Northwest Bancshares Inc. Has $1.70 Million Stock Position in Snap-on Incorporated (NYSE:SNA)

Northwest Bancshares Inc. lowered its stake in Snap-on Incorporated (NYSE:SNA - Free Report) by 36.7% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,859 shares of the company's stock after selling 3,397 shares during the period. Northwest Bancshares Inc.'s holdings in Snap-on were worth $1,697,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of SNA. Edgestream Partners L.P. purchased a new position in Snap-on during the 1st quarter valued at approximately $627,000. O Shaughnessy Asset Management LLC boosted its stake in shares of Snap-on by 2.6% in the first quarter. O Shaughnessy Asset Management LLC now owns 9,795 shares of the company's stock worth $2,901,000 after buying an additional 252 shares during the last quarter. UniSuper Management Pty Ltd raised its holdings in Snap-on by 492.6% in the 1st quarter. UniSuper Management Pty Ltd now owns 3,787 shares of the company's stock worth $1,122,000 after purchasing an additional 3,148 shares during the period. Lake Street Advisors Group LLC acquired a new stake in shares of Snap-on in the first quarter valued at approximately $325,000. Finally, Shell Asset Management Co. grew its position in Snap-on by 90.3% in the first quarter. Shell Asset Management Co. now owns 2,697 shares of the company's stock worth $799,000 after acquiring an additional 1,280 shares during the period. Hedge funds and other institutional investors own 84.88% of the company's stock.

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 shares were sold at an average price of $333.21, for a total transaction of $4,244,095.77. Following the sale, 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 available at the SEC website. Also, VP Iain Boyd sold 6,044 shares of the firm'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 owns 10,493 shares of the company's stock, valued at approximately $3,137,302.07. This trade represents a 36.55 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 26,190 shares of company stock worth $8,212,284 over the last three months. 4.10% of the stock is currently owned by corporate insiders.

Snap-on Stock Performance

Shares of NYSE SNA traded up $1.12 during trading on Wednesday, reaching $355.86. 116,137 shares of the company traded hands, compared to its average volume of 308,449. The company has a quick ratio of 3.14, a current ratio of 4.18 and a debt-to-equity ratio of 0.22. The firm has a 50 day simple moving average of $312.62 and a 200-day simple moving average of $286.42. Snap-on Incorporated has a 52-week low of $252.98 and a 52-week high of $365.35. The stock has a market capitalization of $18.69 billion, a PE ratio of 18.26, a P/E/G ratio of 2.36 and a beta of 0.96.

Snap-on (NYSE:SNA - Get Free Report) last issued its quarterly earnings data 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. The company had revenue of $1.15 billion for the quarter, compared to the consensus estimate of $1.16 billion. Snap-on had a return on equity of 19.44% and a net margin of 22.13%. Equities research analysts anticipate that Snap-on Incorporated will post 19.05 earnings per share for the current year.

Snap-on declared that its board has authorized a share repurchase program on Thursday, August 8th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the company to buy up to 3.5% of its shares through open market purchases. Shares buyback programs are generally an indication that the company's leadership believes its stock is undervalued.

Snap-on Increases Dividend

The company also recently disclosed 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. This represents a $8.56 dividend on an annualized basis and a yield of 2.41%. This is a positive change from Snap-on's previous quarterly dividend of $1.86. The ex-dividend date of this dividend is Thursday, November 21st. Snap-on's dividend payout ratio (DPR) is 38.29%.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on SNA. Robert W. Baird increased their price objective on Snap-on from $290.00 to $347.00 and gave the stock a "neutral" rating in a research report on Friday, October 18th. Barrington Research increased their target price on Snap-on from $325.00 to $350.00 and gave the stock an "outperform" rating in a research report on Thursday, October 17th. Tigress Financial lifted their price target on shares of Snap-on from $336.00 to $385.00 and gave the stock a "buy" rating in a research note on Friday, October 25th. Roth Mkm upped their price objective on Snap-on from $324.00 to $365.00 and gave the stock a "buy" rating in a research note on Tuesday, October 22nd. Finally, Bank of America upped their price target on shares of Snap-on from $255.00 to $280.00 and gave the company an "underperform" rating in a research report on Friday, October 18th. One investment 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. Based on data from MarketBeat, the stock presently 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.