QRG Capital Management Inc. Acquires 7,798 Shares of Snap-On Incorporated $SNA

QRG Capital Management Inc. boosted its holdings in Snap-On Incorporated (NYSE:SNA) by 9.9% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 86,849 shares of the company’s stock after buying an additional 7,798 shares during the quarter. QRG Capital Management Inc. owned 0.17% of Snap-On worth $31,545,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Pensionfund Sabic purchased a new stake in Snap-On during the fourth quarter valued at $1,206,000. First Horizon Corp bought a new stake in shares of Snap-On during the 4th quarter valued at about $4,068,000. Miller Howard Investments Inc. NY bought a new stake in shares of Snap-On during the 1st quarter valued at about $51,244,000. Nordea Investment Management AB increased its position in shares of Snap-On by 4.1% during the 4th quarter. Nordea Investment Management AB now owns 1,310,198 shares of the company’s stock valued at $454,206,000 after purchasing an additional 51,486 shares during the last quarter. Finally, Fisher Asset Management LLC lifted its stake in shares of Snap-On by 21.8% in the 4th quarter. Fisher Asset Management LLC now owns 66,017 shares of the company’s stock worth $22,750,000 after purchasing an additional 11,808 shares during the period. Institutional investors own 84.88% of the company’s stock.

Insider Activity

In other news, CEO Nicholas T. Pinchuk sold 23,396 shares of the stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $375.77, for a total value of $8,791,514.92. Following the completion of the sale, the chief executive officer directly owned 856,918 shares of the company’s stock, valued at $322,004,076.86. This represents a 2.66% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Aldo John Pagliari sold 5,713 shares of the stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $367.19, for a total transaction of $2,097,756.47. Following the completion of the sale, the chief financial officer directly owned 119,488 shares of the company’s stock, valued at approximately $43,874,798.72. This trade represents a 4.56% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 37,117 shares of company stock worth $14,003,922 over the last ninety days. Company insiders own 3.80% of the company’s stock.

Snap-On Stock Performance

Shares of SNA opened at $412.09 on Friday. The business has a 50-day simple moving average of $380.65 and a two-hundred day simple moving average of $372.53. The company has a quick ratio of 2.74, a current ratio of 3.53 and a debt-to-equity ratio of 0.15. Snap-On Incorporated has a 52 week low of $310.23 and a 52 week high of $412.33. The stock has a market cap of $21.35 billion, a price-to-earnings ratio of 21.27, a PEG ratio of 2.90 and a beta of 0.73.

Snap-On (NYSE:SNA) last posted its quarterly earnings data on Thursday, April 23rd. The company reported $4.69 earnings per share for the quarter, missing analysts’ consensus estimates of $4.75 by ($0.06). The company had revenue of $1.21 billion for the quarter, compared to analysts’ expectations of $1.19 billion. Snap-On had a net margin of 21.28% and a return on equity of 17.13%. The firm’s quarterly revenue was up 5.8% on a year-over-year basis. During the same period in the previous year, the firm earned $4.51 earnings per share. On average, analysts expect that Snap-On Incorporated will post 19.7 EPS for the current year.

Snap-On declared that its Board of Directors has authorized a stock repurchase program on Thursday, April 30th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the company to buy up to 2.5% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its stock is undervalued.

Snap-On Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 10th. Shareholders of record on Wednesday, May 20th were paid a dividend of $2.44 per share. The ex-dividend date was Wednesday, May 20th. This represents a $9.76 dividend on an annualized basis and a yield of 2.4%. Snap-On’s dividend payout ratio (DPR) is presently 50.39%.

Analyst Ratings Changes

A number of research firms recently issued reports on SNA. Weiss Ratings reissued a “buy (b)” rating on shares of Snap-On in a report on Monday, April 20th. Barclays began coverage on shares of Snap-On in a report on Thursday, May 28th. They set an “overweight” rating and a $420.00 target price for the company. Roth Mkm reiterated a “buy” rating and issued a $431.00 price target on shares of Snap-On in a research report on Friday, April 24th. Finally, Robert W. Baird lifted their price target on shares of Snap-On from $380.00 to $395.00 and gave the stock a “neutral” rating in a research note on Friday, April 24th. Five analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $387.67.

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.