State Street Corp Boosts Stock Position in Snap-on Incorporated (NYSE:SNA)

State Street Corp boosted its position in shares of Snap-on Incorporated (NYSE:SNA - Free Report) by 0.5% during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 2,115,973 shares of the company's stock after purchasing an additional 10,645 shares during the quarter. State Street Corp owned about 4.03% of Snap-on worth $613,019,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Aurora Investment Counsel lifted its stake in Snap-on by 0.9% during the 3rd quarter. Aurora Investment Counsel now owns 3,549 shares of the company's stock valued at $1,028,000 after acquiring an additional 30 shares during the period. Lake Street Advisors Group LLC lifted its stake in Snap-on by 3.1% during the 3rd quarter. Lake Street Advisors Group LLC now owns 1,074 shares of the company's stock valued at $311,000 after acquiring an additional 32 shares during the period. Metis Global Partners LLC lifted its stake in Snap-on by 1.9% during the 3rd quarter. Metis Global Partners LLC now owns 1,691 shares of the company's stock valued at $490,000 after acquiring an additional 32 shares during the period. Tradition Wealth Management LLC lifted its stake in Snap-on by 3.1% during the 3rd quarter. Tradition Wealth Management LLC now owns 1,154 shares of the company's stock valued at $334,000 after acquiring an additional 35 shares during the period. Finally, Verdence Capital Advisors LLC lifted its stake in Snap-on by 2.5% during the 3rd quarter. Verdence Capital Advisors LLC now owns 1,526 shares of the company's stock valued at $442,000 after acquiring an additional 37 shares during the period. 84.88% of the stock is owned by hedge funds and other institutional investors.

Snap-on Stock Performance

Snap-on stock traded down $3.17 during midday trading on Monday, hitting $354.60. The stock had a trading volume of 453,229 shares, compared to its average volume of 313,148. The firm's fifty day moving average is $334.08 and its two-hundred day moving average is $294.41. The company has a market capitalization of $18.62 billion, a PE ratio of 18.41, a P/E/G ratio of 2.37 and a beta of 0.98. Snap-on Incorporated has a 52-week low of $252.98 and a 52-week high of $373.89. 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 (NYSE:SNA - Get Free Report) last released its earnings results on Thursday, October 17th. The company reported $4.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.58 by $0.12. The company had revenue of $1.15 billion during the quarter, compared to analyst estimates of $1.16 billion. Snap-on had a net margin of 22.13% and a return on equity of 19.44%. On average, research analysts forecast that Snap-on Incorporated will post 19.05 EPS for the current year.

Snap-on Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Thursday, November 21st will be issued a $2.14 dividend. This represents a $8.56 annualized dividend 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 is currently 44.06%.

Insider Buying and Selling

In other Snap-on news, VP Iain Boyd sold 6,044 shares of the stock in a transaction that occurred on 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 completion of the sale, the vice president now directly owns 10,493 shares of the company's stock, valued at $3,137,302.07. This trade represents a 36.55 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP June C. Lemerand sold 3,500 shares of the stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $362.86, for a total transaction of $1,270,010.00. Following the sale, the vice president now directly owns 2,289 shares of the company's stock, valued at approximately $830,586.54. This trade represents a 60.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 24,031 shares of company stock valued at $7,898,701. 4.10% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts have issued reports on SNA shares. Roth Mkm upped their target price on shares of Snap-on from $324.00 to $365.00 and gave the company a "buy" rating in a research note 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 note on Thursday, October 17th. Bank of America increased their price objective 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. Robert W. Baird increased their price objective on shares of Snap-on from $290.00 to $347.00 and gave the stock a "neutral" rating in a research note on Friday, October 18th. Finally, Tigress Financial increased their price objective 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. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price 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.