Retirement Systems of Alabama Sells 104 Shares of Snap-on Incorporated (NYSE:SNA)

Retirement Systems of Alabama cut its holdings in Snap-on Incorporated (NYSE:SNA) by 0.9% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 11,526 shares of the company’s stock after selling 104 shares during the period. Retirement Systems of Alabama’s holdings in Snap-on were worth $3,339,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of the business. Franklin Resources Inc. grew its position in shares of Snap-on by 15.9% in the third quarter. Franklin Resources Inc. now owns 87,026 shares of the company’s stock valued at $25,812,000 after purchasing an additional 11,970 shares in the last quarter. Synovus Financial Corp boosted its stake in Snap-on by 4.5% in the 3rd quarter. Synovus Financial Corp now owns 4,179 shares of the company’s stock worth $1,210,000 after purchasing an additional 180 shares during the period. Wilmington Savings Fund Society FSB grew its holdings in Snap-on by 37.0% during the 3rd quarter. Wilmington Savings Fund Society FSB now owns 5,097 shares of the company’s stock valued at $1,477,000 after buying an additional 1,377 shares in the last quarter. World Investment Advisors LLC bought a new stake in shares of Snap-on during the third quarter valued at about $19,291,000. Finally, Sanctuary Advisors LLC lifted its holdings in shares of Snap-on by 3.6% in the third quarter. Sanctuary Advisors LLC now owns 45,783 shares of the company’s stock worth $13,264,000 after buying an additional 1,605 shares in the last quarter. 84.88% of the stock is currently owned by hedge funds and other institutional investors.

Snap-on Stock Performance

Snap-on stock opened at $337.67 on Friday. Snap-on Incorporated has a fifty-two week low of $252.98 and a fifty-two week high of $373.89. The firm’s fifty day moving average price is $344.32 and its 200-day moving average price is $298.84. The stock has a market cap of $17.73 billion, a P/E ratio of 17.38, a price-to-earnings-growth ratio of 2.35 and a beta of 0.98. The company has a debt-to-equity ratio of 0.22, a quick ratio of 3.14 and a current ratio of 4.18.

Snap-on (NYSE:SNA) last released its quarterly earnings results on Thursday, October 17th. The company reported $4.70 earnings per share for the quarter, beating 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 business had revenue of $1.15 billion for the quarter, compared to the consensus estimate of $1.16 billion. On average, equities research analysts expect that Snap-on Incorporated will post 19.05 earnings per share for the current fiscal year.

Snap-on Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 10th. Investors of record on Thursday, November 21st were given a $2.14 dividend. This is an increase from Snap-on’s previous quarterly dividend of $1.86. The ex-dividend date of this dividend was Thursday, November 21st. This represents a $8.56 dividend on an annualized basis and a yield of 2.54%. Snap-on’s payout ratio is presently 44.06%.

Insiders Place Their Bets

In other news, VP Richard Thomas Miller sold 1,750 shares of the business’s 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 completion of the sale, the vice president now owns 3,218 shares of the company’s stock, valued at approximately $1,061,940. The trade was a 35.23 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Iain Boyd sold 6,044 shares of the stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $298.99, for a total value of $1,807,095.56. Following the sale, the vice president now owns 10,493 shares of the company’s stock, valued at $3,137,302.07. This represents a 36.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 52,723 shares of company stock valued at $18,029,670 over the last quarter. 4.10% of the stock is owned by corporate insiders.

Analyst Ratings Changes

SNA has been the subject of several recent analyst reports. Tigress Financial boosted their price objective on shares of Snap-on from $336.00 to $385.00 and gave the company a “buy” rating in a research note 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. Barrington Research lifted their price objective on Snap-on from $325.00 to $350.00 and gave the company an “outperform” rating in a research note on Thursday, October 17th. 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 research note on Friday, October 18th. Finally, Bank of America raised their price target on Snap-on from $255.00 to $280.00 and gave the company an “underperform” rating in a report on Friday, October 18th. One analyst has rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, Snap-on presently has an average rating of “Hold” and a consensus price target 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.