First Citizens Bank & Trust Co. Has $12.05 Million Position in Snap-On Incorporated $SNA

Key Points

• First Citizens Bank & Trust Co. increased its stake in Snap-On Incorporated by 14.6%, now holding 38,736 shares worth approximately $12.05 million.
• Snap-On reported a Q3 EPS of $4.71, surpassing estimates, with a revenue of $1.19 billion up 3.8% year-over-year.
• The company declared a quarterly dividend of $2.14, representing an annual yield of 2.5% with a payout ratio of 44.89%.

First Citizens Bank & Trust Co. lifted its stake in shares of Snap-On Incorporated (NYSE:SNA - Free Report) by 14.6% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 38,736 shares of the company's stock after acquiring an additional 4,942 shares during the quarter. First Citizens Bank & Trust Co. owned about 0.07% of Snap-On worth $12,054,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Forvis Mazars Wealth Advisors LLC boosted its holdings in Snap-On by 0.7% during the first quarter. Forvis Mazars Wealth Advisors LLC now owns 4,607 shares of the company's stock valued at $1,553,000 after acquiring an additional 32 shares during the period. Horizon Investments LLC boosted its stake in Snap-On by 4.3% during the 1st quarter. Horizon Investments LLC now owns 775 shares of the company's stock valued at $261,000 after purchasing an additional 32 shares during the period. Cary Street Partners Investment Advisory LLC grew its holdings in Snap-On by 5.2% in the 1st quarter. Cary Street Partners Investment Advisory LLC now owns 694 shares of the company's stock valued at $234,000 after buying an additional 34 shares during the last quarter. MassMutual Private Wealth & Trust FSB boosted its position in shares of Snap-On by 28.2% in the second quarter. MassMutual Private Wealth & Trust FSB now owns 159 shares of the company's stock valued at $49,000 after acquiring an additional 35 shares during the period. Finally, Canandaigua National Trust Co of Florida increased its position in Snap-On by 5.4% during the first quarter. Canandaigua National Trust Co of Florida now owns 716 shares of the company's stock worth $241,000 after acquiring an additional 37 shares during the period. 84.88% of the stock is currently owned by institutional investors and hedge funds.

Snap-On Stock Performance

Shares of SNA stock opened at $343.74 on Thursday. The firm has a market capitalization of $17.88 billion, a price-to-earnings ratio of 18.03, a price-to-earnings-growth ratio of 2.39 and a beta of 0.78. Snap-On Incorporated has a 1 year low of $289.81 and a 1 year high of $373.89. The business has a fifty day moving average of $333.74 and a 200 day moving average of $324.14. The company has a debt-to-equity ratio of 0.20, a current ratio of 4.40 and a quick ratio of 3.37.

Snap-On (NYSE:SNA - Get Free Report) last issued its quarterly earnings results on Thursday, October 16th. The company reported $4.71 EPS for the quarter, topping the consensus estimate of $4.59 by $0.12. The company had revenue of $1.19 billion during the quarter, compared to analyst estimates of $1.16 billion. Snap-On had a net margin of 21.08% and a return on equity of 17.71%. The firm's revenue was up 3.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $4.70 EPS. As a group, research analysts expect that Snap-On Incorporated will post 19.79 earnings per share for the current year.

Snap-On Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 10th. Investors of record on Tuesday, August 19th were issued a $2.14 dividend. The ex-dividend date was Tuesday, August 19th. This represents a $8.56 dividend on an annualized basis and a yield of 2.5%. Snap-On's dividend payout ratio is currently 44.89%.

Analyst Ratings Changes

Several equities research analysts recently weighed in on SNA shares. Tigress Financial increased their target price on shares of Snap-On from $395.00 to $405.00 and gave the company a "buy" rating in a research note on Tuesday. Bank of America raised their target price on Snap-On from $265.00 to $285.00 and gave the stock an "underperform" rating in a research report on Friday, July 18th. Barrington Research reaffirmed an "outperform" rating and set a $350.00 price objective on shares of Snap-On in a report on Wednesday, October 15th. Robert W. Baird raised their price target on shares of Snap-On from $355.00 to $365.00 and gave the stock a "neutral" rating in a research note on Friday, October 17th. Finally, Roth Capital reiterated a "buy" rating and issued a $385.00 price objective on shares of Snap-On in a research note on Friday, October 17th. Five investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $365.00.

Insider Buying and Selling

In other news, CFO Aldo John Pagliari sold 125 shares of Snap-On stock in a transaction on Friday, August 15th. The stock was sold at an average price of $325.21, for a total value of $40,651.25. Following the completion of the sale, the chief financial officer directly owned 111,721 shares of the company's stock, valued at approximately $36,332,786.41. The trade was a 0.11% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Nicholas T. Pinchuk sold 23,042 shares of Snap-On stock in a transaction dated Monday, August 11th. The shares were sold at an average price of $320.88, for a total value of $7,393,716.96. Following the completion of the transaction, the chief executive officer directly owned 815,219 shares of the company's stock, valued at approximately $261,587,472.72. This represents a 2.75% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 27,898 shares of company stock worth $8,983,203 over the last three months. Insiders own 3.90% of the company's stock.

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.

Want to see what other hedge funds are holding SNA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Snap-On Incorporated (NYSE:SNA - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.