Confluence Investment Management LLC Sells 7,859 Shares of Snap-on Incorporated (NYSE:SNA)

Confluence Investment Management LLC lowered its position in shares of Snap-on Incorporated (NYSE:SNA - Free Report) by 1.4% in the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 544,910 shares of the company's stock after selling 7,859 shares during the quarter. Snap-on accounts for 2.1% of Confluence Investment Management LLC's investment portfolio, making the stock its 6th largest holding. Confluence Investment Management LLC owned 1.04% of Snap-on worth $157,866,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Manning & Napier Advisors LLC purchased a new stake in Snap-on in the 2nd quarter valued at approximately $4,571,000. SG Americas Securities LLC raised its position in Snap-on by 32.7% in the second quarter. SG Americas Securities LLC now owns 13,140 shares of the company's stock worth $3,435,000 after acquiring an additional 3,238 shares in the last quarter. Strategic Financial Concepts LLC acquired a new stake in Snap-on in the second quarter valued at $3,653,000. Empirical Finance LLC boosted its position in shares of Snap-on by 105.5% during the 2nd quarter. Empirical Finance LLC now owns 3,994 shares of the company's stock worth $1,044,000 after purchasing an additional 2,050 shares in the last quarter. Finally, M&G Plc acquired a new position in shares of Snap-on during the 1st quarter worth $10,578,000. Hedge funds and other institutional investors own 84.88% of the company's stock.

Analysts Set New Price Targets

Several brokerages recently commented on SNA. Roth Mkm raised their price objective 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 lifted their price target 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. Robert W. Baird boosted their price target on Snap-on from $290.00 to $347.00 and gave the stock a "neutral" rating in a research note on Friday, October 18th. Bank of America raised their price objective on Snap-on from $255.00 to $280.00 and gave the company an "underperform" rating in a research note on Friday, October 18th. Finally, Tigress Financial boosted their target price on Snap-on from $336.00 to $385.00 and gave the stock a "buy" rating in a research report on Friday, October 25th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $345.40.

Insider Buying and Selling

In other Snap-on news, CEO Nicholas T. Pinchuk sold 24,145 shares of the company's stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $268.95, for a total value of $6,493,797.75. Following the transaction, the chief executive officer now directly owns 759,019 shares in the company, valued at approximately $204,138,160.05. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Snap-on news, CEO Nicholas T. Pinchuk sold 24,145 shares of Snap-on stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $268.95, for a total value of $6,493,797.75. Following the completion of the sale, the chief executive officer now directly owns 759,019 shares of the company's stock, valued at approximately $204,138,160.05. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, 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 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 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 50,335 shares of company stock worth $14,706,082. 4.10% of the stock is owned by corporate insiders.

Snap-on Price Performance

SNA stock traded up $6.24 on Friday, reaching $359.37. The company had a trading volume of 356,796 shares, compared to its average volume of 307,542. The company's fifty day moving average is $299.65 and its 200 day moving average is $281.27. The company has a market cap of $18.87 billion, a P/E ratio of 18.47, a PEG ratio of 2.34 and a beta of 0.96. 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 Incorporated has a 1 year low of $252.98 and a 1 year high of $360.41.

Snap-on Increases Dividend

The business also recently disclosed 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 dividend on an annualized basis and a dividend yield of 2.38%. This is a positive change from Snap-on's previous quarterly dividend of $1.86. Snap-on's dividend payout ratio (DPR) is presently 38.29%.

Snap-on declared that its board has approved a share buyback plan on Thursday, August 8th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the company to reacquire up to 3.5% of its shares through open market purchases. Shares buyback plans are often an indication that the company's board of directors believes its stock is undervalued.

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.