Wedge Capital Management L L P NC Sells 11,171 Shares of Snap-on Incorporated (NYSE:SNA)

Wedge Capital Management L L P NC reduced its stake in shares of Snap-on Incorporated (NYSE:SNA - Free Report) by 25.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 32,582 shares of the company's stock after selling 11,171 shares during the quarter. Wedge Capital Management L L P NC owned about 0.06% of Snap-on worth $11,061,000 at the end of the most recent reporting period.

Other institutional investors have also bought and sold shares of the company. Asset Management One Co. Ltd. lifted its stake in shares of Snap-on by 0.3% in the 3rd quarter. Asset Management One Co. Ltd. now owns 19,896 shares of the company's stock worth $5,764,000 after acquiring an additional 67 shares during the period. Sanctuary Advisors LLC lifted its position in Snap-on by 3.6% in the third quarter. Sanctuary Advisors LLC now owns 45,783 shares of the company's stock worth $13,264,000 after purchasing an additional 1,605 shares during the period. World Investment Advisors LLC acquired a new stake in Snap-on in the third quarter worth approximately $19,291,000. Integrated Wealth Concepts LLC lifted its holdings in shares of Snap-on by 220.7% in the third quarter. Integrated Wealth Concepts LLC now owns 2,716 shares of the company's stock valued at $787,000 after buying an additional 1,869 shares during the period. Finally, Victory Capital Management Inc. grew its holdings in Snap-on by 21.5% during the third quarter. Victory Capital Management Inc. now owns 158,777 shares of the company's stock worth $45,999,000 after acquiring an additional 28,049 shares during the period. Institutional investors and hedge funds own 84.88% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms recently commented on SNA. Robert W. Baird boosted their target price on shares of Snap-on from $290.00 to $347.00 and gave the stock a "neutral" rating in a report on Friday, October 18th. Barrington Research upped 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. Roth Mkm boosted 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. Tigress Financial lifted their price target on Snap-on from $336.00 to $385.00 and gave the stock a "buy" rating in a research note on Friday, October 25th. Finally, Bank of America raised their target price on shares of 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 given a buy rating to the company. According to data from MarketBeat.com, Snap-on presently has an average rating of "Hold" and an average price target of $345.40.

Snap-on Stock Up 0.7 %

NYSE SNA traded up $2.57 on Friday, reaching $348.17. The stock had a trading volume of 1,131,704 shares, compared to its average volume of 340,211. 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 Incorporated has a 1 year low of $252.98 and a 1 year high of $373.89. The business has a 50 day moving average price of $351.33 and a 200 day moving average price of $310.75. The company has a market capitalization of $18.28 billion, a price-to-earnings ratio of 17.92, a P/E/G ratio of 2.09 and a beta of 1.00.

Snap-on (NYSE:SNA - Get Free Report) last announced its earnings results on Thursday, October 17th. The company reported $4.70 earnings per share (EPS) for the quarter, topping 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 business had revenue of $1.15 billion for the quarter, compared to analyst estimates of $1.16 billion. On average, analysts forecast that Snap-on Incorporated will post 19.05 EPS for the current fiscal year.

Snap-on Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 10th. Shareholders of record on Thursday, November 21st were issued a dividend of $2.14 per share. This represents a $8.56 dividend on an annualized basis and a yield of 2.46%. This is an increase from Snap-on's previous quarterly dividend of $1.86. The ex-dividend date of this dividend was Thursday, November 21st. Snap-on's payout ratio is presently 44.06%.

Insider Activity

In related news, VP June C. Lemerand sold 3,500 shares of the stock in a transaction dated 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 completion of the sale, the vice president now owns 2,289 shares in the company, valued at $830,586.54. This trade represents a 60.46 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Nicholas T. Pinchuk sold 21,783 shares of the business's stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $354.83, for a total transaction of $7,729,261.89. Following the completion of the transaction, the chief executive officer now owns 769,738 shares in the company, valued at approximately $273,126,134.54. This trade represents a 2.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 44,929 shares of company stock worth $15,645,074. Company insiders own 4.10% of the company's stock.

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.