Glenmede Trust Co. NA Cuts Stock Position in Snap-on Incorporated (NYSE:SNA)

Glenmede Trust Co. NA cut its position in shares of Snap-on Incorporated (NYSE:SNA) by 1.5% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 117,469 shares of the company’s stock after selling 1,769 shares during the quarter. Glenmede Trust Co. NA’s holdings in Snap-on were worth $34,032,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of SNA. Reston Wealth Management LLC bought a new position in Snap-on during the third quarter valued at approximately $30,000. Opal Wealth Advisors LLC bought a new position in shares of Snap-on during the 2nd quarter valued at $30,000. Innealta Capital LLC purchased a new position in Snap-on in the 2nd quarter worth $32,000. Massmutual Trust Co. FSB ADV lifted its stake in Snap-on by 53.0% in the third quarter. Massmutual Trust Co. FSB ADV now owns 127 shares of the company’s stock worth $37,000 after purchasing an additional 44 shares during the last quarter. Finally, Brooklyn Investment Group purchased a new stake in Snap-on during the third quarter valued at about $39,000. 84.88% of the stock is owned by hedge funds and other institutional investors.

Snap-on Stock Down 0.6 %

Shares of NYSE:SNA opened at $369.23 on Thursday. Snap-on Incorporated has a 12-month low of $252.98 and a 12-month high of $373.89. The stock has a market capitalization of $19.39 billion, a price-to-earnings ratio of 19.00, a PEG ratio of 2.45 and a beta of 0.96. The stock has a fifty day simple moving average of $321.25 and a two-hundred day simple moving average of $289.52. The company has a current ratio of 4.18, a quick ratio of 3.14 and a debt-to-equity ratio of 0.22.

Snap-on (NYSE:SNA) last released its quarterly earnings data 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 for the quarter, compared to analysts’ expectations of $1.16 billion. Snap-on had a return on equity of 19.44% and a net margin of 22.13%. On average, research analysts anticipate that Snap-on Incorporated will post 19.05 earnings per share for the current fiscal year.

Snap-on Increases Dividend

The business 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 $2.14 dividend. The ex-dividend date of this dividend is Thursday, November 21st. This represents a $8.56 annualized dividend and a yield of 2.32%. This is a boost from Snap-on’s previous quarterly dividend of $1.86. Snap-on’s dividend payout ratio (DPR) is currently 44.06%.

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

Analysts Set New Price Targets

A number of research firms have recently weighed in on SNA. Robert W. Baird boosted their target price on 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 raised their target price on shares of Snap-on from $255.00 to $280.00 and gave the stock an “underperform” rating in a report on Friday, October 18th. Barrington Research upped their price target on shares of Snap-on from $325.00 to $350.00 and gave the company an “outperform” rating in a report on Thursday, October 17th. Tigress Financial upped their price target on Snap-on from $336.00 to $385.00 and gave the company a “buy” rating in a research report on Friday, October 25th. Finally, 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. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $345.40.

Insiders Place Their Bets

In related news, SVP Thomas J. Ward sold 12,737 shares of Snap-on stock in a transaction on Monday, October 28th. The stock was sold at an average price of $333.21, for a total value of $4,244,095.77. Following the completion of the sale, the senior vice president now owns 55,401 shares of the company’s stock, valued at $18,460,167.21. The trade was a 18.69 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Richard Thomas Miller sold 1,750 shares of the company’s 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 sale, the vice president now owns 3,218 shares of the company’s stock, valued at approximately $1,061,940. This trade represents a 35.23 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 20,531 shares of company stock valued at $6,628,691. Company insiders own 4.10% of the company’s stock.

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.