Snap-on Incorporated (NYSE:SNA) Shares Acquired by Townsend & Associates Inc

Townsend & Associates Inc increased its stake in shares of Snap-on Incorporated (NYSE:SNA - Free Report) by 3.1% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 57,713 shares of the company's stock after acquiring an additional 1,710 shares during the period. Snap-on comprises about 1.7% of Townsend & Associates Inc's portfolio, making the stock its 28th largest position. Townsend & Associates Inc owned about 0.11% of Snap-on worth $16,720,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Opal Wealth Advisors LLC acquired a new position in Snap-on in the 2nd quarter valued at about $30,000. Reston Wealth Management LLC bought a new position in Snap-on during the third quarter worth about $30,000. Innealta Capital LLC acquired a new stake in Snap-on in the 2nd quarter worth about $32,000. Massmutual Trust Co. FSB ADV grew its position in shares of Snap-on by 53.0% during the 3rd 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, Quarry LP raised its position in shares of Snap-on by 244.7% in the second quarter. Quarry LP now owns 162 shares of the company's stock valued at $42,000 after buying an additional 115 shares in the last quarter. 84.88% of the stock is owned by institutional investors and hedge funds.

Snap-on Price Performance

NYSE:SNA traded up $6.14 during midday trading on Friday, hitting $359.27. The company had a trading volume of 356,872 shares, compared to its average volume of 307,542. The company has a market capitalization of $18.86 billion, a PE ratio of 18.50, a P/E/G ratio of 2.34 and a beta of 0.96. The company has a quick ratio of 3.14, a current ratio of 4.18 and a debt-to-equity ratio of 0.22. Snap-on Incorporated has a 52-week low of $252.98 and a 52-week high of $360.41. The stock's fifty day moving average price is $301.16 and its 200-day moving average price is $281.90.

Snap-on (NYSE:SNA - Get Free Report) last announced its quarterly earnings results on Thursday, October 17th. The company reported $4.70 EPS for the quarter, topping analysts' consensus estimates of $4.58 by $0.12. The business had revenue of $1.15 billion for the quarter, compared to analysts' expectations of $1.16 billion. Snap-on had a return on equity of 19.44% and a net margin of 22.13%. As a group, research analysts expect that Snap-on Incorporated will post 19.05 earnings per share for the current year.

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

Snap-on Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Thursday, November 21st will be given a dividend of $2.14 per share. This is a boost from Snap-on's previous quarterly dividend of $1.86. This represents a $8.56 dividend on an annualized basis and a yield of 2.38%. The ex-dividend date is Thursday, November 21st. Snap-on's dividend payout ratio (DPR) is 38.29%.

Insiders Place Their Bets

In related news, VP June C. Lemerand sold 1,186 shares of the business's stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $283.97, for a total value of $336,788.42. Following the completion of the transaction, the vice president now directly owns 2,283 shares in the company, valued at $648,303.51. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Snap-on news, VP Iain Boyd sold 6,044 shares of the 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 owns 10,493 shares in the company, valued at approximately $3,137,302.07. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP June C. Lemerand sold 1,186 shares of the firm's stock in a transaction on Monday, August 26th. The shares were 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 of the company's stock, valued at $648,303.51. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 50,335 shares of company stock worth $14,706,082. 4.10% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several brokerages have commented on SNA. Tigress Financial boosted their price objective on shares of Snap-on from $336.00 to $385.00 and gave the company a "buy" rating in a research report on Friday, October 25th. Bank of America lifted 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. Roth Mkm boosted their price objective on Snap-on from $324.00 to $365.00 and gave the company a "buy" rating in a report on Tuesday, October 22nd. Barrington Research boosted their price objective on Snap-on from $325.00 to $350.00 and gave the stock an "outperform" rating in a report on Thursday, October 17th. Finally, Robert W. Baird upped their target price on Snap-on from $290.00 to $347.00 and gave the company a "neutral" rating in a report on Friday, October 18th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average 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.