First Citizens Bank & Trust Co. Has $10.89 Million Stake in Snap-on Incorporated (NYSE:SNA)

First Citizens Bank & Trust Co. lessened its stake in shares of Snap-on Incorporated (NYSE:SNA) by 2.4% during the fourth quarter, Holdings Channel reports. The fund owned 32,089 shares of the company’s stock after selling 780 shares during the quarter. First Citizens Bank & Trust Co.’s holdings in Snap-on were worth $10,894,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of SNA. GSB Wealth Management LLC lifted its position in Snap-on by 0.5% in the 4th quarter. GSB Wealth Management LLC now owns 8,937 shares of the company’s stock valued at $3,034,000 after acquiring an additional 47 shares in the last quarter. MFA Wealth Services bought a new position in shares of Snap-on in the fourth quarter valued at approximately $438,000. Donoghue Forlines LLC bought a new stake in Snap-on during the fourth quarter worth $1,493,000. Beacon Investment Advisory Services Inc. raised its position in Snap-on by 874.8% in the 4th quarter. Beacon Investment Advisory Services Inc. now owns 13,676 shares of the company’s stock valued at $4,643,000 after buying an additional 12,273 shares during the last quarter. Finally, Janney Montgomery Scott LLC raised its holdings in shares of Snap-on by 2.2% in the fourth quarter. Janney Montgomery Scott LLC now owns 23,614 shares of the company’s stock valued at $8,017,000 after purchasing an additional 512 shares during the last quarter. 84.88% of the stock is owned by institutional investors.

Snap-on Stock Down 0.1 %

Shares of NYSE:SNA opened at $350.33 on Friday. Snap-on Incorporated has a 12-month low of $252.98 and a 12-month high of $373.89. The company has a current ratio of 4.18, a quick ratio of 3.14 and a debt-to-equity ratio of 0.22. The stock’s 50-day moving average price is $350.47 and its 200-day moving average price is $313.68. The stock has a market capitalization of $18.40 billion, a P/E ratio of 18.03, a price-to-earnings-growth ratio of 2.21 and a beta of 1.00.

Snap-on Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 10th. Investors of record on Thursday, November 21st were paid a $2.14 dividend. The ex-dividend date of this dividend was Thursday, November 21st. This is a boost from Snap-on’s previous quarterly dividend of $1.86. This represents a $8.56 annualized dividend and a dividend yield of 2.44%. Snap-on’s dividend payout ratio (DPR) is presently 44.06%.

Insider Activity at Snap-on

In other Snap-on news, SVP Thomas J. Ward sold 12,737 shares of the company’s stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $333.21, for a total value of $4,244,095.77. Following the sale, the senior vice president now owns 55,401 shares in the company, valued at approximately $18,460,167.21. This represents a 18.69 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Aldo John Pagliari sold 6,909 shares of the firm’s stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $347.62, for a total value of $2,401,706.58. Following the transaction, the chief financial officer now directly owns 100,668 shares of the company’s stock, valued at approximately $34,994,210.16. This trade represents a 6.42 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 44,929 shares of company stock worth $15,645,074 in the last 90 days. Company insiders own 4.10% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on SNA. Roth Mkm upped their price objective on Snap-on from $324.00 to $365.00 and gave the company a “buy” rating in a research note on Tuesday, October 22nd. Robert W. Baird lifted their price objective on shares of Snap-on from $290.00 to $347.00 and gave the stock a “neutral” rating in a research report on Friday, October 18th. Barrington Research increased their target price on shares of Snap-on from $325.00 to $350.00 and gave the company an “outperform” rating in a research report on Thursday, October 17th. Bank of America upped their price objective on Snap-on from $255.00 to $280.00 and gave the company an “underperform” rating in a research note on Friday, October 18th. Finally, Tigress Financial raised their target price on Snap-on from $336.00 to $385.00 and gave the stock a “buy” rating in a research report on Friday, October 25th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the stock. According to MarketBeat, Snap-on has an average rating of “Hold” and an average target price of $345.40.

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.