Eqis Capital Management Inc. trimmed its stake in shares of Snap-on Incorporated (NYSE:SNA) by 7.0% in the third quarter, Holdings Channel.com reports. The firm owned 4,577 shares of the company’s stock after selling 345 shares during the quarter. Eqis Capital Management Inc.’s holdings in Snap-on were worth $673,000 at the end of the most recent reporting period.
A number of other hedge funds also recently added to or reduced their stakes in SNA. Morgan Stanley increased its position in Snap-on by 6.8% during the 1st quarter. Morgan Stanley now owns 253,095 shares of the company’s stock worth $27,542,000 after purchasing an additional 16,034 shares in the last quarter. Raymond James Financial Services Advisors Inc. acquired a new position in Snap-on during the 2nd quarter worth approximately $2,835,000. Vident Investment Advisory LLC acquired a new position in Snap-on during the 2nd quarter worth approximately $748,000. Oregon Public Employees Retirement Fund increased its position in Snap-on by 64.6% during the 2nd quarter. Oregon Public Employees Retirement Fund now owns 20,391 shares of the company’s stock worth $2,824,000 after purchasing an additional 8,000 shares in the last quarter. Finally, 180 Wealth Advisors LLC acquired a new position in Snap-on in the 2nd quarter valued at approximately $212,000. Institutional investors and hedge funds own 94.85% of the company’s stock.
In related news, VP Iain Boyd sold 1,000 shares of the stock in a transaction on Tuesday, October 6th. The shares were sold at an average price of $160.00, for a total transaction of $160,000.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, VP Richard Thomas Miller sold 2,136 shares of the stock in a transaction on Thursday, October 22nd. The stock was sold at an average price of $168.53, for a total transaction of $359,980.08. The disclosure for this sale can be found here. Over the last three months, insiders have sold 34,585 shares of company stock worth $5,985,636. 4.20% of the stock is owned by insiders.
SNA has been the subject of several recent research reports. ValuEngine cut shares of Snap-on from a “hold” rating to a “sell” rating in a research report on Monday, August 3rd. Longbow Research cut shares of Snap-on from a “neutral” rating to an “underperform” rating and set a $128.00 price target for the company. in a research report on Monday, October 19th. Jefferies Financial Group restated a “hold” rating on shares of Snap-on in a research report on Tuesday, August 11th. Barrington Research restated a “buy” rating and issued a $175.00 price target on shares of Snap-on in a research report on Friday, July 31st. Finally, Oppenheimer upped their price target on shares of Snap-on from $150.00 to $165.00 in a research report on Tuesday, September 8th. Three investment analysts have rated the stock with a sell rating, three have given a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. Snap-on currently has an average rating of “Hold” and a consensus price target of $158.33.
SNA opened at $172.92 on Friday. Snap-on Incorporated has a twelve month low of $90.72 and a twelve month high of $178.66. The company has a quick ratio of 2.40, a current ratio of 3.34 and a debt-to-equity ratio of 0.41. The company has a fifty day moving average of $161.17 and a 200-day moving average of $145.71. The stock has a market cap of $9.37 billion, a PE ratio of 16.66, a price-to-earnings-growth ratio of 1.69 and a beta of 1.34.
Snap-on (NYSE:SNA) last issued its earnings results on Thursday, October 22nd. The company reported $3.28 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.16 by $1.12. The business had revenue of $941.60 million for the quarter, compared to analyst estimates of $817.14 million. Snap-on had a net margin of 16.71% and a return on equity of 17.12%. Snap-on’s revenue was up 4.4% on a year-over-year basis. During the same period in the prior year, the firm earned $2.96 earnings per share. Sell-side analysts anticipate that Snap-on Incorporated will post 9.29 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, December 10th. Investors of record on Friday, November 20th will be paid a dividend of $1.23 per share. The ex-dividend date is Thursday, November 19th. This is a positive change from Snap-on’s previous quarterly dividend of $1.08. This represents a $4.92 annualized dividend and a yield of 2.85%. Snap-on’s dividend payout ratio is currently 35.24%.
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.
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