Snap-on Incorporated (NYSE:SNA) Shares Acquired by Bank of Montreal Can

Bank of Montreal Can lifted its stake in shares of Snap-on Incorporated (NYSE:SNA) by 6.6% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 394,121 shares of the company’s stock after buying an additional 24,245 shares during the period. Bank of Montreal Can owned approximately 0.75% of Snap-on worth $113,708,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Private Trust Co. NA lifted its position in Snap-on by 38.2% during the 3rd quarter. Private Trust Co. NA now owns 217 shares of the company’s stock worth $63,000 after acquiring an additional 60 shares during the period. Hancock Whitney Corp purchased a new position in shares of Snap-on in the third quarter worth about $501,000. DRW Securities LLC purchased a new stake in Snap-on in the third quarter valued at approximately $322,000. Daiwa Securities Group Inc. increased its holdings in Snap-on by 10.4% in the 3rd quarter. Daiwa Securities Group Inc. now owns 6,453 shares of the company’s stock worth $1,869,000 after buying an additional 610 shares during the period. Finally, Larson Financial Group LLC raised its position in Snap-on by 85.9% during the 3rd quarter. Larson Financial Group LLC now owns 1,383 shares of the company’s stock worth $401,000 after buying an additional 639 shares during the last quarter. 84.88% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Snap-on

In other Snap-on news, VP Iain Boyd sold 6,044 shares of the firm’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $298.99, for a total value of $1,807,095.56. Following the transaction, the vice president now owns 10,493 shares in the company, valued at approximately $3,137,302.07. This trade represents a 36.55 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Richard Thomas Miller sold 1,750 shares of the company’s stock in a transaction on Friday, October 18th. The stock was sold at an average price of $330.00, for a total transaction of $577,500.00. Following the sale, the vice president now directly owns 3,218 shares of the company’s stock, valued at $1,061,940. The trade was a 35.23 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 20,531 shares of company stock valued at $6,628,691. 4.10% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

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

Snap-on Price Performance

Shares of Snap-on stock opened at $371.61 on Wednesday. The firm has a market cap of $19.51 billion, a PE ratio of 19.13, a P/E/G ratio of 2.45 and a beta of 0.96. The business has a 50-day moving average price of $319.42 and a 200 day moving average price of $288.88. The company has a quick ratio of 3.14, a current ratio of 4.18 and a debt-to-equity ratio of 0.22. Snap-on Incorporated has a twelve month low of $252.98 and a twelve month high of $372.94.

Snap-on (NYSE:SNA) last announced its earnings results on Thursday, October 17th. The company reported $4.70 earnings per share for the quarter, topping 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 return on equity of 19.44% and a net margin of 22.13%. Sell-side analysts predict that Snap-on Incorporated will post 19.05 earnings per share for the current fiscal year.

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

Snap-on Increases Dividend

The business also recently declared 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 represents a $8.56 annualized dividend and a dividend yield of 2.30%. The ex-dividend date of this dividend is Thursday, November 21st. This is an increase from Snap-on’s previous quarterly dividend of $1.86. Snap-on’s dividend payout ratio is 44.06%.

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.