Pitcairn Co. Buys 616 Shares of Snap-on Incorporated (NYSE:SNA)

Pitcairn Co. lifted its stake in Snap-on Incorporated (NYSE:SNA) by 27.9% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,825 shares of the company’s stock after buying an additional 616 shares during the period. Pitcairn Co.’s holdings in Snap-on were worth $591,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Moors & Cabot Inc. bought a new stake in Snap-on during the third quarter worth $25,000. MUFG Americas Holdings Corp bought a new position in Snap-on in the 3rd quarter valued at about $29,000. West Financial Advisors LLC bought a new position in shares of Snap-on during the 3rd quarter worth approximately $35,000. First Horizon Advisors Inc. grew its stake in Snap-on by 51.1% in the 3rd quarter. First Horizon Advisors Inc. now owns 334 shares of the company’s stock valued at $35,000 after buying an additional 113 shares in the last quarter. Finally, Capital Analysts LLC purchased a new position in shares of Snap-on during the 3rd quarter valued at $42,000. Institutional investors and hedge funds own 86.89% of the company’s stock.

In other news, Director Karen L. Daniel sold 2,259 shares of the stock in a transaction on Thursday, December 9th. The shares were sold at an average price of $213.56, for a total value of $482,432.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Nicholas T. Pinchuk sold 24,880 shares of the firm’s stock in a transaction on Friday, December 17th. The shares were sold at an average price of $213.70, for a total transaction of $5,316,856.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 33,330 shares of company stock valued at $7,124,162. Corporate insiders own 4.20% of the company’s stock.

Several analysts have weighed in on the stock. Tigress Financial boosted their price target on shares of Snap-on from $289.00 to $295.00 and gave the stock a “buy” rating in a research note on Friday, October 29th. Zacks Investment Research upgraded shares of Snap-on from a “hold” rating to a “buy” rating and set a $225.00 price objective on the stock in a report on Friday, October 22nd. Finally, Bank of America cut shares of Snap-on from a “neutral” rating to an “underperform” rating and set a $240.00 price objective on the stock. in a report on Friday, September 17th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $256.00.

SNA opened at $220.13 on Friday. The company has a current ratio of 3.04, a quick ratio of 2.23 and a debt-to-equity ratio of 0.29. Snap-on Incorporated has a 1-year low of $165.88 and a 1-year high of $259.99. The company has a market capitalization of $11.83 billion, a PE ratio of 15.03, a PEG ratio of 1.51 and a beta of 1.23. The firm’s 50 day simple moving average is $214.92 and its two-hundred day simple moving average is $217.79.

Snap-on (NYSE:SNA) last released its quarterly earnings results on Thursday, October 21st. The company reported $3.57 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $3.35 by $0.22. Snap-on had a net margin of 19.10% and a return on equity of 20.37%. The business had revenue of $1.04 billion for the quarter, compared to the consensus estimate of $1.01 billion. During the same period last year, the firm earned $3.28 earnings per share. The company’s quarterly revenue was up 10.2% on a year-over-year basis. Equities analysts forecast that Snap-on Incorporated will post 14.39 earnings per share for the current fiscal year.

Snap-on announced that its Board of Directors has authorized a share repurchase plan on Thursday, November 4th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the company to reacquire up to 4.4% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors believes its stock is undervalued.

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 10th. Stockholders of record on Friday, November 19th were paid a $1.42 dividend. The ex-dividend date was Thursday, November 18th. This is a boost from Snap-on’s previous quarterly dividend of $1.23. This represents a $5.68 dividend on an annualized basis and a dividend yield of 2.58%. Snap-on’s dividend payout ratio is 38.77%.

Snap-on Profile

Snap-On, Inc engages in the manufacture and marketing of tools, equipment, diagnostics, repair information, and systems solutions for professional users performing critical tasks. Its products and services include hand and power tools, tool storage, diagnostics software, handheld and PC-based diagnostic products, information and management systems, shop equipment and other solutions for vehicle dealerships and repair centers, as well as for customers in industries, such as aviation and aerospace, agriculture, construction, government and military, mining, natural resources, power generation and technical education.

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Institutional Ownership by Quarter for Snap-on (NYSE:SNA)

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