Geode Capital Management LLC Boosts Stake in Snap-on Incorporated (NYSE:SNA)

Geode Capital Management LLC raised its stake in Snap-on Incorporated (NYSE:SNA - Free Report) by 4.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 1,613,459 shares of the company's stock after purchasing an additional 69,590 shares during the quarter. Geode Capital Management LLC owned 3.07% of Snap-on worth $466,199,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. Reston Wealth Management LLC acquired a new stake in Snap-on in the third quarter valued at about $30,000. Innealta Capital LLC purchased a new position in shares of Snap-on during the 2nd quarter worth approximately $32,000. Massmutual Trust Co. FSB ADV boosted its stake 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 valued at $37,000 after buying an additional 44 shares in the last quarter. Brooklyn Investment Group purchased a new stake in shares of Snap-on in the third quarter valued at approximately $39,000. Finally, Quarry LP grew its holdings in Snap-on by 244.7% during the second quarter. Quarry LP now owns 162 shares of the company's stock worth $42,000 after acquiring an additional 115 shares during the period. Institutional investors and hedge funds own 84.88% of the company's stock.

Insider Transactions at Snap-on

In other Snap-on news, CEO Nicholas T. Pinchuk sold 21,783 shares of the firm's stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $354.83, for a total value of $7,729,261.89. Following the sale, the chief executive officer now directly owns 769,738 shares of the company's stock, valued at approximately $273,126,134.54. This trade represents a 2.75 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Iain Boyd sold 6,044 shares of the company's stock in a transaction dated 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 transaction, the vice president now directly owns 10,493 shares of the company's stock, valued at approximately $3,137,302.07. This represents a 36.55 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 45,814 shares of company stock worth $15,627,963 over the last ninety days. 4.10% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several brokerages have commented on SNA. Roth Mkm boosted their target price on shares of 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 upped their target price 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. Tigress Financial lifted 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. Barrington Research upped their price target on Snap-on from $325.00 to $350.00 and gave the stock an "outperform" rating in a report on Thursday, October 17th. Finally, Bank of America lifted their price objective on Snap-on from $255.00 to $280.00 and gave the stock an "underperform" rating in a report on Friday, October 18th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $345.40.

Snap-on Price Performance

Shares of SNA traded down $0.53 during mid-day trading on Friday, reaching $355.11. 263,465 shares of the company's stock were exchanged, compared to its average volume of 313,352. The company has a quick ratio of 3.14, a current ratio of 4.18 and a debt-to-equity ratio of 0.22. Snap-on Incorporated has a 52-week low of $252.98 and a 52-week high of $373.89. The company has a market cap of $18.65 billion, a price-to-earnings ratio of 18.28, a PEG ratio of 2.35 and a beta of 0.98. The company has a 50-day simple moving average of $340.72 and a two-hundred day simple moving average of $297.02.

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

Snap-on Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, December 10th. Shareholders of record on Thursday, November 21st were paid a dividend of $2.14 per share. This is a boost from Snap-on's previous quarterly dividend of $1.86. This represents a $8.56 annualized dividend and a dividend yield of 2.41%. The ex-dividend date of this dividend was Thursday, November 21st. Snap-on's dividend payout ratio (DPR) is currently 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.