Trustmark National Bank Trust Department decreased its position in Snap-on Incorporated (NYSE:SNA - Free Report) by 58.9% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 7,514 shares of the company's stock after selling 10,770 shares during the quarter. Trustmark National Bank Trust Department's holdings in Snap-on were worth $2,177,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Reston Wealth Management LLC acquired a new position in shares of Snap-on during the third quarter worth $30,000. Opal Wealth Advisors LLC bought a new stake in shares of Snap-on in the 2nd quarter worth approximately $30,000. Innealta Capital LLC bought a new stake in shares of Snap-on during the second quarter valued at about $32,000. Massmutual Trust Co. FSB ADV grew its holdings in shares of Snap-on by 53.0% during the third 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 grew its position in Snap-on by 244.7% during the second quarter. Quarry LP now owns 162 shares of the company's stock valued at $42,000 after acquiring an additional 115 shares during the last quarter. Institutional investors own 84.88% of the company's stock.
Shares of Snap-on stock opened at $357.85 on Thursday. The firm has a market capitalization of $18.79 billion, a PE ratio of 18.42, a price-to-earnings-growth ratio of 2.35 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 12-month low of $252.98 and a 12-month high of $365.35. The stock's fifty day moving average is $314.25 and its 200-day moving average is $286.92.
Snap-on (NYSE:SNA - Get Free Report) last announced its quarterly earnings results 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. 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 the consensus estimate of $1.16 billion. Equities analysts anticipate that Snap-on Incorporated will post 19.05 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Thursday, November 21st will be paid a $2.14 dividend. The ex-dividend date of this dividend is Thursday, November 21st. This is a positive change from Snap-on's previous quarterly dividend of $1.86. This represents a $8.56 annualized dividend and a yield of 2.39%. Snap-on's dividend payout ratio (DPR) is 38.29%.
Snap-on declared that its board has authorized a stock buyback plan on Thursday, August 8th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the company to repurchase 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.
A number of analysts have recently commented on the stock. Roth Mkm boosted their target price on shares of Snap-on from $324.00 to $365.00 and gave the company a "buy" rating in a report on Tuesday, October 22nd. Barrington Research upped their price target on shares of Snap-on from $325.00 to $350.00 and gave the company an "outperform" rating in a report on Thursday, October 17th. Tigress Financial raised their price target on Snap-on from $336.00 to $385.00 and gave the stock a "buy" rating in a report on Friday, October 25th. Bank of America upped their price objective on shares of Snap-on from $255.00 to $280.00 and gave the company an "underperform" rating in a research note on Friday, October 18th. Finally, Robert W. Baird lifted their price target on Snap-on from $290.00 to $347.00 and gave the stock a "neutral" rating in a report on Friday, October 18th. One analyst has rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $345.40.
View Our Latest Report on SNA
In other Snap-on news, VP Iain Boyd sold 6,044 shares of the firm's 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 transaction, the vice president now owns 10,493 shares of the company's stock, valued at approximately $3,137,302.07. This trade represents a 36.55 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP June C. Lemerand sold 1,186 shares of Snap-on stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $283.97, for a total value of $336,788.42. Following the transaction, the vice president now directly owns 2,283 shares in the company, valued at approximately $648,303.51. The trade was a 34.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 21,717 shares of company stock valued at $6,965,480. Company insiders own 4.10% of the company's stock.
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.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to [email protected].
Before you consider Snap-on, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Snap-on wasn't on the list.
While Snap-on currently has a "Hold" rating among analysts, top-rated analysts believe these five stocks are better buys.