Sheaff Brock Investment Advisors LLC Sells 1,818 Shares of Snap-on Incorporated (NYSE:SNA)

Sheaff Brock Investment Advisors LLC cut its position in Snap-on Incorporated (NYSE:SNA) by 35.9% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,240 shares of the company’s stock after selling 1,818 shares during the quarter. Sheaff Brock Investment Advisors LLC’s holdings in Snap-on were worth $939,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in SNA. Mawer Investment Management Ltd. boosted its stake in Snap-on by 234.7% in the 2nd quarter. Mawer Investment Management Ltd. now owns 632,226 shares of the company’s stock valued at $165,258,000 after purchasing an additional 443,333 shares during the period. Pacer Advisors Inc. lifted its position in shares of Snap-on by 51.2% during the 2nd quarter. Pacer Advisors Inc. now owns 829,471 shares of the company’s stock valued at $216,815,000 after acquiring an additional 280,997 shares during the period. Millennium Management LLC lifted its position in shares of Snap-on by 1,786.4% during the 2nd quarter. Millennium Management LLC now owns 161,175 shares of the company’s stock valued at $42,130,000 after acquiring an additional 152,631 shares during the period. International Assets Investment Management LLC lifted its position in shares of Snap-on by 34,381.0% during the 3rd quarter. International Assets Investment Management LLC now owns 130,338 shares of the company’s stock valued at $37,760,000 after acquiring an additional 129,960 shares during the period. Finally, Glassman Wealth Services bought a new stake in shares of Snap-on during the 2nd quarter valued at $26,608,000. 84.88% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, SVP Thomas J. Ward sold 12,737 shares of the stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $333.21, for a total value 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 approximately $18,460,167.21. This represents a 18.69 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Aldo John Pagliari sold 4,473 shares of the stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $278.74, for a total value of $1,246,804.02. Following the completion of the sale, the chief financial officer now directly owns 99,244 shares of the company’s stock, valued at approximately $27,663,272.56. The trade was a 4.31 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 26,190 shares of company stock valued at $8,212,284 in the last 90 days. Corporate insiders own 4.10% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the company. Tigress Financial upped their target price on Snap-on from $336.00 to $385.00 and gave the company a “buy” rating in a research report on Friday, October 25th. Barrington Research upped their target price on Snap-on from $325.00 to $350.00 and gave the company an “outperform” rating in a research report on Thursday, October 17th. Roth Mkm upped their target price on Snap-on from $324.00 to $365.00 and gave the company a “buy” rating in a research report on Tuesday, October 22nd. Bank of America upped their price objective on Snap-on from $255.00 to $280.00 and gave the stock an “underperform” rating in a research report on Friday, October 18th. 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 report on Friday, October 18th. One research 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. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $345.40.

Snap-on Price Performance

Shares of SNA opened at $357.06 on Friday. Snap-on Incorporated has a 12-month low of $252.98 and a 12-month high of $365.35. The business has a 50-day simple moving average of $309.42 and a two-hundred day simple moving average of $284.95. 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 $18.75 billion, a PE ratio of 18.38, a PEG ratio of 2.39 and a beta of 0.96.

Snap-on (NYSE:SNA) last issued its earnings results on Thursday, October 17th. The company reported $4.70 earnings per share (EPS) for the quarter, topping 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 during the quarter, compared to analysts’ expectations of $1.16 billion. Analysts anticipate that Snap-on Incorporated will post 19.05 earnings per share for the current fiscal year.

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

Snap-on Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Thursday, November 21st will be issued a $2.14 dividend. This represents a $8.56 dividend on an annualized basis and a yield of 2.40%. The ex-dividend date is Thursday, November 21st. This is a boost from Snap-on’s previous quarterly dividend of $1.86. Snap-on’s dividend payout ratio is presently 38.29%.

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.