Fiduciary Trust Co Has $4.78 Million Stock Holdings in Snap-on Incorporated (NYSE:SNA)

Fiduciary Trust Co increased its holdings in shares of Snap-on Incorporated (NYSE:SNA) by 0.2% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 16,490 shares of the company’s stock after purchasing an additional 37 shares during the period. Fiduciary Trust Co’s holdings in Snap-on were worth $4,777,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the business. Opal Wealth Advisors LLC bought a new stake in shares of Snap-on in the 2nd quarter valued at $30,000. Reston Wealth Management LLC acquired a new stake in Snap-on in the third quarter worth $30,000. Innealta Capital LLC bought a new stake in Snap-on in the second quarter valued at $32,000. Massmutual Trust Co. FSB ADV raised its holdings in shares of Snap-on by 53.0% during the third quarter. Massmutual Trust Co. FSB ADV now owns 127 shares of the company’s stock valued at $37,000 after purchasing an additional 44 shares during the period. Finally, Brooklyn Investment Group bought a new position in shares of Snap-on during the 3rd quarter worth about $39,000. 84.88% of the stock is currently owned by institutional investors.

Snap-on Price Performance

Shares of NYSE SNA opened at $369.23 on Friday. Snap-on Incorporated has a fifty-two week low of $252.98 and a fifty-two week high of $373.89. The stock has a market cap of $19.39 billion, a price-to-earnings ratio of 19.00, a PEG ratio of 2.44 and a beta of 0.96. The company has a debt-to-equity ratio of 0.22, a quick ratio of 3.14 and a current ratio of 4.18. The firm’s 50-day simple moving average is $323.02 and its 200 day simple moving average is $290.07.

Snap-on (NYSE:SNA) last announced its quarterly earnings results on Thursday, October 17th. The company reported $4.70 earnings per share for the quarter, beating the consensus estimate of $4.58 by $0.12. Snap-on had a net margin of 22.13% and a return on equity of 19.44%. The business had revenue of $1.15 billion for the quarter, compared to analysts’ expectations of $1.16 billion. As a group, research analysts anticipate that Snap-on Incorporated will post 19.05 earnings per share for the current fiscal year.

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

Snap-on Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Thursday, November 21st will be paid a $2.14 dividend. This is a positive change from Snap-on’s previous quarterly dividend of $1.86. The ex-dividend date is Thursday, November 21st. This represents a $8.56 annualized dividend and a yield of 2.32%. Snap-on’s dividend payout ratio (DPR) is 44.06%.

Insider Buying and Selling at Snap-on

In other Snap-on news, VP Iain Boyd sold 6,044 shares of the stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $298.99, for a total value of $1,807,095.56. Following the completion of the sale, the vice president now owns 10,493 shares in the company, valued at approximately $3,137,302.07. This trade represents a 36.55 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Thomas J. Ward sold 12,737 shares of the firm’s stock in a transaction that occurred 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 sale, the senior vice president now owns 55,401 shares of the company’s stock, valued at approximately $18,460,167.21. The trade was a 18.69 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 20,531 shares of company stock worth $6,628,691. Insiders own 4.10% of the company’s stock.

Wall Street Analysts Forecast Growth

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

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.