Cypress Capital Group Trims Stock Holdings in Snap-on Incorporated (NYSE:SNA)

Cypress Capital Group reduced its position in shares of Snap-on Incorporated (NYSE:SNA) by 12.8% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 5,723 shares of the company’s stock after selling 837 shares during the quarter. Cypress Capital Group’s holdings in Snap-on were worth $1,496,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Earnest Partners LLC raised its stake in shares of Snap-on by 9.9% during the 1st quarter. Earnest Partners LLC now owns 929,710 shares of the company’s stock valued at $275,399,000 after buying an additional 83,686 shares during the last quarter. Nordea Investment Management AB boosted its holdings in shares of Snap-on by 3.2% during the 1st quarter. Nordea Investment Management AB now owns 891,994 shares of the company’s stock worth $265,217,000 after purchasing an additional 27,429 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Snap-on by 0.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 773,087 shares of the company’s stock worth $223,304,000 after purchasing an additional 3,449 shares during the last quarter. Envestnet Asset Management Inc. boosted its holdings in shares of Snap-on by 2.3% during the 4th quarter. Envestnet Asset Management Inc. now owns 755,445 shares of the company’s stock worth $218,203,000 after purchasing an additional 16,972 shares during the last quarter. Finally, LSV Asset Management lifted its holdings in Snap-on by 0.5% in the first quarter. LSV Asset Management now owns 674,341 shares of the company’s stock valued at $199,753,000 after acquiring an additional 3,535 shares during the last quarter. Institutional investors own 84.88% of the company’s stock.

Snap-on Trading Up 2.2 %

SNA stock traded up $6.17 during trading on Friday, reaching $283.84. 194,631 shares of the stock traded hands, compared to its average volume of 292,449. The business’s 50 day moving average price is $270.34 and its 200-day moving average price is $275.43. Snap-on Incorporated has a 52-week low of $249.84 and a 52-week high of $298.49. The company has a debt-to-equity ratio of 0.22, a current ratio of 4.06 and a quick ratio of 3.05. The firm has a market capitalization of $14.96 billion, a PE ratio of 14.89, a P/E/G ratio of 1.92 and a beta of 0.98.

Snap-on (NYSE:SNA) last released its quarterly earnings results on Thursday, July 18th. The company reported $5.07 EPS for the quarter, topping the consensus estimate of $4.94 by $0.13. Snap-on had a return on equity of 19.90% and a net margin of 21.90%. The business had revenue of $1.18 billion for the quarter, compared to analysts’ expectations of $1.20 billion. During the same quarter in the previous year, the firm posted $4.89 earnings per share. The company’s revenue was down 1.0% compared to the same quarter last year. As a group, sell-side analysts forecast that Snap-on Incorporated will post 18.95 earnings per share for the current year.

Snap-on announced that its Board of Directors has approved a stock repurchase plan on Thursday, August 8th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the company to reacquire up to 3.5% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board believes its stock is undervalued.

Snap-on Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 10th. Investors of record on Monday, August 19th will be issued a $1.86 dividend. This represents a $7.44 dividend on an annualized basis and a yield of 2.62%. The ex-dividend date is Monday, August 19th. Snap-on’s dividend payout ratio (DPR) is 39.03%.

Insider Buying and Selling

In other news, CEO Nicholas T. Pinchuk sold 24,220 shares of the stock in a transaction on Tuesday, June 4th. The stock was sold at an average price of $266.80, for a total transaction of $6,461,896.00. Following the completion of the sale, the chief executive officer now owns 750,663 shares in the company, valued at approximately $200,276,888.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Snap-on news, CFO Aldo John Pagliari sold 4,473 shares of Snap-on stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $278.74, for a total transaction of $1,246,804.02. Following the sale, the chief financial officer now directly owns 99,244 shares of the company’s stock, valued at $27,663,272.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Nicholas T. Pinchuk sold 24,220 shares of the business’s stock in a transaction that occurred on Tuesday, June 4th. The stock was sold at an average price of $266.80, for a total value of $6,461,896.00. Following the completion of the transaction, the chief executive officer now directly owns 750,663 shares in the company, valued at $200,276,888.40. The disclosure for this sale can be found here. Insiders sold 61,272 shares of company stock valued at $16,438,942 in the last three months. 4.10% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

SNA has been the topic of a number of research analyst reports. Robert W. Baird cut their target price on Snap-on from $282.00 to $275.00 and set a “neutral” rating on the stock in a research report on Friday, July 12th. Barrington Research reissued an “outperform” rating and issued a $325.00 target price on shares of Snap-on in a report on Tuesday, July 16th. Tigress Financial restated a “buy” rating and issued a $336.00 price objective on shares of Snap-on in a research note on Thursday, July 25th. Finally, Roth Mkm reiterated a “buy” rating and set a $324.00 target price on shares of Snap-on in a research note on Tuesday, July 16th. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $315.00.

Snap-on 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.