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

Key Points

• QRG Capital Management Inc. increased its holdings in Snap-On Incorporated by 42.6%, acquiring an additional 45,668 shares during the second quarter, which brought their total ownership to 152,783 shares valued at approximately $47.5 million.
• Snap-On's recent quarterly earnings surpassed expectations, with earnings per share of $4.72 and revenue of $1.18 billion, indicating a healthy performance compared to analysts' estimates.
• The company recently declared a quarterly dividend of $2.14 per share, resulting in an annualized yield of 2.5% and a dividend payout ratio of 45.65%.

QRG Capital Management Inc. boosted its holdings in shares of Snap-On Incorporated (NYSE:SNA - Free Report) by 42.6% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 152,783 shares of the company's stock after purchasing an additional 45,668 shares during the quarter. QRG Capital Management Inc. owned about 0.29% of Snap-On worth $47,543,000 at the end of the most recent quarter.

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

Snap-On Stock Performance

NYSE:SNA opened at $347.39 on Friday. The firm has a market capitalization of $18.12 billion, a PE ratio of 18.53, a PEG ratio of 2.43 and a beta of 0.78. The stock's fifty day moving average is $329.92 and its 200 day moving average is $323.71. Snap-On Incorporated has a fifty-two week low of $284.38 and a fifty-two week high of $373.89. The company has a debt-to-equity ratio of 0.21, a quick ratio of 3.42 and a current ratio of 4.48.

Snap-On (NYSE:SNA - Get Free Report) last posted its quarterly earnings data on Thursday, July 17th. The company reported $4.72 earnings per share for the quarter, beating analysts' consensus estimates of $4.61 by $0.11. The business had revenue of $1.18 billion for the quarter, compared to analysts' expectations of $1.16 billion. Snap-On had a net margin of 20.98% and a return on equity of 18.02%. The business's revenue was up .0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $5.07 earnings per share. On average, sell-side analysts anticipate that Snap-On Incorporated will post 19.79 earnings per share for the current year.

Snap-On Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 10th. Shareholders 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 annualized dividend and a yield of 2.5%. Snap-On's dividend payout ratio (DPR) is presently 45.65%.

Analysts Set New Price Targets

A number of equities research analysts recently commented on SNA shares. Robert W. Baird boosted their target price on Snap-On from $329.00 to $347.00 and gave the stock a "neutral" rating in a research report on Friday, July 18th. Bank of America upped their price objective on Snap-On from $265.00 to $285.00 and gave the stock an "underperform" rating in a report on Friday, July 18th. Barrington Research reissued an "outperform" rating and issued a $350.00 target price on shares of Snap-On in a report on Tuesday, September 23rd. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Snap-On in a research note on Saturday, September 27th. Finally, Tigress Financial lifted their price objective on shares of Snap-On from $390.00 to $395.00 and gave the stock a "buy" rating in a research note on Friday, August 29th. Five research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $357.00.

Insider Activity at Snap-On

In other 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 transaction of $7,393,716.96. Following the transaction, the chief executive officer owned 815,219 shares of the company's stock, valued at approximately $261,587,472.72. This represents a 2.75% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 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 value of $1,548,834.78. Following the sale, 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 have sold 27,898 shares of company stock valued at $8,983,203 in the last 90 days. Company insiders own 3.90% of the company's stock.

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.

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