Cypress Capital Group Cuts Position in Snap-on Incorporated (NYSE:SNA)

Cypress Capital Group cut its stake in Snap-on Incorporated (NYSE:SNA) by 3.9% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,501 shares of the company’s stock after selling 222 shares during the quarter. Cypress Capital Group’s holdings in Snap-on were worth $1,594,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Manning & Napier Advisors LLC acquired a new position in shares of Snap-on in the 2nd quarter valued at about $4,571,000. Asset Management One Co. Ltd. boosted its position in Snap-on by 0.3% during the 3rd quarter. Asset Management One Co. Ltd. now owns 19,896 shares of the company’s stock worth $5,764,000 after acquiring an additional 67 shares during the period. SG Americas Securities LLC increased its stake in shares of Snap-on by 32.7% in the second quarter. SG Americas Securities LLC now owns 13,140 shares of the company’s stock worth $3,435,000 after acquiring an additional 3,238 shares during the last quarter. Strategic Financial Concepts LLC acquired a new position in Snap-on during the second quarter worth $3,653,000. Finally, Victory Capital Management Inc. grew its stake in Snap-on by 21.5% in the 3rd quarter. Victory Capital Management Inc. now owns 158,777 shares of the company’s stock valued at $45,999,000 after buying an additional 28,049 shares during the last quarter. Institutional investors and hedge funds own 84.88% of the company’s stock.

Snap-on Price Performance

SNA opened at $357.85 on Thursday. Snap-on Incorporated has a 12-month low of $252.98 and a 12-month high of $365.35. The company has a market cap of $18.79 billion, a price-to-earnings ratio of 18.42, a price-to-earnings-growth ratio of 2.35 and a beta of 0.96. The company has a current ratio of 4.18, a quick ratio of 3.14 and a debt-to-equity ratio of 0.22. The stock has a fifty day simple moving average of $314.25 and a two-hundred day simple moving average of $286.92.

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

Snap-on declared that its Board of Directors has approved a share buyback program on Thursday, August 8th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the company to repurchase up to 3.5% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board believes its stock is undervalued.

Snap-on Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Thursday, November 21st will be issued a dividend of $2.14 per share. This represents a $8.56 annualized dividend and a dividend yield of 2.39%. 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 38.29%.

Insider Activity at Snap-on

In related news, 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 transaction, the vice president now directly owns 10,493 shares of the company’s stock, valued at approximately $3,137,302.07. This represents a 36.55 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Thomas J. Ward sold 12,737 shares of the company’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 value of $4,244,095.77. Following the sale, the senior vice president now directly owns 55,401 shares in the company, valued at $18,460,167.21. This trade represents a 18.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 21,717 shares of company stock worth $6,965,480 over the last quarter. Company insiders own 4.10% of the company’s stock.

Analysts Set New Price Targets

SNA has been the topic of several recent analyst reports. Roth Mkm boosted their price target on Snap-on from $324.00 to $365.00 and gave the company a “buy” rating in a research note on Tuesday, October 22nd. Robert W. Baird increased their price target on shares of Snap-on from $290.00 to $347.00 and gave the company a “neutral” rating in a research note on Friday, October 18th. Bank of America raised their target price on shares of Snap-on from $255.00 to $280.00 and gave the stock an “underperform” rating in a report on Friday, October 18th. Tigress Financial boosted their target price on shares of Snap-on from $336.00 to $385.00 and gave the stock a “buy” rating in a research note on Friday, October 25th. Finally, Barrington Research boosted their price target on Snap-on from $325.00 to $350.00 and gave the company an “outperform” rating in a research note on Thursday, October 17th. One 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 stock. Based on data from MarketBeat, the stock currently has a consensus 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.