Verition Fund Management LLC Has $2.52 Million Stake in Snap-on Incorporated (NYSE:SNA)

Verition Fund Management LLC boosted its position in shares of Snap-on Incorporated (NYSE:SNA - Free Report) by 1,035.0% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 8,694 shares of the company's stock after purchasing an additional 7,928 shares during the period. Verition Fund Management LLC's holdings in Snap-on were worth $2,519,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the company. Opal Wealth Advisors LLC acquired a new stake in shares of Snap-on in the second quarter valued at $30,000. Reston Wealth Management LLC acquired a new stake in Snap-on in the 3rd quarter valued at about $30,000. Innealta Capital LLC bought a new position in shares of Snap-on in the second quarter worth about $32,000. Massmutual Trust Co. FSB ADV lifted its position in shares of Snap-on by 53.0% during the third quarter. Massmutual Trust Co. FSB ADV now owns 127 shares of the company's stock worth $37,000 after purchasing an additional 44 shares in the last quarter. Finally, Brooklyn Investment Group bought a new stake in shares of Snap-on during the third quarter valued at approximately $39,000. 84.88% of the stock is owned by institutional investors.

Snap-on Trading Down 0.4 %

SNA traded down $1.50 during midday trading on Thursday, reaching $361.36. 326,735 shares of the company were exchanged, compared to its average volume of 312,021. The stock has a market capitalization of $18.98 billion, a P/E ratio of 18.68, a PEG ratio of 2.41 and a beta of 0.98. Snap-on Incorporated has a one year low of $252.98 and a one year high of $373.89. The stock's 50-day simple moving average is $331.26 and its 200 day simple moving average is $293.14. The company has a debt-to-equity ratio of 0.22, a quick ratio of 3.14 and a current ratio of 4.18.

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

Snap-on Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Thursday, November 21st will be issued a dividend of $2.14 per share. This represents a $8.56 dividend on an annualized basis and a dividend yield of 2.37%. This is a positive change from Snap-on's previous quarterly dividend of $1.86. The ex-dividend date is Thursday, November 21st. Snap-on's dividend payout ratio (DPR) is presently 44.06%.

Snap-on declared that its Board of Directors has approved a stock repurchase plan on Thursday, August 8th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the company to purchase up to 3.5% of its shares through open market purchases. Shares buyback plans are usually a sign that the company's board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on SNA. Robert W. Baird upped their price objective on Snap-on from $290.00 to $347.00 and gave the stock a "neutral" rating in a report on Friday, October 18th. Tigress Financial upped their price target on Snap-on from $336.00 to $385.00 and gave the company a "buy" rating in a research note on Friday, October 25th. Roth Mkm lifted their price objective 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 upped their target price on shares of Snap-on from $325.00 to $350.00 and gave the company an "outperform" rating in a research report on Thursday, October 17th. Finally, Bank of America lifted their price target 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. 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 stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $345.40.

Insider Activity at Snap-on

In other news, VP Iain Boyd sold 6,044 shares of Snap-on stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $298.99, for a total value of $1,807,095.56. Following the sale, the vice president now directly owns 10,493 shares in the company, valued at $3,137,302.07. This trade represents a 36.55 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Thomas J. Ward sold 12,737 shares of the business's stock in a transaction on Monday, October 28th. The stock was sold at an average price of $333.21, for a total transaction of $4,244,095.77. Following the completion of the sale, the senior vice president now directly owns 55,401 shares in the company, valued at approximately $18,460,167.21. This represents a 18.69 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 24,031 shares of company stock valued at $7,898,701. 4.10% of the stock is owned by corporate insiders.

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.