QRG Capital Management Inc. Decreases Stock Holdings in Snap-On Incorporated $SNA

QRG Capital Management Inc. cut its stake in shares of Snap-On Incorporated (NYSE:SNA) by 52.5% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 72,515 shares of the company’s stock after selling 80,268 shares during the quarter. QRG Capital Management Inc.’s holdings in Snap-On were worth $25,129,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Pinnacle Financial Partners Inc boosted its position in shares of Snap-On by 0.7% during the 3rd quarter. Pinnacle Financial Partners Inc now owns 50,342 shares of the company’s stock valued at $17,445,000 after acquiring an additional 360 shares during the last quarter. Ritholtz Wealth Management grew its stake in shares of Snap-On by 6.1% in the 3rd quarter. Ritholtz Wealth Management now owns 1,367 shares of the company’s stock worth $474,000 after buying an additional 79 shares in the last quarter. BXM Wealth LLC bought a new stake in shares of Snap-On in the 3rd quarter worth about $201,000. Fjarde AP Fonden Fourth Swedish National Pension Fund raised its position in shares of Snap-On by 16.1% during the 3rd quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 18,910 shares of the company’s stock valued at $6,553,000 after buying an additional 2,629 shares in the last quarter. Finally, Prossimo Advisors LLC bought a new stake in Snap-On during the 3rd quarter valued at about $204,000. Institutional investors own 84.88% of the company’s stock.

Analyst Ratings Changes

Several brokerages have weighed in on SNA. Tigress Financial upped their target price on Snap-On from $395.00 to $405.00 and gave the stock a “buy” rating in a report on Tuesday, October 21st. Weiss Ratings reiterated a “buy (b)” rating on shares of Snap-On in a research note on Wednesday, October 8th. Robert W. Baird boosted their price objective 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. Barrington Research reiterated an “outperform” rating and issued a $350.00 price target on shares of Snap-On in a report on Wednesday, October 15th. Finally, Wall Street Zen raised Snap-On from a “hold” rating to a “buy” rating in a research report on Saturday, October 18th. 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 stock. Based on data from MarketBeat.com, Snap-On currently has a consensus rating of “Moderate Buy” and an average price target of $365.00.

Snap-On Stock Down 0.6%

NYSE:SNA opened at $361.18 on Friday. The company’s 50 day moving average is $346.78 and its two-hundred day moving average is $336.56. The company has a market cap of $18.78 billion, a PE ratio of 18.94, a P/E/G ratio of 2.55 and a beta of 0.80. Snap-On Incorporated has a twelve month low of $289.81 and a twelve month high of $366.17. The company has a current ratio of 4.40, a quick ratio of 3.37 and a debt-to-equity ratio of 0.20.

Snap-On (NYSE:SNA) last released 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 firm had revenue of $1.19 billion during the quarter, compared to the consensus estimate of $1.16 billion. During the same quarter in the previous year, the company posted $4.70 earnings per share. The company’s revenue was up 3.8% compared to the same quarter last year. Analysts anticipate that Snap-On Incorporated will post 19.79 EPS for the current year.

Snap-On Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, December 10th. Shareholders of record on Friday, November 21st were issued a $2.44 dividend. The ex-dividend date of this dividend was Friday, November 21st. This is a boost from Snap-On’s previous quarterly dividend of $2.14. This represents a $9.76 dividend on an annualized basis and a yield of 2.7%. Snap-On’s dividend payout ratio is presently 51.18%.

Insider Buying and Selling

In related news, VP Richard Thomas Miller sold 2,000 shares of the business’s stock in a transaction on Thursday, December 4th. The shares were sold at an average price of $348.27, for a total value of $696,540.00. Following the completion of the transaction, the vice president directly owned 4,158 shares in the company, valued at $1,448,106.66. The trade was a 32.48% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Aldo John Pagliari sold 6,779 shares of the stock in a transaction dated Thursday, December 11th. The stock was sold at an average price of $352.20, for a total transaction of $2,387,563.80. Following the sale, the chief financial officer directly owned 111,888 shares in the company, valued at approximately $39,406,953.60. The trade was a 5.71% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 40,036 shares of company stock worth $13,710,988. 3.90% of the stock is currently owned by company insiders.

Snap-On Profile

Snap‑On Incorporated (NYSE: SNA) is a designer, manufacturer and marketer of tools, diagnostic equipment, repair information and shop equipment for professional users. The company’s product range includes hand and power tools, tool storage and cabinets, diagnostic scan tools and software, shop equipment such as lifts and tire changers, and specialized specialty tools for automotive, aviation, marine and industrial applications. Snap‑On also offers information and workflow solutions that combine diagnostic data, repair procedures and parts information to support professional technicians.

Founded in 1920 and headquartered in Kenosha, Wisconsin, Snap‑On has established a long history in the professional tools market.