QRG Capital Management Inc. Cuts Stake in Snap-On Incorporated $SNA

QRG Capital Management Inc. decreased its stake in Snap-On Incorporated (NYSE:SNA) by 52.5% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 72,515 shares of the company’s stock after selling 80,268 shares during the period. QRG Capital Management Inc. owned 0.14% of Snap-On worth $25,129,000 as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of SNA. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Snap-On by 15.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,850 shares of the company’s stock valued at $2,983,000 after purchasing an additional 1,185 shares during the period. Woodline Partners LP increased its position in shares of Snap-On by 40.4% during the first quarter. Woodline Partners LP now owns 4,426 shares of the company’s stock valued at $1,492,000 after buying an additional 1,273 shares during the period. Thurston Springer Miller Herd & Titak Inc. lifted its holdings in shares of Snap-On by 52.8% in the second quarter. Thurston Springer Miller Herd & Titak Inc. now owns 110 shares of the company’s stock worth $34,000 after buying an additional 38 shares in the last quarter. MassMutual Private Wealth & Trust FSB increased its holdings in Snap-On by 28.2% during the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 159 shares of the company’s stock worth $49,000 after acquiring an additional 35 shares during the period. Finally, Czech National Bank grew its position in Snap-On by 6.2% during the second quarter. Czech National Bank now owns 12,781 shares of the company’s stock worth $3,977,000 after buying an additional 748 shares in the last quarter. Hedge funds and other institutional investors own 84.88% of the company’s stock.

Snap-On Price Performance

SNA stock opened at $361.18 on Friday. The firm has a market cap of $18.78 billion, a P/E ratio of 18.94, a P/E/G ratio of 2.55 and a beta of 0.80. The firm’s fifty day moving average is $346.78 and its 200 day moving average is $336.56. Snap-On Incorporated has a 52 week low of $289.81 and a 52 week high of $366.17. 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 posted its quarterly earnings results on Thursday, October 16th. The company reported $4.71 earnings per share (EPS) for the quarter, beating the consensus estimate 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 net margin of 21.08% and a return on equity of 17.71%. The company’s revenue was up 3.8% on a year-over-year basis. During the same period in the prior year, the business posted $4.70 earnings per share. Research analysts predict that Snap-On Incorporated will post 19.79 earnings per share for the current year.

Snap-On Increases Dividend

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

Analyst Ratings Changes

Several brokerages have recently commented on SNA. Weiss Ratings reissued a “buy (b)” rating on shares of Snap-On in a report on Wednesday, October 8th. Roth Capital reissued a “buy” rating and issued a $385.00 price target on shares of Snap-On in a report on Friday, October 17th. Wall Street Zen raised shares of Snap-On from a “hold” rating to a “buy” rating in a report on Saturday, October 18th. Tigress Financial upped their target price on shares of Snap-On from $395.00 to $405.00 and gave the stock a “buy” rating in a research report on Tuesday, October 21st. Finally, Robert W. Baird raised their price target on Snap-On from $355.00 to $365.00 and gave the company a “neutral” rating in a research report on Friday, October 17th. Five research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Snap-On has an average rating of “Moderate Buy” and a consensus target price of $365.00.

Insider Buying and Selling at Snap-On

In related news, CEO Nicholas T. Pinchuk sold 22,607 shares of the company’s stock in a transaction that occurred on Tuesday, December 2nd. The stock was sold at an average price of $339.15, for a total value of $7,667,164.05. Following the sale, the chief executive officer owned 826,364 shares in the company, valued at $280,261,350.60. This represents a 2.66% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, VP Richard Thomas Miller sold 2,000 shares of Snap-On stock in a transaction dated Thursday, December 4th. The stock was 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 of the company’s stock, valued at approximately $1,448,106.66. This represents a 32.48% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 40,036 shares of company stock valued at $13,710,988 over the last 90 days. 3.90% of the stock is owned by corporate insiders.

Snap-On Company 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.