First Citizens Bank & Trust Co. Lowers Position in Snap-on Incorporated (NYSE:SNA)

First Citizens Bank & Trust Co. lessened its holdings in Snap-on Incorporated (NYSE:SNA) by 9.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 15,893 shares of the company’s stock after selling 1,736 shares during the quarter. First Citizens Bank & Trust Co.’s holdings in Snap-on were worth $2,488,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of SNA. Cardinal Capital Management raised its holdings in shares of Snap-on by 0.9% in the second quarter. Cardinal Capital Management now owns 7,286 shares of the company’s stock valued at $1,207,000 after purchasing an additional 63 shares during the last quarter. CSat Investment Advisory L.P. raised its holdings in shares of Snap-on by 34.0% in the second quarter. CSat Investment Advisory L.P. now owns 280 shares of the company’s stock valued at $47,000 after purchasing an additional 71 shares during the last quarter. D.B. Root & Company LLC raised its holdings in shares of Snap-on by 3.0% in the second quarter. D.B. Root & Company LLC now owns 3,450 shares of the company’s stock valued at $571,000 after purchasing an additional 100 shares during the last quarter. Intrust Bank NA raised its holdings in shares of Snap-on by 6.5% in the second quarter. Intrust Bank NA now owns 1,812 shares of the company’s stock valued at $300,000 after purchasing an additional 111 shares during the last quarter. Finally, O Shares Investment Advisers LLC raised its holdings in shares of Snap-on by 6.0% in the second quarter. O Shares Investment Advisers LLC now owns 2,113 shares of the company’s stock valued at $350,000 after purchasing an additional 119 shares during the last quarter.

Shares of Snap-on stock traded down $0.03 during trading on Friday, reaching $166.94. The company’s stock had a trading volume of 490,836 shares, compared to its average volume of 518,672. The business’s 50-day moving average price is $159.44 and its 200-day moving average price is $158.51. The firm has a market cap of $9.22 billion, a PE ratio of 14.14, a P/E/G ratio of 1.61 and a beta of 1.24. Snap-on Incorporated has a 52 week low of $135.29 and a 52 week high of $174.00. The company has a quick ratio of 1.61, a current ratio of 2.37 and a debt-to-equity ratio of 0.30.

Snap-on (NYSE:SNA) last posted its quarterly earnings results on Thursday, October 17th. The company reported $2.96 EPS for the quarter, beating the Zacks’ consensus estimate of $2.94 by $0.02. The business had revenue of $901.80 million during the quarter, compared to the consensus estimate of $909.23 million. Snap-on had a return on equity of 21.16% and a net margin of 18.72%. Snap-on’s revenue for the quarter was up .4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.88 earnings per share. Equities analysts predict that Snap-on Incorporated will post 12.26 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Wednesday, November 20th will be paid a $1.08 dividend. This represents a $4.32 dividend on an annualized basis and a yield of 2.59%. This is an increase from Snap-on’s previous quarterly dividend of $0.95. Snap-on’s payout ratio is 32.18%.

A number of analysts have recently issued reports on the stock. Barrington Research reiterated a “buy” rating and issued a $185.00 price objective on shares of Snap-on in a report on Thursday, October 17th. Tigress Financial reissued a “buy” rating on shares of Snap-on in a research note on Friday, October 25th. Robert W. Baird reaffirmed a “hold” rating and set a $169.00 price objective on shares of Snap-on in a research report on Friday, October 18th. ValuEngine cut shares of Snap-on from a “hold” rating to a “sell” rating in a research report on Saturday, October 19th. Finally, Oppenheimer set a $180.00 price objective on shares of Snap-on and gave the stock a “buy” rating in a research report on Friday, July 19th. Two analysts have rated the stock with a sell rating, four have given a hold rating and three have issued a buy rating to the company. Snap-on presently has a consensus rating of “Hold” and a consensus price target of $173.60.

In other Snap-on news, VP Iain Boyd sold 777 shares of the business’s stock in a transaction dated Wednesday, October 23rd. The stock was sold at an average price of $165.00, for a total transaction of $128,205.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Nicholas T. Pinchuk sold 19,675 shares of the business’s stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $155.46, for a total value of $3,058,675.50. The disclosure for this sale can be found here. 3.90% of the stock is owned by insiders.

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 and Industrial Group, Snap-on Tools Group, and Repair Systems & Information Group segments. The company offers hand tools, including wrenches, sockets, ratchet wrenches, pliers, screwdrivers, punches and chisels, saws and cutting tools, pruning tools, torque measuring instruments, and other products; power tools, such as cordless, pneumatic, hydraulic, and corded tools; and tool storage products comprising tool chests, roll cabinets, and other products.

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

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