selling 1,053 shares during the quarter. Truvestments Capital LLC’s holdings in Snap-on were worth $217,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in SNA. Opal Wealth Advisors LLC bought a new stake in Snap-on in the 2nd quarter valued at $30,000. Reston Wealth Management LLC acquired a new stake in shares of Snap-on in the 3rd quarter valued at about $30,000. Innealta Capital LLC bought a new stake in shares of Snap-on in the second quarter valued at about $32,000. Massmutual Trust Co. FSB ADV boosted its position 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 worth $37,000 after buying an additional 44 shares during the period. Finally, Quarry LP grew its holdings in shares of Snap-on by 244.7% during the second quarter. Quarry LP now owns 162 shares of the company’s stock worth $42,000 after buying an additional 115 shares in the last quarter. Institutional investors and hedge funds own 84.88% of the company’s stock.

Insider Activity at Snap-on

In other Snap-on news, SVP Thomas J. Ward sold 12,737 shares of the stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $333.21, for a total value of $4,244,095.77. Following the transaction, the senior vice president now directly owns 55,401 shares of the company’s stock, valued at $18,460,167.21. This represents a 18.69 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Richard Thomas Miller sold 1,750 shares of the business’s stock in a transaction that occurred on Friday, October 18th. The stock was sold at an average price of $330.00, for a total value of $577,500.00. Following the sale, the vice president now owns 3,218 shares of the company’s stock, valued at approximately $1,061,940. This represents a 35.23 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 20,531 shares of company stock worth $6,628,691. Company insiders own 4.10% of the company’s stock.

Snap-on Stock Performance

Shares of SNA stock opened at $370.89 on Tuesday. The company has a fifty day moving average price of $317.63 and a two-hundred day moving average price of $288.24. Snap-on Incorporated has a one year low of $252.98 and a one year high of $372.94. The stock has a market cap of $19.47 billion, a P/E ratio of 19.09, a P/E/G ratio of 2.42 and a beta of 0.96. 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 (NYSE:SNA) last issued its earnings results on Thursday, October 17th. The company reported $4.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.58 by $0.12. The business had revenue of $1.15 billion during the quarter, compared to the consensus estimate of $1.16 billion. Snap-on had a net margin of 22.13% and a return on equity of 19.44%. As a group, equities analysts predict that Snap-on Incorporated will post 19.05 EPS for the current year.

Snap-on announced that its board has authorized a share buyback program on Thursday, August 8th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the company to reacquire up to 3.5% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board believes its shares are undervalued.

Snap-on Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Thursday, November 21st will be issued a dividend of $2.14 per share. 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. This represents a $8.56 dividend on an annualized basis and a dividend yield of 2.31%. Snap-on’s payout ratio is presently 44.06%.

Wall Street Analysts Forecast Growth

SNA has been the topic of several research reports. Roth Mkm boosted their target price on Snap-on from $324.00 to $365.00 and gave the company a “buy” rating in a research note on Tuesday, October 22nd. Tigress Financial increased their target price on shares of Snap-on from $336.00 to $385.00 and gave the stock a “buy” rating in a report on Friday, October 25th. Robert W. Baird lifted their price target on shares of Snap-on from $290.00 to $347.00 and gave the company a “neutral” rating in a research note on Friday, October 18th. Bank of America increased their price objective on shares of Snap-on from $255.00 to $280.00 and gave the stock an “underperform” rating in a research note on Friday, October 18th. Finally, Barrington Research lifted their target price on Snap-on from $325.00 to $350.00 and gave the company an “outperform” rating in a research report on Thursday, October 17th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $345.40.

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.