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

Cypress Capital Management LLC lessened its position in shares of Snap-on Incorporated (NYSE:SNA) by 2.0% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 16,102 shares of the company’s stock after selling 323 shares during the quarter. 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 institutional investors have also recently bought and sold shares of SNA. Wealthcare Advisory Partners LLC purchased a new stake in Snap-on during the 1st quarter valued at about $25,000. Valeo Financial Advisors LLC purchased a new stake in Snap-on during the 4th quarter valued at about $26,000. IronBridge Private Wealth LLC purchased a new stake in Snap-on during the 4th quarter valued at about $28,000. First Command Bank purchased a new stake in Snap-on during the 1st quarter valued at about $30,000. Finally, Exchange Traded Concepts LLC grew its stake in 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 purchasing an additional 90 shares during the last quarter. Institutional investors and hedge funds own 86.77% of the company’s stock.

NYSE SNA traded down $1.14 during trading hours on Friday, reaching $239.44. The company’s stock had a trading volume of 4,298 shares, compared to its average volume of 458,490. The stock has a market capitalization 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 Incorporated has a 1-year low of $128.10 and a 1-year high of $259.99. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.47 and a quick ratio of 1.88. The firm has a 50-day moving average price of $244.27.

Snap-on (NYSE:SNA) last released 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 return on equity of 18.44% and a net margin of 18.13%. The company had revenue of $1.02 billion during the quarter, compared to analysts’ expectations of $929.86 million. During the same quarter in the prior year, the firm posted $2.60 EPS. Snap-on’s quarterly revenue was up 20.2% compared to the same quarter last year. As a group, sell-side analysts expect that Snap-on Incorporated will post 13.43 earnings per share 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 paid a dividend of $1.23 per share. The ex-dividend date of this dividend was Thursday, May 20th. This represents a $4.92 annualized dividend and a yield of 2.05%. Snap-on’s dividend payout ratio (DPR) is currently 42.30%.

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

In other news, VP Richard K. Strege sold 3,176 shares of the company’s stock in a transaction that occurred on Friday, March 26th. The stock was sold at an average price of $229.62, for a total value of $729,273.12. 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 24,507 shares of the company’s stock in a transaction that occurred on Monday, May 3rd. The shares were sold at an average price of $238.12, for a total value of $5,835,606.84. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 67,020 shares of company stock valued at $16,071,346. 4.20% of the stock is owned by company insiders.

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.

Further Reading: Compound Annual Growth Rate (CAGR)

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

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