M&T Bank Corp Sells 1,497 Shares of Snap-on Incorporated (NYSE:SNA)

M&T Bank Corp trimmed its stake in Snap-on Incorporated (NYSE:SNA - Free Report) by 5.1% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 27,676 shares of the company's stock after selling 1,497 shares during the quarter. M&T Bank Corp owned approximately 0.05% of Snap-on worth $8,019,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the stock. Aurora Investment Counsel raised its holdings in shares of Snap-on by 0.9% in the 3rd quarter. Aurora Investment Counsel now owns 3,549 shares of the company's stock valued at $1,028,000 after purchasing an additional 30 shares during the period. Lake Street Advisors Group LLC raised 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 buying an additional 32 shares during the period. Metis Global Partners LLC lifted its position in shares of Snap-on by 1.9% in the third quarter. Metis Global Partners LLC now owns 1,691 shares of the company's stock valued at $490,000 after buying an additional 32 shares during the last quarter. Tradition Wealth Management LLC boosted its stake in shares of Snap-on by 3.1% during the 3rd quarter. Tradition Wealth Management LLC now owns 1,154 shares of the company's stock worth $334,000 after acquiring an additional 35 shares during the period. Finally, Verdence Capital Advisors LLC increased its holdings in shares of Snap-on by 2.5% during the 3rd quarter. Verdence Capital Advisors LLC now owns 1,526 shares of the company's stock worth $442,000 after acquiring an additional 37 shares during the last quarter. Institutional investors and hedge funds own 84.88% of the company's stock.

Analyst Upgrades and Downgrades

SNA has been the subject of several research reports. Robert W. Baird raised their price target on Snap-on from $290.00 to $347.00 and gave the company a "neutral" rating in a report on Friday, October 18th. 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. Barrington Research upped their price target on shares of Snap-on from $325.00 to $350.00 and gave the company an "outperform" rating in a research note on Thursday, October 17th. Tigress Financial raised their price objective on shares of Snap-on from $336.00 to $385.00 and gave the stock a "buy" rating in a research report on Friday, October 25th. Finally, Roth Mkm upped their target price on Snap-on from $324.00 to $365.00 and gave the company a "buy" rating in a research report on Tuesday, October 22nd. One 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, Snap-on currently has a consensus rating of "Hold" and an average target price of $345.40.

Snap-on Stock Performance

Snap-on stock traded up $0.72 during midday trading on Monday, hitting $344.37. The company's stock had a trading volume of 752,264 shares, compared to its average volume of 321,199. The company has a 50-day moving average price of $346.39 and a two-hundred day moving average price of $300.07. Snap-on Incorporated has a 1-year low of $252.98 and a 1-year high of $373.89. The company has a market cap of $18.08 billion, a price-to-earnings ratio of 17.72, a PEG ratio of 2.35 and a beta of 0.98. 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 (NYSE:SNA - Get Free Report) last issued its quarterly earnings results on Thursday, October 17th. The company reported $4.70 earnings per share (EPS) for the quarter, beating 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. As a group, sell-side analysts predict that Snap-on Incorporated will post 19.05 earnings per share for the current year.

Snap-on Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, December 10th. Investors of record on Thursday, November 21st were given a $2.14 dividend. The ex-dividend date of this dividend was Thursday, November 21st. This represents a $8.56 dividend on an annualized basis and a dividend yield of 2.49%. This is a boost from Snap-on's previous quarterly dividend of $1.86. Snap-on's dividend payout ratio (DPR) is presently 44.06%.

Insider Activity at Snap-on

In related news, CFO Aldo John Pagliari sold 6,909 shares of Snap-on stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $347.62, for a total value of $2,401,706.58. Following the transaction, the chief financial officer now directly owns 100,668 shares of the company's stock, valued at $34,994,210.16. This trade represents a 6.42 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP June C. Lemerand sold 3,500 shares of the company's stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $362.86, for a total value of $1,270,010.00. Following the sale, the vice president now owns 2,289 shares of the company's stock, valued at $830,586.54. The trade was a 60.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 52,723 shares of company stock valued at $18,029,670 over the last quarter. 4.10% of the stock is owned by corporate insiders.

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.