Citigroup Inc. Buys 24,047 Shares of Snap-on Incorporated (NYSE:SNA)

Citigroup Inc. lifted its holdings in shares of Snap-on Incorporated (NYSE:SNA - Free Report) by 15.3% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 180,879 shares of the company's stock after purchasing an additional 24,047 shares during the quarter. Citigroup Inc. owned 0.34% of Snap-on worth $52,402,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Aurora Investment Counsel lifted its position in Snap-on by 0.9% during the third quarter. Aurora Investment Counsel now owns 3,549 shares of the company's stock worth $1,028,000 after purchasing an additional 30 shares during the period. Lake Street Advisors Group LLC increased its stake in Snap-on by 3.1% in the third quarter. Lake Street Advisors Group LLC now owns 1,074 shares of the company's stock valued at $311,000 after acquiring an additional 32 shares during the last quarter. Metis Global Partners LLC lifted its stake in Snap-on by 1.9% during the third quarter. Metis Global Partners LLC now owns 1,691 shares of the company's stock worth $490,000 after purchasing an additional 32 shares during the last quarter. Verdence Capital Advisors LLC increased its stake in shares of Snap-on by 2.5% in the 3rd quarter. Verdence Capital Advisors LLC now owns 1,526 shares of the company's stock valued at $442,000 after purchasing an additional 37 shares during the last quarter. Finally, TFB Advisors LLC lifted its position in shares of Snap-on by 3.2% during the 2nd quarter. TFB Advisors LLC now owns 1,226 shares of the company's stock worth $320,000 after buying an additional 38 shares during the last quarter. Institutional investors own 84.88% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the stock. Bank of America upped their price objective on shares of Snap-on from $255.00 to $280.00 and gave the stock an "underperform" rating in a research report on Friday, October 18th. Roth Mkm boosted their price objective 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 lifted their price target on Snap-on from $290.00 to $347.00 and gave the company a "neutral" rating in a research note on Friday, October 18th. Tigress Financial upped their price target on shares of Snap-on from $336.00 to $385.00 and gave the company a "buy" rating in a research report on Friday, October 25th. Finally, Barrington Research boosted their price objective on shares of Snap-on from $325.00 to $350.00 and gave the stock an "outperform" rating in a research note on Thursday, October 17th. One equities 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 data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $345.40.

Snap-on Trading Up 1.3 %

NYSE SNA traded up $4.57 during mid-day trading on Friday, reaching $365.97. 593,063 shares of the stock were exchanged, compared to its average volume of 362,297. The company has a debt-to-equity ratio of 0.22, a current ratio of 4.18 and a quick ratio of 3.14. The stock has a market cap of $19.22 billion, a P/E ratio of 18.84, a P/E/G ratio of 2.39 and a beta of 0.96. The stock has a 50 day simple moving average of $317.63 and a 200-day simple moving average of $288.07. Snap-on Incorporated has a one year low of $252.98 and a one year high of $367.12.

Snap-on (NYSE:SNA - Get Free Report) last released 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 analysts' expectations of $1.16 billion. On average, analysts anticipate that Snap-on Incorporated will post 19.05 EPS for the current year.

Snap-on Increases Dividend

The business also recently declared 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. This is an increase from Snap-on's previous quarterly dividend of $1.86. This represents a $8.56 dividend on an annualized basis and a dividend yield of 2.34%. The ex-dividend date is Thursday, November 21st. Snap-on's payout ratio is 44.06%.

Snap-on declared that its Board of Directors has authorized a share repurchase program on Thursday, August 8th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the company to buy up to 3.5% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's leadership believes its shares are undervalued.

Insider Activity at Snap-on

In other Snap-on news, SVP Thomas J. Ward sold 12,737 shares of the 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 directly owns 55,401 shares of the company's stock, valued at approximately $18,460,167.21. This represents a 18.69 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible 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 value of $1,807,095.56. Following the completion of the sale, the vice president now owns 10,493 shares in the company, valued at approximately $3,137,302.07. The trade was a 36.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 21,717 shares of company stock worth $6,965,480. 4.10% of the stock is owned by company insiders.

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.