Principal Street Partners LLC Has $4.91 Million Holdings in Snap-on Incorporated (NYSE:SNA)

Principal Street Partners LLC reduced its stake in Snap-on Incorporated (NYSE:SNA - Free Report) by 22.3% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 16,949 shares of the company's stock after selling 4,867 shares during the quarter. Principal Street Partners LLC's holdings in Snap-on were worth $4,909,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Opal Wealth Advisors LLC acquired a new stake in Snap-on during the second quarter worth about $30,000. Reston Wealth Management LLC purchased a new stake in shares of Snap-on in the third quarter worth about $30,000. Innealta Capital LLC purchased a new stake in shares of Snap-on in the second quarter worth about $32,000. Massmutual Trust Co. FSB ADV boosted its position 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 worth $37,000 after buying an additional 44 shares during the period. Finally, Brooklyn Investment Group purchased a new stake in shares of Snap-on in the third quarter worth about $39,000. 84.88% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on SNA. Roth Mkm upped their target price on Snap-on from $324.00 to $365.00 and gave the stock a "buy" rating in a research report on Tuesday, October 22nd. Barrington Research increased their price target on Snap-on from $325.00 to $350.00 and gave the company an "outperform" rating in a report on Thursday, October 17th. Tigress Financial increased their price target on Snap-on from $336.00 to $385.00 and gave the company a "buy" rating in a report on Friday, October 25th. Robert W. Baird increased 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. Finally, Bank of America increased their target price on Snap-on from $255.00 to $280.00 and gave the stock an "underperform" rating in a report on Friday, October 18th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $345.40.

Insider Buying and Selling at Snap-on

In other news, SVP Thomas J. Ward sold 12,737 shares of the firm's 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 sale, the senior vice president now owns 55,401 shares of the company's stock, valued at $18,460,167.21. This trade represents a 18.69 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, VP Iain Boyd sold 6,044 shares of the firm's stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $298.99, for a total value of $1,807,095.56. Following the completion of the sale, the vice president now directly 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. In the last ninety days, insiders sold 20,531 shares of company stock valued at $6,628,691. 4.10% of the stock is owned by corporate insiders.

Snap-on Stock Performance

Shares of Snap-on stock traded up $0.97 on Tuesday, reaching $371.61. 442,458 shares of the company were exchanged, compared to its average volume of 313,012. The company has a debt-to-equity ratio of 0.22, a quick ratio of 3.14 and a current ratio of 4.18. The company's 50-day moving average is $319.42 and its two-hundred day moving average is $288.88. The firm has a market cap of $19.51 billion, a price-to-earnings ratio of 18.97, a P/E/G ratio of 2.42 and a beta of 0.96. Snap-on Incorporated has a 1-year low of $252.98 and a 1-year high of $372.94.

Snap-on (NYSE:SNA - Get Free Report) last posted its earnings results on Thursday, October 17th. The company reported $4.70 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 firm had revenue of $1.15 billion for the quarter, compared to analysts' expectations of $1.16 billion. As a group, research analysts expect that Snap-on Incorporated will post 19.05 earnings per share for the current fiscal year.

Snap-on Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Thursday, November 21st will be paid a dividend of $2.14 per share. This is a positive change from Snap-on's previous quarterly dividend of $1.86. This represents a $8.56 dividend on an annualized basis and a yield of 2.30%. The ex-dividend date of this dividend is Thursday, November 21st. Snap-on's dividend payout ratio (DPR) is presently 44.06%.

Snap-on announced that its board has initiated a share repurchase plan on Thursday, August 8th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the company to reacquire up to 3.5% of its shares through open market purchases. Shares buyback plans are typically an indication that the company's management believes its shares are undervalued.

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.