Chevy Chase Trust Holdings LLC Grows Position in Snap-on Incorporated (NYSE:SNA)

Chevy Chase Trust Holdings LLC grew its stake in shares of Snap-on Incorporated (NYSE:SNA - Free Report) by 24.5% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 57,162 shares of the company's stock after acquiring an additional 11,238 shares during the quarter. Chevy Chase Trust Holdings LLC owned about 0.11% of Snap-on worth $16,560,000 as of its most recent SEC filing.

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

Insiders Place Their Bets

In other news, VP Richard Thomas Miller sold 1,750 shares of the business's stock in a transaction on Friday, October 18th. The shares were sold at an average price of $330.00, for a total transaction of $577,500.00. Following the completion of the sale, the vice president now directly owns 3,218 shares of the company's stock, valued at approximately $1,061,940. The trade was a 35.23 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Iain Boyd sold 6,044 shares of the business's stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $298.99, for a total transaction of $1,807,095.56. Following the sale, the vice president now directly 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 24,031 shares of company stock valued at $7,898,701 over the last three months. 4.10% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the stock. Robert W. Baird raised their price objective on shares of Snap-on from $290.00 to $347.00 and gave the stock a "neutral" rating in a report on Friday, October 18th. Tigress Financial raised their target price 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. 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 research note on Friday, October 18th. Roth Mkm lifted their price objective on shares of Snap-on from $324.00 to $365.00 and gave the company a "buy" rating in a research report on Tuesday, October 22nd. Finally, Barrington Research lifted their price objective on shares of Snap-on from $325.00 to $350.00 and gave the company an "outperform" rating in a research report on Thursday, October 17th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $345.40.

Snap-on Price Performance

SNA traded down $2.22 during trading hours on Wednesday, hitting $362.89. The company's stock had a trading volume of 265,573 shares, compared to its average volume of 311,958. The business's 50-day moving average price is $331.26 and its 200-day moving average price is $293.14. Snap-on Incorporated has a 12 month low of $252.98 and a 12 month high of $373.89. The stock has a market cap of $19.06 billion, a price-to-earnings ratio of 18.68, a P/E/G ratio of 2.43 and a beta of 0.98. 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 - Get Free Report) last announced its quarterly earnings results on Thursday, October 17th. The company reported $4.70 earnings per share for the quarter, topping the consensus estimate of $4.58 by $0.12. The company had revenue of $1.15 billion for the quarter, compared to analysts' expectations of $1.16 billion. Snap-on had a net margin of 22.13% and a return on equity of 19.44%. Sell-side analysts expect 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 buyback program on Thursday, August 8th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the company to repurchase up to 3.5% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company's board of directors believes its shares are undervalued.

Snap-on Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders 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 2.36%. This is a positive change from Snap-on's previous quarterly dividend of $1.86. The ex-dividend date is Thursday, November 21st. Snap-on's payout ratio is presently 44.06%.

Snap-on Company 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.