Connable Office Inc. Trims Holdings in Snap-on Incorporated (SNA)

Connable Office Inc. reduced its stake in Snap-on Incorporated (NYSE:SNA) by 18.6% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 2,250 shares of the company’s stock after selling 515 shares during the period. Connable Office Inc.’s holdings in Snap-on were worth $413,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Unigestion Holding SA bought a new stake in Snap-on in the 3rd quarter valued at $888,000. Penserra Capital Management LLC increased its holdings in Snap-on by 16.5% in the 3rd quarter. Penserra Capital Management LLC now owns 2,668 shares of the company’s stock valued at $489,000 after acquiring an additional 377 shares during the last quarter. ProVise Management Group LLC bought a new stake in Snap-on in the 3rd quarter valued at $470,000. Janney Montgomery Scott LLC increased its holdings in Snap-on by 2.6% in the 3rd quarter. Janney Montgomery Scott LLC now owns 26,925 shares of the company’s stock valued at $4,943,000 after acquiring an additional 676 shares during the last quarter. Finally, British Airways Pensions Investment Management Ltd bought a new stake in Snap-on in the 3rd quarter valued at $12,272,000.

In other news, SVP Aldo John Pagliari sold 6,480 shares of the business’s stock in a transaction dated Wednesday, August 22nd. The shares were sold at an average price of $177.89, for a total value of $1,152,727.20. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 4.00% of the company’s stock.

Snap-on stock opened at $161.64 on Friday. Snap-on Incorporated has a twelve month low of $141.63 and a twelve month high of $189.46. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.59 and a current ratio of 2.31. The stock has a market capitalization of $8.87 billion, a PE ratio of 15.97, a price-to-earnings-growth ratio of 1.29 and a beta of 1.29.

Snap-on (NYSE:SNA) last posted its earnings results on Thursday, October 18th. The company reported $2.88 earnings per share for the quarter, topping analysts’ consensus estimates of $2.86 by $0.02. Snap-on had a net margin of 16.86% and a return on equity of 21.35%. The firm had revenue of $898.10 million for the quarter, compared to the consensus estimate of $928.73 million. During the same period in the previous year, the firm posted $2.45 EPS. The business’s quarterly revenue was down .6% on a year-over-year basis. On average, equities analysts forecast that Snap-on Incorporated will post 11.8 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 10th. Stockholders of record on Tuesday, November 20th will be issued a $0.95 dividend. This is an increase from Snap-on’s previous quarterly dividend of $0.82. This represents a $3.80 dividend on an annualized basis and a dividend yield of 2.35%. Snap-on’s payout ratio is 32.41%.

A number of analysts have recently weighed in on SNA shares. Barrington Research restated a “buy” rating on shares of Snap-on in a report on Monday, July 16th. Zacks Investment Research upgraded shares of Snap-on from a “sell” rating to a “hold” rating and set a $192.00 target price on the stock in a report on Monday, July 23rd. Northcoast Research downgraded shares of Snap-on from a “buy” rating to a “neutral” rating in a report on Tuesday, July 24th. B. Riley set a $205.00 target price on shares of Snap-on and gave the stock a “buy” rating in a report on Tuesday, July 17th. Finally, Robert W. Baird reduced their target price on shares of Snap-on from $216.00 to $190.00 and set an “outperform” rating on the stock in a report on Friday, October 19th. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $195.40.

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Snap-on Company Profile

Snap-on Incorporated manufactures and markets tools, equipment, diagnostics, and repair information and systems solutions for professional users worldwide. The company operates through Commercial & Industrial Group, Snap-on Tools Group, Repair Systems & Information Group, and Financial Services segments.

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Institutional Ownership by Quarter for Snap-on (NYSE:SNA)

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