Advisors Asset Management Inc. Sells 1,564 Shares of Snap-on Incorporated (NYSE:SNA)

Advisors Asset Management Inc. reduced its stake in Snap-on Incorporated (NYSE:SNA - Free Report) by 11.1% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 12,507 shares of the company's stock after selling 1,564 shares during the quarter. Advisors Asset Management Inc.'s holdings in Snap-on were worth $3,623,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Commerce Bank grew its stake in Snap-on by 1.3% in the 3rd quarter. Commerce Bank now owns 3,234 shares of the company's stock valued at $937,000 after purchasing an additional 43 shares during the period. Strategy Asset Managers LLC bought a new position in Snap-on in the 3rd quarter valued at $209,000. B. Metzler seel. Sohn & Co. Holding AG bought a new position in Snap-on in the 3rd quarter valued at $313,000. SouthState Corp grew its stake in Snap-on by 0.8% in the 3rd quarter. SouthState Corp now owns 21,804 shares of the company's stock valued at $6,317,000 after purchasing an additional 167 shares during the period. Finally, BIP Wealth LLC bought a new position in Snap-on in the 3rd quarter valued at $223,000. 84.88% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the company. Robert W. Baird upped their price objective on Snap-on from $290.00 to $347.00 and gave the company a "neutral" rating in a research note on Friday, October 18th. Roth Mkm increased their price target on Snap-on from $324.00 to $365.00 and gave the stock a "buy" rating in a research note on Tuesday, October 22nd. Tigress Financial increased their price target on Snap-on from $336.00 to $385.00 and gave the stock a "buy" rating in a research note on Friday, October 25th. Barrington Research increased their price target on Snap-on from $325.00 to $350.00 and gave the stock an "outperform" rating in a research note on Thursday, October 17th. Finally, Bank of America increased their price target 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 analyst has rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $345.40.

Insider Buying and Selling at Snap-on

In related news, VP June C. Lemerand sold 1,186 shares of the firm's stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $283.97, for a total transaction of $336,788.42. Following the transaction, the vice president now directly owns 2,283 shares of the company's stock, valued at approximately $648,303.51. This trade represents a 34.19 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP Thomas J. Ward sold 12,737 shares of the firm's stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $333.21, for a total value of $4,244,095.77. Following the transaction, the senior vice president now directly owns 55,401 shares in the company, valued at approximately $18,460,167.21. This represents a 18.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 21,717 shares of company stock valued at $6,965,480 in the last 90 days. Corporate insiders own 4.10% of the company's stock.

Snap-on Price Performance

NYSE SNA traded up $4.57 during trading hours on Friday, hitting $365.97. The company had a trading volume of 593,063 shares, compared to its average volume of 362,297. Snap-on Incorporated has a 52 week low of $252.98 and a 52 week high of $367.12. The firm has a 50 day simple moving average of $315.92 and a 200 day simple moving average of $287.44. The company has a debt-to-equity ratio of 0.22, a quick ratio of 3.14 and a current ratio of 4.18. The firm has a market capitalization of $19.22 billion, a price-to-earnings ratio of 18.84, a PEG ratio of 2.39 and a beta of 0.96.

Snap-on (NYSE:SNA - Get Free Report) last issued its earnings results on Thursday, October 17th. The company reported $4.70 EPS for the quarter, topping the consensus estimate 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 the consensus estimate of $1.16 billion. Equities research analysts expect that Snap-on Incorporated will post 19.05 earnings per share for the current year.

Snap-on Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Thursday, November 21st will be issued a $2.14 dividend. The ex-dividend date is Thursday, November 21st. This represents a $8.56 annualized dividend and a dividend yield of 2.34%. This is a boost from Snap-on's previous quarterly dividend of $1.86. Snap-on's dividend payout ratio (DPR) is presently 44.06%.

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

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.