Cypress Capital Management LLC Lowers Stock Holdings in Snap-on Incorporated (NYSE:SNA)

Cypress Capital Management LLC reduced its position in Snap-on Incorporated (NYSE:SNA) by 2.0% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 16,102 shares of the company’s stock after selling 323 shares during the period. Cypress Capital Management LLC’s holdings in Snap-on were worth $3,715,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in SNA. Wealthcare Advisory Partners LLC purchased a new stake in Snap-on in the 1st quarter worth approximately $25,000. Valeo Financial Advisors LLC purchased a new stake in Snap-on in the 4th quarter worth approximately $26,000. IronBridge Private Wealth LLC purchased a new stake in Snap-on in the 4th quarter worth approximately $28,000. First Command Bank purchased a new stake in shares of Snap-on during the 1st quarter valued at $30,000. Finally, Exchange Traded Concepts LLC grew its stake in shares of Snap-on by 219.5% during the 1st quarter. Exchange Traded Concepts LLC now owns 131 shares of the company’s stock valued at $30,000 after buying an additional 90 shares during the period. 86.77% of the stock is owned by hedge funds and other institutional investors.

Several brokerages have recently issued reports on SNA. Robert W. Baird reissued a “hold” rating and set a $239.00 price objective on shares of Snap-on in a research note on Sunday, April 25th. Barrington Research boosted their price objective on shares of Snap-on from $250.00 to $280.00 and gave the company an “outperform” rating in a research note on Friday, April 23rd. Two research analysts have rated the stock with a sell rating, two have given a hold rating, three have issued a buy rating and one has given a strong buy rating to the company’s stock. Snap-on currently has a consensus rating of “Hold” and a consensus target price of $187.83.

Snap-on stock traded down $1.14 during trading on Friday, reaching $239.44. 4,298 shares of the company’s stock were exchanged, compared to its average volume of 458,490. The business’s 50-day simple moving average is $244.27. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.88 and a current ratio of 2.47. Snap-on Incorporated has a 52-week low of $128.10 and a 52-week high of $259.99. The company has a market cap of $12.95 billion, a price-to-earnings ratio of 19.32, a price-to-earnings-growth ratio of 2.00 and a beta of 1.30.

Snap-on (NYSE:SNA) last announced its quarterly earnings results on Thursday, April 22nd. The company reported $3.50 earnings per share for the quarter, topping analysts’ consensus estimates of $3.01 by $0.49. Snap-on had a net margin of 18.13% and a return on equity of 18.44%. The firm had revenue of $1.02 billion during the quarter, compared to analysts’ expectations of $929.86 million. During the same period in the prior year, the company earned $2.60 EPS. The firm’s revenue was up 20.2% on a year-over-year basis. As a group, research analysts anticipate that Snap-on Incorporated will post 13.43 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 10th. Shareholders of record on Friday, May 28th were issued a $1.23 dividend. The ex-dividend date of this dividend was Thursday, May 20th. This represents a $4.92 dividend on an annualized basis and a yield of 2.05%. Snap-on’s dividend payout ratio is currently 42.30%.

In other Snap-on news, VP Iain Boyd sold 10,000 shares of the business’s stock in a transaction on Friday, May 7th. The shares were sold at an average price of $249.04, for a total value of $2,490,400.00. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Nicholas T. Pinchuk sold 24,507 shares of the business’s stock in a transaction on Monday, May 3rd. The stock was sold at an average price of $238.12, for a total transaction of $5,835,606.84. The disclosure for this sale can be found here. Insiders sold a total of 67,020 shares of company stock worth $16,071,346 in the last quarter. 4.20% of the stock is currently owned by company insiders.

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.

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

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