Martingale Asset Management L P Sells 18,555 Shares of Snap-on Incorporated (NYSE:SNA)

Martingale Asset Management L P decreased its holdings in shares of Snap-on Incorporated (NYSE:SNA - Free Report) by 23.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 62,122 shares of the company's stock after selling 18,555 shares during the quarter. Martingale Asset Management L P owned about 0.12% of Snap-on worth $17,997,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Charles Schwab Investment Management Inc. boosted its position in shares of Snap-on by 3.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,728,792 shares of the company's stock worth $500,848,000 after purchasing an additional 56,266 shares during the last quarter. Earnest Partners LLC boosted its stake in Snap-on by 1.4% during the 2nd quarter. Earnest Partners LLC now owns 942,743 shares of the company's stock worth $246,424,000 after acquiring an additional 13,033 shares during the last quarter. Pacer Advisors Inc. increased its stake in Snap-on by 9.4% in the third quarter. Pacer Advisors Inc. now owns 907,655 shares of the company's stock valued at $262,957,000 after purchasing an additional 78,184 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in Snap-on by 8.7% in the second quarter. Dimensional Fund Advisors LP now owns 817,536 shares of the company's stock worth $213,686,000 after purchasing an additional 65,485 shares during the period. Finally, Envestnet Asset Management Inc. boosted its position in shares of Snap-on by 0.4% during the second quarter. Envestnet Asset Management Inc. now owns 732,571 shares of the company's stock worth $191,487,000 after purchasing an additional 2,616 shares in the last quarter. 84.88% of the stock is owned by institutional investors.

Snap-on Stock Up 0.1 %

Shares of SNA traded up $0.46 during mid-day trading on Friday, hitting $369.69. 181,173 shares of the company's stock were exchanged, compared to its average volume of 312,268. The company has a debt-to-equity ratio of 0.22, a current ratio of 4.18 and a quick ratio of 3.14. 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 $19.41 billion, a PE ratio of 19.00, a P/E/G ratio of 2.44 and a beta of 0.96. The company has a 50-day simple moving average of $324.68 and a 200 day simple moving average of $290.62.

Snap-on (NYSE:SNA - Get Free Report) last released its earnings results on Thursday, October 17th. The company reported $4.70 earnings per share 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 business had revenue of $1.15 billion during the quarter, compared to the consensus estimate of $1.16 billion. On average, research 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 initiated a stock buyback plan on Thursday, August 8th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the company to purchase up to 3.5% of its stock through open market purchases. Stock repurchase plans are often a sign that the company's board of directors 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. Investors of record on Thursday, November 21st will be given a $2.14 dividend. The ex-dividend date is Thursday, November 21st. 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. Snap-on's payout ratio is currently 44.06%.

Insider Activity at Snap-on

In other Snap-on news, VP Iain Boyd sold 6,044 shares of the company'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 approximately $3,137,302.07. This represents a 36.55 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Richard Thomas Miller sold 1,750 shares of the 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 owns 3,218 shares of the company's stock, valued at approximately $1,061,940. This represents a 35.23 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 20,531 shares of company stock valued at $6,628,691. Insiders own 4.10% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have issued reports on SNA. Barrington Research boosted their target price on Snap-on from $325.00 to $350.00 and gave the company an "outperform" rating in a research note on Thursday, October 17th. Robert W. Baird increased their target price on Snap-on from $290.00 to $347.00 and gave the stock a "neutral" rating in a research note 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 note on Friday, October 25th. Bank of America increased 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. Finally, Roth Mkm boosted 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. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the company. According to MarketBeat.com, Snap-on currently has a consensus rating of "Hold" and a consensus price target of $345.40.

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.