Citigroup Inc. Sells 2,601 Shares of Snap-On Incorporated (NYSE:SNA)

Key Points

• Citigroup Inc. reduced its stake in Snap-On Incorporated by 2.1%, now owning approximately 123,763 shares valued at $41.7 million.
• Several hedge funds, including Cerity Partners LLC and Sterling Capital Management LLC, significantly increased their positions in Snap-On during the fourth quarter.
• Snap-On recently announced a quarterly dividend of $2.14, which will yield an annualized rate of 2.7%, paid to shareholders of record on August 19th.

Citigroup Inc. trimmed its position in Snap-On Incorporated (NYSE:SNA - Free Report) by 2.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 123,763 shares of the company's stock after selling 2,601 shares during the quarter. Citigroup Inc. owned 0.24% of Snap-On worth $41,709,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the company. Alpine Bank Wealth Management bought a new stake in shares of Snap-On in the first quarter worth $25,000. Golden State Wealth Management LLC grew its stake in shares of Snap-On by 421.1% in the first quarter. Golden State Wealth Management LLC now owns 99 shares of the company's stock worth $33,000 after purchasing an additional 80 shares during the last quarter. Cullen Frost Bankers Inc. grew its stake in shares of Snap-On by 248.3% in the first quarter. Cullen Frost Bankers Inc. now owns 101 shares of the company's stock worth $34,000 after purchasing an additional 72 shares during the last quarter. Opal Wealth Advisors LLC bought a new stake in shares of Snap-On in the first quarter worth $35,000. Finally, ORG Partners LLC grew its stake in shares of Snap-On by 150.8% in the first quarter. ORG Partners LLC now owns 158 shares of the company's stock worth $54,000 after purchasing an additional 95 shares during the last quarter. 84.88% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of analysts recently commented on SNA shares. Robert W. Baird upped their price target on shares of Snap-On from $329.00 to $347.00 and gave the company a "neutral" rating in a research note on Friday, July 18th. Barrington Research restated an "outperform" rating and set a $350.00 price objective on shares of Snap-On in a research report on Tuesday, July 15th. Bank of America raised their price objective on shares of Snap-On from $265.00 to $285.00 and gave the company an "underperform" rating in a research report on Friday, July 18th. Finally, Wall Street Zen raised shares of Snap-On from a "hold" rating to a "buy" rating in a report on Friday, May 16th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $356.17.

Snap-On Stock Performance

Shares of NYSE:SNA traded up $8.34 during trading on Wednesday, hitting $333.90. 236,247 shares of the stock traded hands, compared to its average volume of 384,641. The company has a quick ratio of 3.42, a current ratio of 4.48 and a debt-to-equity ratio of 0.21. The company has a market cap of $17.42 billion, a price-to-earnings ratio of 17.81, a P/E/G ratio of 2.23 and a beta of 0.76. The company has a fifty day moving average price of $319.37 and a two-hundred day moving average price of $325.69. Snap-On Incorporated has a 52-week low of $268.90 and a 52-week high of $373.89.

Snap-On (NYSE:SNA - Get Free Report) last announced its quarterly earnings results on Thursday, July 17th. The company reported $4.72 earnings per share for the quarter, beating the consensus estimate of $4.61 by $0.11. The firm had revenue of $1.18 billion for the quarter, compared to analysts' expectations of $1.16 billion. Snap-On had a net margin of 20.98% and a return on equity of 18.02%. The company's revenue was up .0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $5.07 EPS. As a group, equities analysts predict that Snap-On Incorporated will post 19.79 EPS for the current year.

Snap-On Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 10th. Stockholders of record on Tuesday, August 19th will be given a $2.14 dividend. The ex-dividend date is Tuesday, August 19th. This represents a $8.56 dividend on an annualized basis and a dividend yield of 2.6%. Snap-On's dividend payout ratio (DPR) is currently 45.65%.

Insider Activity

In other news, CEO Nicholas T. Pinchuk sold 23,172 shares of Snap-On stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $315.85, for a total value of $7,318,876.20. Following the transaction, the chief executive officer directly owned 804,510 shares of the company's stock, valued at $254,104,483.50. The trade was a 2.80% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Karen L. Daniel sold 1,090 shares of the company's stock in a transaction that occurred on Thursday, June 5th. The stock was sold at an average price of $319.92, for a total value of $348,712.80. Following the completion of the transaction, the director owned 8,030 shares of the company's stock, valued at approximately $2,568,957.60. This represents a 11.95% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 52,857 shares of company stock worth $16,876,248 over the last 90 days. 3.90% of the stock is currently owned by corporate 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 & Industrial Group, Snap-on Tools Group, Repair Systems & Information Group, and Financial Services segments.