PNC Financial Services Group Inc. Reduces Position in Snap-on Incorporated (NYSE:SNA)

PNC Financial Services Group Inc. cut its position in Snap-on Incorporated (NYSE:SNA - Free Report) by 8.4% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 29,842 shares of the company's stock after selling 2,725 shares during the period. PNC Financial Services Group Inc. owned 0.06% of Snap-on worth $8,646,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of SNA. EntryPoint Capital LLC acquired a new stake in Snap-on in the first quarter valued at $61,000. Toronto Dominion Bank raised its position in shares of Snap-on by 2.0% during the 1st quarter. Toronto Dominion Bank now owns 30,065 shares of the company's stock worth $8,906,000 after acquiring an additional 600 shares in the last quarter. 1832 Asset Management L.P. lifted its stake in Snap-on by 6.1% during the first quarter. 1832 Asset Management L.P. now owns 7,151 shares of the company's stock worth $2,118,000 after purchasing an additional 411 shares during the last quarter. BOKF NA boosted its holdings in Snap-on by 3.7% in the first quarter. BOKF NA now owns 8,088 shares of the company's stock valued at $2,383,000 after purchasing an additional 285 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD increased its stake in Snap-on by 0.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 72,523 shares of the company's stock valued at $21,483,000 after purchasing an additional 419 shares during the last quarter. 84.88% of the stock is currently owned by institutional investors and hedge funds.

Snap-on Stock Performance

Shares of SNA traded up $4.57 during mid-day trading on Friday, hitting $365.97. 593,063 shares of the company's stock were exchanged, compared to its average volume of 362,297. The company has a current ratio of 4.18, a quick ratio of 3.14 and a debt-to-equity ratio of 0.22. Snap-on Incorporated has a fifty-two week low of $252.98 and a fifty-two week high of $367.12. The business's 50 day moving average is $315.92 and its two-hundred day moving average is $287.44. The firm has a market capitalization of $19.22 billion, a P/E ratio of 18.84, a P/E/G ratio of 2.39 and a beta of 0.96.

Snap-on (NYSE:SNA - Get Free Report) last posted its quarterly earnings data 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. Snap-on had a return on equity of 19.44% and a net margin of 22.13%. The company had revenue of $1.15 billion during the quarter, compared to analysts' expectations of $1.16 billion. On average, equities analysts expect that Snap-on Incorporated will post 19.05 earnings per share for the current year.

Snap-on Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Thursday, November 21st will be paid a $2.14 dividend. This is a boost from Snap-on's previous quarterly dividend of $1.86. This represents a $8.56 annualized dividend and a yield of 2.34%. The ex-dividend date is Thursday, November 21st. Snap-on's payout ratio is currently 44.06%.

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

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the stock. Barrington Research upped their target price on shares of Snap-on from $325.00 to $350.00 and gave the company an "outperform" rating in a report on Thursday, October 17th. Bank of America upped their price objective on shares of Snap-on from $255.00 to $280.00 and gave the company an "underperform" rating in a research note on Friday, October 18th. Tigress Financial lifted 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. 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. Finally, Robert W. Baird lifted their price target on Snap-on from $290.00 to $347.00 and gave the stock a "neutral" rating in a research report on Friday, October 18th. One research analyst has rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating to the company's stock. Based on data from MarketBeat, Snap-on currently has a consensus rating of "Hold" and an average target price of $345.40.

Insider Transactions 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 stock was sold at an average price of $333.21, for a total value of $4,244,095.77. Following the completion of the transaction, the senior vice president now owns 55,401 shares in the company, valued at approximately $18,460,167.21. This represents a 18.69 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP June C. Lemerand sold 1,186 shares of the company's stock in a transaction on Monday, August 26th. The stock was sold at an average price of $283.97, for a total transaction of $336,788.42. Following the transaction, the vice president now directly owns 2,283 shares in the company, valued at approximately $648,303.51. This trade represents a 34.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 21,717 shares of company stock worth $6,965,480. Company insiders own 4.10% of the company's stock.

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.