Cullen Frost Bankers Inc. Acquires 148 Shares of Snap-On Incorporated $SNA

Cullen Frost Bankers Inc. raised its holdings in shares of Snap-On Incorporated (NYSE:SNA) by 146.5% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 249 shares of the company’s stock after purchasing an additional 148 shares during the period. Cullen Frost Bankers Inc.’s holdings in Snap-On were worth $78,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of SNA. Kingstone Capital Partners Texas LLC bought a new position in Snap-On during the 2nd quarter valued at approximately $434,938,000. Auto Owners Insurance Co raised its position in shares of Snap-On by 35,967.2% in the 1st quarter. Auto Owners Insurance Co now owns 1,073,000 shares of the company’s stock worth $361,612,000 after acquiring an additional 1,070,025 shares in the last quarter. Ameriprise Financial Inc. raised its position in shares of Snap-On by 54.3% in the 1st quarter. Ameriprise Financial Inc. now owns 681,857 shares of the company’s stock worth $229,793,000 after acquiring an additional 239,908 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in shares of Snap-On in the 2nd quarter worth approximately $56,595,000. Finally, Nuveen LLC bought a new position in shares of Snap-On in the 1st quarter worth approximately $45,711,000. Institutional investors own 84.88% of the company’s stock.

Snap-On Price Performance

Shares of Snap-On stock opened at $344.10 on Friday. Snap-On Incorporated has a one year low of $289.81 and a one year high of $373.89. The stock’s fifty day moving average is $334.54 and its 200 day moving average is $324.74. The stock has a market cap of $17.90 billion, a P/E ratio of 18.04, a P/E/G ratio of 2.38 and a beta of 0.78. The company has a debt-to-equity ratio of 0.20, a quick ratio of 3.37 and a current ratio of 4.40.

Snap-On (NYSE:SNA) last announced its earnings results on Thursday, October 16th. The company reported $4.71 EPS for the quarter, topping analysts’ consensus estimates of $4.59 by $0.12. Snap-On had a return on equity of 17.71% and a net margin of 21.08%.The company had revenue of $1.19 billion for the quarter, compared to analysts’ expectations of $1.16 billion. During the same period last year, the firm earned $4.70 EPS. Snap-On’s revenue for the quarter was up 3.8% compared to the same quarter last year. Sell-side analysts anticipate that Snap-On Incorporated will post 19.79 earnings per share for the current year.

Snap-On Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 10th. Shareholders of record on Tuesday, August 19th were issued a dividend of $2.14 per share. The ex-dividend date of this dividend 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 (DPR) is currently 44.89%.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on SNA. Wall Street Zen raised Snap-On from a “hold” rating to a “buy” rating in a research report on Saturday, October 18th. Bank of America increased their target price on Snap-On from $265.00 to $285.00 and gave the company an “underperform” rating in a research note on Friday, July 18th. Roth Capital restated a “buy” rating and issued a $385.00 price target on shares of Snap-On in a research note on Friday, October 17th. Robert W. Baird raised their price target on Snap-On from $355.00 to $365.00 and gave the stock a “neutral” rating in a research note on Friday, October 17th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Snap-On in a research note on Friday. Five investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $365.00.

Insider Transactions at Snap-On

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

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.