Alethea Capital Management LLC Takes $400,000 Position in Snap-on Incorporated (NYSE:SNA)

Alethea Capital Management LLC bought a new position in shares of Snap-on Incorporated (NYSE:SNA - Free Report) during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor bought 1,381 shares of the company's stock, valued at approximately $400,000. Snap-on makes up approximately 0.3% of Alethea Capital Management LLC's portfolio, making the stock its 19th largest position.

Other large investors have also recently bought and sold shares of the company. Opal Wealth Advisors LLC bought a new stake in shares of Snap-on during the 2nd quarter worth approximately $30,000. Reston Wealth Management LLC acquired a new position in Snap-on during the third quarter worth $30,000. Innealta Capital LLC bought a new stake in Snap-on during the second 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 valued at $37,000 after acquiring an additional 44 shares during the last quarter. Finally, Brooklyn Investment Group bought a new position in shares of Snap-on in the 3rd quarter valued at about $39,000. 84.88% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Snap-on

In other news, SVP Thomas J. Ward sold 12,737 shares of the business's stock in a transaction on 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 completion of the transaction, the senior vice president now 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Richard Thomas Miller sold 1,750 shares of the firm's stock in a transaction dated Friday, October 18th. The shares were 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 directly owns 3,218 shares in the company, valued at $1,061,940. This trade represents a 35.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 20,531 shares of company stock valued at $6,628,691 over the last quarter. 4.10% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on SNA shares. Roth Mkm raised their target price on shares of Snap-on from $324.00 to $365.00 and gave the company a "buy" rating in a research note on Tuesday, October 22nd. Barrington Research raised their price objective on Snap-on from $325.00 to $350.00 and gave the company an "outperform" rating in a research report on Thursday, October 17th. Tigress Financial boosted their target price on Snap-on from $336.00 to $385.00 and gave the stock a "buy" rating in a report on Friday, October 25th. Robert W. Baird lifted their price objective on shares of Snap-on from $290.00 to $347.00 and gave the stock a "neutral" rating in a research report on Friday, October 18th. Finally, Bank of America increased their price objective on shares of Snap-on from $255.00 to $280.00 and gave the company an "underperform" rating in a research report on Friday, October 18th. One analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $345.40.

Snap-on Stock Performance

SNA stock traded up $0.46 during trading hours on Friday, hitting $369.69. 181,224 shares of the stock were exchanged, compared to its average volume of 359,690. Snap-on Incorporated has a 12 month low of $252.98 and a 12 month high of $373.89. The company has a current ratio of 4.18, a quick ratio of 3.14 and a debt-to-equity ratio of 0.22. The firm has a market capitalization of $19.41 billion, a P/E ratio of 19.03, a P/E/G ratio of 2.45 and a beta of 0.96. The company has a 50-day simple moving average of $326.41 and a two-hundred day simple moving average of $291.33.

Snap-on (NYSE:SNA - Get Free Report) last posted its quarterly earnings data on Thursday, October 17th. The company reported $4.70 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.58 by $0.12. Snap-on had a net margin of 22.13% and a return on equity of 19.44%. The firm had revenue of $1.15 billion during the quarter, compared to the consensus estimate of $1.16 billion. On average, analysts forecast that Snap-on Incorporated will post 19.05 earnings per share for the current fiscal year.

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

Snap-on Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Thursday, November 21st will be given a dividend of $2.14 per share. This represents a $8.56 dividend on an annualized basis and a dividend yield of 2.32%. This is an increase from Snap-on's previous quarterly dividend of $1.86. The ex-dividend date of this dividend is Thursday, November 21st. Snap-on's dividend payout ratio is presently 44.06%.

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.