Jessup Wealth Management Inc Takes $282,000 Position in Snap-on Incorporated (NYSE:SNA)

Jessup Wealth Management Inc bought a new position in Snap-on Incorporated (NYSE:SNA) in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 973 shares of the company’s stock, valued at approximately $282,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Brookstone Capital Management grew its holdings in Snap-on by 25.4% in the third quarter. Brookstone Capital Management now owns 1,116 shares of the company’s stock worth $323,000 after purchasing an additional 226 shares during the period. Bridge Creek Capital Management LLC acquired a new position in shares of Snap-on during the third quarter worth approximately $203,000. City Center Advisors LLC lifted its holdings in shares of Snap-on by 27.9% in the 3rd quarter. City Center Advisors LLC now owns 931 shares of the company’s stock worth $270,000 after purchasing an additional 203 shares in the last quarter. Czech National Bank grew its position in Snap-on by 6.8% in the 3rd quarter. Czech National Bank now owns 10,732 shares of the company’s stock valued at $3,109,000 after purchasing an additional 685 shares during the period. Finally, Handelsbanken Fonder AB raised its holdings in Snap-on by 22.9% during the third quarter. Handelsbanken Fonder AB now owns 41,000 shares of the company’s stock worth $11,878,000 after buying an additional 7,652 shares during the last quarter. 84.88% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the stock. Tigress Financial reissued a “buy” rating and set a $336.00 target price on shares of Snap-on in a research report on Thursday, July 25th. Robert W. Baird cut their target price on Snap-on from $282.00 to $275.00 and set a “neutral” rating on the stock in a research report on Friday, July 12th. Roth Mkm reissued a “buy” rating and issued a $324.00 price target on shares of Snap-on in a research report on Tuesday, July 16th. Finally, Barrington Research reiterated an “outperform” rating and issued a $325.00 price objective on shares of Snap-on in a research note on Friday, September 20th.

Insiders Place Their Bets

In other news, 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 transaction of $336,788.42. Following the completion of the transaction, the vice president now directly owns 2,283 shares in the company, valued at $648,303.51. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, VP June C. Lemerand sold 1,186 shares of the business’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $283.97, for a total transaction of $336,788.42. Following the completion of the transaction, the vice president now owns 2,283 shares of the company’s stock, valued at approximately $648,303.51. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Nicholas T. Pinchuk sold 24,145 shares of the company’s stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $268.95, for a total transaction of $6,493,797.75. Following the completion of the transaction, the chief executive officer now owns 759,019 shares in the company, valued at approximately $204,138,160.05. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 29,804 shares of company stock worth $8,077,390 in the last three months. 4.10% of the stock is currently owned by corporate insiders.

Snap-on Stock Performance

Shares of NYSE:SNA traded up $5.29 during mid-day trading on Friday, reaching $291.60. The company had a trading volume of 38,948 shares, compared to its average volume of 287,539. Snap-on Incorporated has a one year low of $249.84 and a one year high of $298.49. The company has a current ratio of 4.06, a quick ratio of 3.05 and a debt-to-equity ratio of 0.22. The company’s 50-day moving average price is $280.19 and its 200-day moving average price is $276.30. The firm has a market cap of $15.36 billion, a price-to-earnings ratio of 14.88, a PEG ratio of 1.99 and a beta of 0.98.

Snap-on (NYSE:SNA) last posted its quarterly earnings results on Thursday, July 18th. The company reported $5.07 earnings per share for the quarter, topping the consensus estimate of $4.94 by $0.13. The company had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.20 billion. Snap-on had a return on equity of 19.90% and a net margin of 21.90%. The firm’s quarterly revenue was down 1.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $4.89 EPS. As a group, equities research analysts anticipate that Snap-on Incorporated will post 18.95 EPS for the current fiscal year.

Snap-on Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 10th. Investors of record on Monday, August 19th were issued a dividend of $1.86 per share. This represents a $7.44 dividend on an annualized basis and a yield of 2.55%. The ex-dividend date was Monday, August 19th. Snap-on’s dividend payout ratio (DPR) is presently 38.67%.

Snap-on announced that its Board of Directors has initiated a stock buyback program on Thursday, August 8th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the company to buy up to 3.5% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board of directors believes its shares are undervalued.

About Snap-on

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.