QRG Capital Management Inc. Sells 22,003 Shares of Snap-On Incorporated $SNA

QRG Capital Management Inc. lessened its stake in shares of Snap-On Incorporated (NYSE:SNA) by 25.3% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 64,846 shares of the company’s stock after selling 22,003 shares during the quarter. QRG Capital Management Inc.’s holdings in Snap-On were worth $26,094,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the stock. BlackRock Inc. purchased a new position in shares of Snap-On during the second quarter valued at approximately $1,715,363,000. Auto Owners Insurance Co boosted its holdings in Snap-On by 34,360.0% in the fourth quarter. Auto Owners Insurance Co now owns 1,025,185 shares of the company’s stock worth $353,279,000 after purchasing an additional 1,022,210 shares during the last quarter. Bank of America Corp DE bought a new stake in Snap-On in the 2nd quarter worth approximately $329,779,000. Norges Bank bought a new stake in Snap-On in the 4th quarter worth approximately $210,814,000. Finally, Caisse de depot et placement du Quebec purchased a new stake in Snap-On during the 2nd quarter valued at $181,969,000. 84.88% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on SNA shares. Weiss Ratings reissued a “buy (b)” rating on shares of Snap-On in a report on Friday, July 17th. Robert W. Baird set a $415.00 price objective on Snap-On in a research report on Friday, July 24th. Barclays started coverage on Snap-On in a report on Thursday, May 28th. They issued an “overweight” rating and a $420.00 target price on the stock. Tigress Financial raised their target price on Snap-On from $445.00 to $485.00 and gave the stock a “buy” rating in a research report on Friday, July 31st. Finally, Roth Capital restated a “buy” rating and set a $461.00 price target (up from $409.00) on shares of Snap-On in a research note on Friday, July 24th. Five equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $426.20.

Snap-On Stock Performance

SNA stock traded down $1.49 during midday trading on Wednesday, reaching $370.31. 205,207 shares of the company’s stock traded hands, compared to its average volume of 357,909. The company has a current ratio of 3.43, a quick ratio of 2.64 and a debt-to-equity ratio of 0.15. Snap-On Incorporated has a 52-week low of $320.80 and a 52-week high of $423.02. The stock has a market cap of $19.16 billion, a P/E ratio of 18.88, a PEG ratio of 2.60 and a beta of 0.72. The stock’s 50-day moving average is $395.97 and its 200 day moving average is $384.62.

Snap-On (NYSE:SNA) last issued its quarterly earnings results on Thursday, July 23rd. The company reported $4.96 earnings per share for the quarter, topping the consensus estimate of $4.95 by $0.01. Snap-On had a net margin of 21.25% and a return on equity of 17.07%. The business had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.22 billion. During the same quarter last year, the company posted $4.72 EPS. The company’s revenue was up 4.7% compared to the same quarter last year. As a group, analysts anticipate that Snap-On Incorporated will post 19.7 EPS for the current year.

Snap-On Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, September 10th. Investors of record on Wednesday, August 19th were given a dividend of $2.44 per share. The ex-dividend date was Wednesday, August 19th. This represents a $9.76 annualized dividend and a yield of 2.6%. Snap-On’s payout ratio is 49.77%.

Insider Activity at Snap-On

In other news, VP Marty V. Ozolins sold 800 shares of the firm’s stock in a transaction dated Wednesday, August 26th. The stock was sold at an average price of $400.00, for a total value of $320,000.00. Following the transaction, the vice president owned 1,526 shares of the company’s stock, valued at $610,400. This trade represents a 34.39% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Timothy L. Chambers sold 9,111 shares of the firm’s stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $419.36, for a total transaction of $3,820,788.96. Following the sale, the senior vice president owned 21,223 shares in the company, valued at approximately $8,900,077.28. The trade was a 30.04% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 40,720 shares of company stock valued at $16,500,198 in the last ninety days. Corporate insiders own 3.80% of the company’s stock.

Snap-On Profile

Snap-on Incorporated is a manufacturer and distributor of professional tools, equipment, diagnostics and repair information. Its products include hand and power tools, tool storage, vehicle diagnostic systems, shop equipment, repair software and related services. The company serves professional technicians and customers in the automotive repair, commercial transportation, industrial, aviation, military, agriculture and other technical markets.

Snap-on sells products under the Snap-on brand and other brands, including Blue-Point, through a broad distribution network.