BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Has $2.55 Million Stock Position in Snap-on Incorporated (NYSE:SNA)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lowered its stake in shares of Snap-on Incorporated (NYSE:SNA) by 12.9% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 8,796 shares of the company’s stock after selling 1,300 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Snap-on were worth $2,548,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently made changes to their positions in the stock. Opal Wealth Advisors LLC bought a new stake in shares of Snap-on during the second quarter worth about $30,000. Reston Wealth Management LLC bought a new stake in shares of Snap-on during the third quarter worth about $30,000. Innealta Capital LLC bought a new stake in shares of Snap-on during the second quarter worth about $32,000. Massmutual Trust Co. FSB ADV increased its position 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 worth $37,000 after acquiring an additional 44 shares in the last quarter. Finally, Brooklyn Investment Group bought a new stake in shares of Snap-on during the third quarter worth about $39,000. Institutional investors and hedge funds own 84.88% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the stock. Barrington Research boosted their target price 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. Robert W. Baird boosted their target price 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 boosted their target price 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. Bank of America upped 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. Finally, Tigress Financial upped 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 equities research analyst has rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, Snap-on currently has an average rating of “Hold” and a consensus target price of $345.40.

Insider Activity at Snap-on

In other Snap-on news, VP June C. Lemerand sold 3,500 shares of the stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $362.86, for a total value of $1,270,010.00. Following the sale, the vice president now directly owns 2,289 shares in the company, valued at $830,586.54. This represents a 60.46 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Iain Boyd sold 6,044 shares of the 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 owns 10,493 shares in the company, valued at $3,137,302.07. This represents a 36.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 24,031 shares of company stock worth $7,898,701. 4.10% of the stock is owned by corporate insiders.

Snap-on Stock Down 0.6 %

SNA opened at $362.89 on Thursday. The company has a quick ratio of 3.14, a current ratio of 4.18 and a debt-to-equity ratio of 0.22. The stock has a market cap of $19.06 billion, a price-to-earnings ratio of 18.68, a PEG ratio of 2.43 and a beta of 0.98. Snap-on Incorporated has a twelve month low of $252.98 and a twelve month high of $373.89. The company’s 50-day moving average price is $331.26 and its two-hundred day moving average price is $293.14.

Snap-on (NYSE:SNA) last released its 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. The firm had revenue of $1.15 billion for the quarter, compared to analysts’ expectations of $1.16 billion. Snap-on had a net margin of 22.13% and a return on equity of 19.44%. As a group, equities analysts expect that Snap-on Incorporated will post 19.05 earnings per share for the current year.

Snap-on Increases Dividend

The business also recently announced 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 represents a $8.56 dividend on an annualized basis and a yield of 2.36%. 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 payout ratio is presently 44.06%.

Snap-on declared that its Board of Directors has approved a share buyback program on Thursday, August 8th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the company to buy up to 3.5% of its shares through open market purchases. Shares repurchase programs are often a sign 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.