Cerity Partners LLC Raises Stock Holdings in Snap-on Incorporated (NYSE:SNA)

Cerity Partners LLC boosted its holdings in Snap-on Incorporated (NYSE:SNA) by 103.5% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 8,156 shares of the company’s stock after buying an additional 4,149 shares during the period. Cerity Partners LLC’s holdings in Snap-on were worth $2,363,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in SNA. Mawer Investment Management Ltd. boosted its position in shares of Snap-on by 234.7% during the 2nd quarter. Mawer Investment Management Ltd. now owns 632,226 shares of the company’s stock valued at $165,258,000 after acquiring an additional 443,333 shares during the last quarter. Pacer Advisors Inc. lifted its holdings in shares of Snap-on by 51.2% in the 2nd quarter. Pacer Advisors Inc. now owns 829,471 shares of the company’s stock worth $216,815,000 after buying an additional 280,997 shares during the period. Millennium Management LLC grew its holdings in Snap-on by 1,786.4% during the 2nd quarter. Millennium Management LLC now owns 161,175 shares of the company’s stock worth $42,130,000 after acquiring an additional 152,631 shares in the last quarter. International Assets Investment Management LLC lifted its holdings in Snap-on by 34,381.0% during the third quarter. International Assets Investment Management LLC now owns 130,338 shares of the company’s stock worth $37,760,000 after buying an additional 129,960 shares during the period. Finally, Glassman Wealth Services purchased a new stake in shares of Snap-on during the 2nd quarter worth $26,608,000. 84.88% of the stock is currently owned by institutional investors.

Insider Activity at Snap-on

In other Snap-on news, SVP Thomas J. Ward sold 12,737 shares of the firm’s stock in a transaction on Monday, October 28th. The shares were sold at an average price of $333.21, for a total transaction of $4,244,095.77. Following the transaction, the senior vice president now directly owns 55,401 shares of the company’s stock, valued at approximately $18,460,167.21. This trade represents a 18.69 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Iain Boyd sold 6,044 shares of the stock in a transaction that occurred 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 sale, the vice president now directly owns 10,493 shares of the company’s stock, valued at $3,137,302.07. The trade was a 36.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 20,531 shares of company stock valued at $6,628,691 over the last 90 days. 4.10% of the stock is owned by corporate insiders.

Snap-on Price Performance

NYSE:SNA opened at $369.69 on Monday. The company has a market capitalization of $19.41 billion, a P/E ratio of 19.03, a P/E/G ratio of 2.45 and a beta of 0.96. Snap-on Incorporated has a 52 week low of $252.98 and a 52 week high of $373.89. The stock’s fifty day moving average is $326.41 and its two-hundred day moving average is $291.33. 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 (NYSE:SNA) last posted its quarterly earnings data on Thursday, October 17th. The company reported $4.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.58 by $0.12. The firm had revenue of $1.15 billion for the quarter, compared to the consensus estimate of $1.16 billion. Snap-on had a return on equity of 19.44% and a net margin of 22.13%. Equities analysts expect that Snap-on Incorporated will post 19.05 EPS for the current year.

Snap-on announced that its Board of Directors has authorized a stock buyback plan on Thursday, August 8th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 3.5% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

Snap-on Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Thursday, November 21st will be issued a dividend of $2.14 per share. This is an increase from Snap-on’s previous quarterly dividend of $1.86. The ex-dividend date is Thursday, November 21st. This represents a $8.56 annualized dividend and a yield of 2.32%. Snap-on’s dividend payout ratio is 44.06%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on SNA shares. Robert W. Baird upped their price target on Snap-on from $290.00 to $347.00 and gave the stock a “neutral” rating in a research report on Friday, October 18th. Barrington Research boosted 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 price objective on Snap-on from $324.00 to $365.00 and gave the company a “buy” rating in a research report on Tuesday, October 22nd. Tigress Financial boosted their price objective 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 boosted 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 assigned a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $345.40.

Snap-on Company Profile

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.