Centric Wealth Management Grows Position in Snap-on Incorporated (NYSE:SNA)

Centric Wealth Management grew its position in Snap-on Incorporated (NYSE:SNA) by 2.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,404 shares of the company’s stock after purchasing an additional 221 shares during the period. Centric Wealth Management’s holdings in Snap-on were worth $2,435,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of the company. Opal Wealth Advisors LLC purchased a new position in Snap-on in the second quarter valued at about $30,000. Reston Wealth Management LLC acquired a new position in Snap-on during the 3rd quarter worth approximately $30,000. Innealta Capital LLC purchased a new position in Snap-on in the 2nd quarter worth approximately $32,000. Massmutual Trust Co. FSB ADV grew its position in Snap-on by 53.0% in the third quarter. Massmutual Trust Co. FSB ADV now owns 127 shares of the company’s stock valued at $37,000 after acquiring an additional 44 shares in the last quarter. Finally, Brooklyn Investment Group acquired a new position in shares of Snap-on during the third quarter worth $39,000. Hedge funds and other institutional investors own 84.88% of the company’s stock.

Insiders Place Their Bets

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

Snap-on Trading Down 0.6 %

Shares of SNA stock opened at $369.23 on Friday. Snap-on Incorporated has a 1 year low of $252.98 and a 1 year high of $373.89. The firm has a market capitalization of $19.39 billion, a PE ratio of 19.00, a price-to-earnings-growth ratio of 2.44 and a beta of 0.96. The stock has a fifty day moving average of $323.02 and a two-hundred day moving average of $290.07. The company has a debt-to-equity ratio of 0.22, a quick ratio of 3.14 and a current ratio of 4.18.

Snap-on (NYSE:SNA) last issued 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 return on equity of 19.44% and a net margin of 22.13%. The company had revenue of $1.15 billion for the quarter, compared to analysts’ expectations of $1.16 billion. As a group, research analysts expect 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 authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the company to purchase up to 3.5% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board of directors believes its shares are undervalued.

Snap-on Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Thursday, November 21st will be issued a dividend of $2.14 per share. This represents a $8.56 dividend on an annualized basis and a yield of 2.32%. This is a boost from Snap-on’s previous quarterly dividend of $1.86. The ex-dividend date is Thursday, November 21st. Snap-on’s dividend payout ratio (DPR) is presently 44.06%.

Analyst Ratings Changes

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

Snap-on 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.