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

First Citizens Bank & Trust Co. raised its stake in shares of Snap-on Incorporated (NYSE:SNA) by 4.0% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 16,168 shares of the company’s stock after buying an additional 629 shares during the quarter. First Citizens Bank & Trust Co.’s holdings in Snap-on were worth $2,531,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in SNA. Bank of New York Mellon Corp lifted its holdings in shares of Snap-on by 2.5% during the 3rd quarter. Bank of New York Mellon Corp now owns 617,608 shares of the company’s stock valued at $113,394,000 after purchasing an additional 15,079 shares during the last quarter. Canada Pension Plan Investment Board raised its stake in Snap-on by 62,000.0% in the 3rd quarter. Canada Pension Plan Investment Board now owns 6,210 shares of the company’s stock worth $1,140,000 after acquiring an additional 6,200 shares during the last quarter. Panagora Asset Management Inc. raised its stake in Snap-on by 19.0% in the 3rd quarter. Panagora Asset Management Inc. now owns 6,689 shares of the company’s stock worth $1,228,000 after acquiring an additional 1,069 shares during the last quarter. Franklin Resources Inc. purchased a new position in Snap-on in the 3rd quarter worth $384,000. Finally, Mirae Asset Global Investments Co. Ltd. purchased a new position in Snap-on in the 3rd quarter worth $447,000.

Shares of SNA opened at $171.46 on Friday. The stock has a market cap of $9.53 billion, a price-to-earnings ratio of 14.52, a P/E/G ratio of 1.63 and a beta of 1.28. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.66 and a current ratio of 2.42. Snap-on Incorporated has a fifty-two week low of $135.29 and a fifty-two week high of $189.46.

Snap-on (NYSE:SNA) last announced its quarterly earnings results on Thursday, April 18th. The company reported $3.01 earnings per share for the quarter, topping the consensus estimate of $2.91 by $0.10. Snap-on had a return on equity of 21.66% and a net margin of 18.64%. The company had revenue of $921.70 million for the quarter, compared to the consensus estimate of $933.13 million. During the same period last year, the firm earned $2.79 EPS. The firm’s revenue for the quarter was down 1.5% compared to the same quarter last year. On average, analysts expect that Snap-on Incorporated will post 12.34 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 10th. Stockholders of record on Tuesday, May 21st will be given a dividend of $0.95 per share. This represents a $3.80 dividend on an annualized basis and a dividend yield of 2.22%. The ex-dividend date of this dividend is Monday, May 20th. Snap-on’s dividend payout ratio (DPR) is presently 32.18%.

In other news, SVP Thomas J. Ward sold 21,000 shares of the firm’s stock in a transaction dated Thursday, April 18th. The stock was sold at an average price of $169.75, for a total transaction of $3,564,750.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Chairman Nicholas T. Pinchuk sold 11,783 shares of the firm’s stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $156.68, for a total value of $1,846,160.44. The disclosure for this sale can be found here. Insiders have sold a total of 78,327 shares of company stock worth $12,687,933 over the last 90 days. Insiders own 3.90% of the company’s stock.

SNA has been the subject of a number of research analyst reports. Zacks Investment Research lowered Snap-on from a “hold” rating to a “sell” rating in a research note on Monday, February 4th. Robert W. Baird lowered Snap-on from an “outperform” rating to a “neutral” rating and reduced their target price for the stock from $186.00 to $160.00 in a research note on Wednesday, April 10th. Finally, Barrington Research set a $185.00 target price on Snap-on and gave the stock a “buy” rating in a research note on Monday, April 22nd. Five analysts have rated the stock with a hold rating and two have given a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $185.20.

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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 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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