VIRGINIA RETIREMENT SYSTEMS ET Al Purchases New Position in Snap-On Incorporated $SNA

VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in shares of Snap-On Incorporated (NYSE:SNA) during the 2nd quarter, Holdings Channel.com reports. The firm acquired 181,872 shares of the company’s stock, valued at approximately $56,595,000.

Other hedge funds have also made changes to their positions in the company. Kingstone Capital Partners Texas LLC purchased a new position in Snap-On during the 2nd quarter valued at about $434,938,000. Auto Owners Insurance Co boosted its stake in shares of Snap-On by 35,967.2% during the first quarter. Auto Owners Insurance Co now owns 1,073,000 shares of the company’s stock valued at $361,612,000 after purchasing an additional 1,070,025 shares in the last quarter. Ameriprise Financial Inc. increased its holdings in Snap-On by 54.3% during the first quarter. Ameriprise Financial Inc. now owns 681,857 shares of the company’s stock valued at $229,793,000 after buying an additional 239,908 shares during the period. Nuveen LLC bought a new position in Snap-On in the first quarter worth approximately $45,711,000. Finally, Charles Schwab Investment Management Inc. boosted its position in Snap-On by 6.4% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,921,584 shares of the company’s stock valued at $647,593,000 after acquiring an additional 115,306 shares in the last quarter. 84.88% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on SNA shares. Wall Street Zen upgraded Snap-On from a “hold” rating to a “buy” rating in a research note on Saturday. Barrington Research reaffirmed an “outperform” rating and issued a $350.00 price objective on shares of Snap-On in a research report on Wednesday. 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. Tigress Financial raised their target price on shares of Snap-On from $390.00 to $395.00 and gave the company a “buy” rating in a research note on Friday, August 29th. Finally, Bank of America lifted their price target on shares of Snap-On from $265.00 to $285.00 and gave the stock an “underperform” rating in a report on Friday, July 18th. Six 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 stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $363.57.

Insiders Place Their Bets

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

Snap-On Stock Performance

Shares of NYSE SNA opened at $339.61 on Friday. The company has a 50 day simple moving average of $332.77 and a two-hundred day simple moving average of $323.71. The stock has a market cap of $17.71 billion, a price-to-earnings ratio of 17.81, a PEG ratio of 2.36 and a beta of 0.78. The company has a current ratio of 4.40, a quick ratio of 3.42 and a debt-to-equity ratio of 0.20. Snap-On Incorporated has a 12 month low of $289.81 and a 12 month high of $373.89.

Snap-On (NYSE:SNA) last released its quarterly earnings data on Thursday, October 16th. The company reported $4.71 earnings per share for the quarter, beating analysts’ consensus estimates of $4.59 by $0.12. The business had revenue of $1.19 billion during the quarter, compared to analyst estimates of $1.16 billion. Snap-On had a return on equity of 17.71% and a net margin of 21.08%.The company’s revenue was up 3.8% on a year-over-year basis. During the same quarter last year, the business posted $4.70 EPS. As a group, analysts predict that Snap-On Incorporated will post 19.79 earnings per share for the current year.

Snap-On Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 10th. Investors of record on Tuesday, August 19th were paid a $2.14 dividend. 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%.

Snap-On 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.