Eastern Bank Has $560,000 Stock Holdings in Snap-on Incorporated (NYSE:SNA)

Eastern Bank lessened its holdings in Snap-on Incorporated (NYSE:SNA) by 26.7% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,650 shares of the company’s stock after selling 600 shares during the period. Eastern Bank’s holdings in Snap-on were worth $560,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Reston Wealth Management LLC acquired a new stake in shares of Snap-on in the third quarter worth $30,000. 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 worth $37,000 after acquiring an additional 44 shares in the last quarter. Brooklyn Investment Group purchased a new stake in shares of Snap-on during the third quarter worth $39,000. Quarry LP raised its holdings in shares of Snap-on by 244.7% during the second quarter. Quarry LP now owns 162 shares of the company’s stock worth $42,000 after acquiring an additional 115 shares in the last quarter. Finally, nVerses Capital LLC purchased a new stake in shares of Snap-on during the third quarter worth $58,000. Institutional investors and hedge funds own 84.88% of the company’s stock.

Insider Activity

In related news, VP June C. Lemerand sold 3,500 shares of Snap-on stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $362.86, for a total transaction of $1,270,010.00. Following the sale, the vice president now directly owns 2,289 shares of the company’s stock, valued at $830,586.54. This trade represents a 60.46 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Aldo John Pagliari sold 6,909 shares of Snap-on stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $347.62, for a total value of $2,401,706.58. Following the sale, the chief financial officer now directly owns 100,668 shares in the company, valued at approximately $34,994,210.16. This trade represents a 6.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 46,679 shares of company stock valued at $16,222,574. 4.10% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on SNA shares. Roth Mkm increased their price objective on Snap-on from $324.00 to $365.00 and gave the stock a “buy” rating in a report on Tuesday, October 22nd. Tigress Financial increased their price objective on Snap-on from $336.00 to $385.00 and gave the stock a “buy” rating in a report on Friday, October 25th. Barrington Research increased their price objective on Snap-on from $325.00 to $350.00 and gave the stock an “outperform” rating in a report on Thursday, October 17th. Bank of America raised their target price on Snap-on from $255.00 to $280.00 and gave the company an “underperform” rating in a report on Friday, October 18th. Finally, Robert W. Baird raised their target price on Snap-on from $290.00 to $347.00 and gave the company a “neutral” rating in a report on Friday, October 18th. 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.com, Snap-on presently has a consensus rating of “Hold” and a consensus target price of $345.40.

Snap-on Price Performance

NYSE SNA opened at $339.50 on Tuesday. Snap-on Incorporated has a fifty-two week low of $252.98 and a fifty-two week high of $373.89. The stock’s 50-day moving average is $351.60 and its two-hundred day moving average is $307.74. The company has a debt-to-equity ratio of 0.22, a current ratio of 4.18 and a quick ratio of 3.14. The firm has a market cap of $17.83 billion, a P/E ratio of 17.47, a price-to-earnings-growth ratio of 2.35 and a beta of 1.00.

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

Snap-on Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 10th. Stockholders of record on Thursday, November 21st were given a $2.14 dividend. This is an increase from Snap-on’s previous quarterly dividend of $1.86. This represents a $8.56 annualized dividend and a dividend yield of 2.52%. The ex-dividend date of this dividend was Thursday, November 21st. Snap-on’s dividend payout ratio (DPR) is currently 44.06%.

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.