Kentucky Retirement Systems Has $1.06 Million Stake in Snap-on Incorporated (NYSE:SNA)

Kentucky Retirement Systems cut its position in Snap-on Incorporated (NYSE:SNA) by 7.6% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,670 shares of the company’s stock after selling 303 shares during the quarter. Kentucky Retirement Systems’ holdings in Snap-on were worth $1,063,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in SNA. Manning & Napier Advisors LLC acquired a new position in Snap-on during the second quarter valued at approximately $4,571,000. Asset Management One Co. Ltd. lifted its position in shares of Snap-on by 0.3% during the 3rd 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 boosted its stake in Snap-on by 32.7% in the second quarter. SG Americas Securities LLC now owns 13,140 shares of the company’s stock valued at $3,435,000 after buying an additional 3,238 shares in the last quarter. Strategic Financial Concepts LLC bought a new position in Snap-on in the second quarter valued at about $3,653,000. Finally, Victory Capital Management Inc. raised its stake in Snap-on by 21.5% during the third quarter. Victory Capital Management Inc. now owns 158,777 shares of the company’s stock worth $45,999,000 after acquiring an additional 28,049 shares in the last quarter. Institutional investors own 84.88% of the company’s stock.

Snap-on Stock Performance

NYSE SNA opened at $354.74 on Wednesday. The company has a market capitalization of $18.63 billion, a price-to-earnings ratio of 18.26, a PEG ratio of 2.36 and a beta of 0.96. 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 $365.35. The stock has a fifty day simple moving average of $312.62 and a 200 day simple moving average of $286.42.

Snap-on (NYSE:SNA) last issued its quarterly earnings data 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 return on equity of 19.44% and a net margin of 22.13%. The company had revenue of $1.15 billion during the quarter, compared to the consensus estimate of $1.16 billion. Sell-side analysts expect that Snap-on Incorporated will post 19.05 EPS for the current year.

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

Snap-on Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Thursday, November 21st will be given a $2.14 dividend. The ex-dividend date is Thursday, November 21st. This represents a $8.56 dividend on an annualized basis and a dividend yield of 2.41%. This is an increase from Snap-on’s previous quarterly dividend of $1.86. Snap-on’s payout ratio is 38.29%.

Insider Transactions at Snap-on

In related news, SVP Thomas J. Ward sold 12,737 shares of the company’s stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $333.21, for a total transaction of $4,244,095.77. Following the sale, the senior vice president now owns 55,401 shares in the company, valued at $18,460,167.21. This represents a 18.69 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP June C. Lemerand sold 1,186 shares of the firm’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $283.97, for a total value of $336,788.42. Following the sale, the vice president now directly owns 2,283 shares of the company’s stock, valued at $648,303.51. This represents a 34.19 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 26,190 shares of company stock worth $8,212,284 over the last three months. 4.10% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. Tigress Financial lifted their price target 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. Roth Mkm upped their price target 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 raised their price objective on Snap-on from $255.00 to $280.00 and gave the company an “underperform” rating in a report on Friday, October 18th. Robert W. Baird upped their target price on Snap-on from $290.00 to $347.00 and gave the stock a “neutral” rating in a report on Friday, October 18th. Finally, Barrington Research lifted their price target on Snap-on from $325.00 to $350.00 and gave the company an “outperform” rating in a research note on Thursday, October 17th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $345.40.

Snap-on Company 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.