QRG Capital Management Inc. Buys 45,668 Shares of Snap-On Incorporated $SNA

QRG Capital Management Inc. increased its position in Snap-On Incorporated (NYSE:SNA) by 42.6% during the 2nd quarter, Holdings Channel reports. The firm owned 152,783 shares of the company’s stock after acquiring an additional 45,668 shares during the quarter. QRG Capital Management Inc.’s holdings in Snap-On were worth $47,543,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Ascent Group LLC lifted its holdings in shares of Snap-On by 22.2% in the 2nd quarter. Ascent Group LLC now owns 1,526 shares of the company’s stock worth $475,000 after buying an additional 277 shares during the period. Ameritas Advisory Services LLC bought a new position in Snap-On during the 2nd quarter worth about $30,000. Empirical Financial Services LLC d.b.a. Empirical Wealth Management purchased a new position in Snap-On during the 2nd quarter valued at about $316,000. Hudson Edge Investment Partners Inc. raised its holdings in shares of Snap-On by 2.7% in the 2nd quarter. Hudson Edge Investment Partners Inc. now owns 20,160 shares of the company’s stock valued at $6,273,000 after purchasing an additional 526 shares in the last quarter. Finally, Hilltop National Bank bought a new stake in shares of Snap-On in the 2nd quarter valued at about $126,000. 84.88% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

SNA has been the topic of several research reports. Tigress Financial lifted their price objective on shares of Snap-On from $390.00 to $395.00 and gave the company a “buy” rating in a report on Friday, August 29th. Bank of America lifted their price target on Snap-On from $265.00 to $285.00 and gave the company an “underperform” rating in a report on Friday, July 18th. Robert W. Baird upped their price objective on Snap-On from $329.00 to $347.00 and gave the stock a “neutral” rating in a research note on Friday, July 18th. Barrington Research reaffirmed an “outperform” rating and set a $350.00 price objective on shares of Snap-On in a research report on Tuesday, September 23rd. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Snap-On in a report on Saturday, September 27th. Five investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Snap-On presently has an average rating of “Moderate Buy” and a consensus target price of $357.00.

Insider Transactions at Snap-On

In related news, CEO Nicholas T. Pinchuk sold 23,042 shares of the company’s stock in a transaction that occurred on Monday, August 11th. The stock was sold at an average price of $320.88, for a total value of $7,393,716.96. Following the sale, the chief executive officer owned 815,219 shares in the company, valued at $261,587,472.72. This represents a 2.75% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Aldo John Pagliari sold 4,731 shares of the firm’s stock in a transaction that occurred on Thursday, August 14th. The stock was sold at an average price of $327.38, for a total transaction of $1,548,834.78. Following the transaction, the chief financial officer directly owned 111,667 shares of the company’s stock, valued at $36,557,542.46. This represents a 4.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 27,898 shares of company stock worth $8,983,203 over the last three months. Corporate insiders own 3.90% of the company’s stock.

Snap-On Stock Down 0.5%

SNA stock opened at $347.39 on Friday. The stock has a market capitalization of $18.12 billion, a PE ratio of 18.53, a price-to-earnings-growth ratio of 2.43 and a beta of 0.78. Snap-On Incorporated has a 52 week low of $284.38 and a 52 week high of $373.89. The company has a quick ratio of 3.42, a current ratio of 4.48 and a debt-to-equity ratio of 0.21. The firm has a 50 day moving average of $329.92 and a 200 day moving average of $323.71.

Snap-On (NYSE:SNA) last posted its quarterly earnings results on Thursday, July 17th. The company reported $4.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.61 by $0.11. Snap-On had a net margin of 20.98% and a return on equity of 18.02%. The business had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $1.16 billion. During the same quarter last year, the company posted $5.07 earnings per share. The business’s quarterly revenue was up .0% on a year-over-year basis. Sell-side analysts forecast that Snap-On Incorporated will post 19.79 earnings per share for the current year.

Snap-On Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 10th. Shareholders of record on Tuesday, August 19th were paid a dividend of $2.14 per share. This represents a $8.56 annualized dividend and a yield of 2.5%. The ex-dividend date was Tuesday, August 19th. Snap-On’s payout ratio is presently 45.65%.

Snap-On Company 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.