Victory Capital Management Inc. Boosts Stock Position in Snap-on Incorporated (NYSE:SNA)

Victory Capital Management Inc. boosted its holdings in shares of Snap-on Incorporated (NYSE:SNA - Free Report) by 21.5% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 158,777 shares of the company's stock after purchasing an additional 28,049 shares during the period. Victory Capital Management Inc. owned 0.30% of Snap-on worth $45,999,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the stock. Manning & Napier Advisors LLC acquired a new stake in Snap-on during the 2nd quarter worth $4,571,000. Asset Management One Co. Ltd. increased its position in Snap-on by 0.3% during the third quarter. Asset Management One Co. Ltd. now owns 19,896 shares of the company's stock worth $5,764,000 after buying an additional 67 shares during the last quarter. SG Americas Securities LLC increased its holdings in shares of Snap-on by 32.7% in the second quarter. SG Americas Securities LLC now owns 13,140 shares of the company's stock valued at $3,435,000 after purchasing an additional 3,238 shares during the last quarter. Strategic Financial Concepts LLC acquired a new position in shares of Snap-on in the second quarter valued at approximately $3,653,000. Finally, Empirical Finance LLC increased its position in Snap-on by 105.5% during the 2nd quarter. Empirical Finance LLC now owns 3,994 shares of the company's stock worth $1,044,000 after buying an additional 2,050 shares during the period. 84.88% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

SNA has been the subject of several recent research reports. Roth Mkm boosted their price target on Snap-on from $324.00 to $365.00 and gave the company a "buy" rating in a research note on Tuesday, October 22nd. Robert W. Baird increased their price objective on shares of Snap-on from $290.00 to $347.00 and gave the company a "neutral" rating in a research note on Friday, October 18th. Barrington Research lifted their price target on 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 boosted 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. Finally, Tigress Financial raised their price target on shares of Snap-on from $336.00 to $385.00 and gave the stock a "buy" rating in a report 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 given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $345.40.

Insider Buying and Selling at Snap-on

In other Snap-on news, CFO Aldo John Pagliari sold 4,473 shares of the stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $278.74, for a total transaction of $1,246,804.02. Following the completion of the transaction, the chief financial officer now owns 99,244 shares in the company, valued at $27,663,272.56. This trade represents a 4.31 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, 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 transaction, the senior vice president now directly owns 55,401 shares of the company's stock, valued at $18,460,167.21. The trade was a 18.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 26,190 shares of company stock worth $8,212,284 in the last quarter. 4.10% of the stock is currently owned by company insiders.

Snap-on Stock Down 0.2 %

Shares of NYSE SNA traded down $0.73 during trading on Friday, hitting $357.06. 342,493 shares of the company traded hands, compared to its average volume of 309,093. Snap-on Incorporated has a fifty-two week low of $252.98 and a fifty-two week high of $365.35. The firm has a market capitalization of $18.75 billion, a price-to-earnings ratio of 18.38, a P/E/G ratio of 2.39 and a beta of 0.96. The business's fifty day moving average is $309.42 and its 200 day moving average is $285.07. 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 issued its quarterly earnings data 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 net margin of 22.13% and a return on equity of 19.44%. The firm had revenue of $1.15 billion during the quarter, compared to analysts' expectations of $1.16 billion. Equities research analysts predict that Snap-on Incorporated will post 19.05 earnings per share for the current fiscal year.

Snap-on Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Thursday, November 21st will be paid a $2.14 dividend. This represents a $8.56 dividend on an annualized basis and a dividend yield of 2.40%. The ex-dividend date is Thursday, November 21st. This is an increase from Snap-on's previous quarterly dividend of $1.86. Snap-on's payout ratio is presently 44.06%.

Snap-on announced that its board has authorized a stock repurchase plan on Thursday, August 8th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the company to reacquire up to 3.5% of its shares through open market purchases. Shares repurchase plans are often an indication that the company's leadership believes its stock is undervalued.

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.