Redwood Investment Management LLC Acquires Shares of 6,820 Snap-on Incorporated (NYSE:SNA)

Redwood Investment Management LLC bought a new stake in shares of Snap-on Incorporated (NYSE:SNA - Free Report) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 6,820 shares of the company's stock, valued at approximately $1,968,000.

A number of other institutional investors have also recently made changes to their positions in the stock. Opal Wealth Advisors LLC purchased a new stake in Snap-on in the second quarter worth approximately $30,000. Reston Wealth Management LLC bought a new position in shares of Snap-on during the 3rd quarter valued at $30,000. Innealta Capital LLC purchased a new position in shares of Snap-on in the 2nd quarter worth $32,000. Massmutual Trust Co. FSB ADV grew its holdings in shares of 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 acquiring an additional 44 shares during the period. Finally, Brooklyn Investment Group purchased a new stake in Snap-on during the third quarter valued at $39,000. Hedge funds and other institutional investors own 84.88% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on SNA. Roth Mkm raised their target price on Snap-on from $324.00 to $365.00 and gave the stock a "buy" rating in a research report on Tuesday, October 22nd. Robert W. Baird boosted their target price on shares of Snap-on from $290.00 to $347.00 and gave the company a "neutral" rating in a research report on Friday, October 18th. Barrington Research upped their target price 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 lifted their price target on shares of Snap-on from $336.00 to $385.00 and gave the stock a "buy" rating in a research note on Friday, October 25th. Finally, Bank of America upped their price objective on Snap-on from $255.00 to $280.00 and gave the stock an "underperform" rating in a research note on Friday, October 18th. One investment 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's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $345.40.

Insider Buying and Selling

In other news, SVP Thomas J. Ward sold 12,737 shares of Snap-on stock in a transaction dated 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 sale, the senior vice president now directly owns 55,401 shares of the company's stock, valued at approximately $18,460,167.21. The trade was a 18.69 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP June C. Lemerand sold 3,500 shares of the business's stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $362.86, for a total value of $1,270,010.00. Following the completion of the sale, the vice president now owns 2,289 shares in the company, valued at $830,586.54. This represents a 60.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 24,031 shares of company stock valued at $7,898,701. Corporate insiders own 4.10% of the company's stock.

Snap-on Price Performance

Shares of SNA traded down $3.68 during mid-day trading on Friday, reaching $357.69. The stock had a trading volume of 432,971 shares, compared to its average volume of 312,555. The firm has a market cap of $18.78 billion, a price-to-earnings ratio of 18.41, a PEG ratio of 2.41 and a beta of 0.98. Snap-on Incorporated has a 12 month low of $252.98 and a 12 month high of $373.89. The business has a fifty day moving average of $334.08 and a 200 day moving average of $294.16. 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 - Get Free Report) last issued its quarterly earnings results 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 business had revenue of $1.15 billion during the quarter, compared to analyst estimates of $1.16 billion. Equities analysts predict that Snap-on Incorporated will post 19.05 EPS for the current year.

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 paid a dividend of $2.14 per share. This represents a $8.56 annualized dividend and a yield of 2.39%. 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 (DPR) is 44.06%.

Snap-on announced that its Board of Directors has initiated a stock buyback program on Thursday, August 8th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 3.5% of its shares through open market purchases. Shares buyback programs are generally a sign that the company's board of directors believes its shares are undervalued.

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.