Citigroup Inc. Buys 24,047 Shares of Snap-on Incorporated (NYSE:SNA)

Citigroup Inc. lifted its stake in shares of Snap-on Incorporated (NYSE:SNA) by 15.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 180,879 shares of the company’s stock after acquiring an additional 24,047 shares during the period. Citigroup Inc. owned approximately 0.34% of Snap-on worth $52,402,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Manning & Napier Advisors LLC acquired a new stake in shares of Snap-on in the 2nd quarter valued at about $4,571,000. Asset Management One Co. Ltd. lifted its stake in Snap-on by 0.3% in the 3rd quarter. Asset Management One Co. Ltd. now owns 19,896 shares of the company’s stock valued at $5,764,000 after acquiring an additional 67 shares in the last quarter. SG Americas Securities LLC boosted its position in Snap-on by 32.7% during the 2nd quarter. SG Americas Securities LLC now owns 13,140 shares of the company’s stock worth $3,435,000 after acquiring an additional 3,238 shares during the last quarter. Strategic Financial Concepts LLC bought a new position in shares of Snap-on during the 2nd quarter worth approximately $3,653,000. Finally, Victory Capital Management Inc. raised its holdings in shares of Snap-on by 21.5% in the third quarter. Victory Capital Management Inc. now owns 158,777 shares of the company’s stock valued at $45,999,000 after purchasing an additional 28,049 shares during the last quarter. 84.88% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, VP Iain Boyd sold 6,044 shares of Snap-on stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $298.99, for a total transaction of $1,807,095.56. Following the completion of the sale, the vice president now directly 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 position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP June C. Lemerand sold 1,186 shares of the business’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $283.97, for a total value of $336,788.42. Following the completion of the sale, the vice president now owns 2,283 shares of the company’s stock, valued at $648,303.51. This trade represents a 34.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 21,717 shares of company stock valued at $6,965,480. Company insiders own 4.10% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently commented on SNA shares. Tigress Financial raised their target price on shares of Snap-on from $336.00 to $385.00 and gave the company a “buy” rating in a research report on Friday, October 25th. Bank of America raised their price objective on Snap-on from $255.00 to $280.00 and gave the company an “underperform” rating in a report on Friday, October 18th. Barrington Research upped their target price on Snap-on from $325.00 to $350.00 and gave the stock an “outperform” rating in a report on Thursday, October 17th. Roth Mkm raised their price target on Snap-on from $324.00 to $365.00 and gave the company a “buy” rating in a research note on Tuesday, October 22nd. Finally, Robert W. Baird upped their price objective on Snap-on from $290.00 to $347.00 and gave the stock a “neutral” rating in a research note on Friday, October 18th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, Snap-on currently has an average rating of “Hold” and a consensus price target of $345.40.

Snap-on Price Performance

Shares of NYSE SNA opened at $365.97 on Friday. Snap-on Incorporated has a twelve month low of $252.98 and a twelve month high of $367.12. The company has a market cap of $19.22 billion, a PE ratio of 18.84, a price-to-earnings-growth ratio of 2.39 and a beta of 0.96. The business’s 50 day moving average price is $317.63 and its two-hundred day moving average price is $288.07. 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 results on Thursday, October 17th. The company reported $4.70 earnings per share for the quarter, beating analysts’ consensus estimates of $4.58 by $0.12. Snap-on had a return on equity of 19.44% and a net margin of 22.13%. The business had revenue of $1.15 billion for the quarter, compared to analysts’ expectations of $1.16 billion. On average, analysts predict that Snap-on Incorporated will post 19.05 EPS for the current year.

Snap-on declared that its board has approved a stock buyback plan on Thursday, August 8th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 3.5% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

Snap-on Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Thursday, November 21st will be paid a dividend of $2.14 per share. This represents a $8.56 dividend on an annualized basis and a dividend yield of 2.34%. The ex-dividend date of this dividend is Thursday, November 21st. This is a boost from Snap-on’s previous quarterly dividend of $1.86. Snap-on’s dividend payout ratio (DPR) is currently 44.06%.

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.