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

QRG Capital Management Inc. increased its holdings in shares of Snap-On Incorporated (NYSE:SNA) by 9.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 86,849 shares of the company’s stock after purchasing an additional 7,798 shares during the quarter. QRG Capital Management Inc.’s holdings in Snap-On were worth $31,545,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Thurston Springer Miller Herd & Titak Inc. purchased a new position in Snap-On in the 4th quarter worth approximately $25,000. DV Equities LLC purchased a new stake in Snap-On during the 4th quarter valued at approximately $25,000. GoalVest Advisory LLC purchased a new stake in Snap-On during the 4th quarter valued at approximately $28,000. Montag A & Associates Inc. raised its position in shares of Snap-On by 331.8% during the fourth quarter. Montag A & Associates Inc. now owns 95 shares of the company’s stock valued at $33,000 after buying an additional 73 shares during the last quarter. Finally, Quattro Advisors LLC purchased a new position in shares of Snap-On in the fourth quarter worth $35,000. Institutional investors own 84.88% of the company’s stock.

Insider Buying and Selling at Snap-On

In other news, VP Richard Thomas Miller sold 2,000 shares of the company’s stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $405.92, for a total transaction of $811,840.00. Following the sale, the vice president directly owned 4,529 shares in the company, valued at approximately $1,838,411.68. This represents a 30.63% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Nicholas T. Pinchuk sold 23,396 shares of the stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $375.77, for a total transaction of $8,791,514.92. Following the completion of the transaction, the chief executive officer directly owned 856,918 shares of the company’s stock, valued at approximately $322,004,076.86. The trade was a 2.66% decrease in their position. 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. Over the last quarter, insiders sold 37,117 shares of company stock valued at $14,003,922. Corporate insiders own 3.80% of the company’s stock.

Snap-On Stock Down 0.0%

Shares of SNA opened at $412.09 on Friday. The stock has a market capitalization of $21.35 billion, a price-to-earnings ratio of 21.27, a price-to-earnings-growth ratio of 2.90 and a beta of 0.73. Snap-On Incorporated has a 1 year low of $310.23 and a 1 year high of $412.33. The business’s 50 day simple moving average is $380.65 and its 200-day simple moving average is $372.53. The company has a debt-to-equity ratio of 0.15, a current ratio of 3.53 and a quick ratio of 2.74.

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

Snap-On announced that its Board of Directors has initiated a share repurchase plan on Thursday, April 30th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 2.5% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s board of directors believes its stock is undervalued.

Snap-On Dividend Announcement

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

Analyst Upgrades and Downgrades

SNA has been the subject of a number of research reports. Barclays began coverage on shares of Snap-On in a research 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 report on Friday, April 24th. Robert W. Baird boosted 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. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Snap-On in a report on Monday, April 20th. Five equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Snap-On presently has a consensus rating of “Moderate Buy” and a consensus target price of $387.67.

About Snap-On

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.