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

Key Points

• QRG Capital boosted its stake in Snap‑On by 9% to 79,051 shares (about $27.24M); overall institutional ownership is high at 84.88% as large funds like Victory Capital, UBS and Ameriprise also increased positions.
• The board approved a $500 million share repurchase program (up to 2.6% of stock) and declared a quarterly dividend of $2.44 ($9.76 annualized, 2.6% yield; ex-dividend May 20).
• Insiders sold 39,650 shares (~$15.21M) over the past three months, including sales by the VP and CFO that lowered insider ownership to 3.8%; meanwhile Snap‑On reported quarterly EPS of $4.69 (missed by $0.06) while revenue beat at $1.21B.

QRG Capital Management Inc. boosted its holdings in shares of Snap-On Incorporated (NYSE:SNA - Free Report) by 9.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 79,051 shares of the company's stock after acquiring an additional 6,536 shares during the period. QRG Capital Management Inc. owned 0.15% of Snap-On worth $27,241,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of SNA. Victory Capital Management Inc. lifted its position in Snap-On by 346.0% during the 3rd quarter. Victory Capital Management Inc. now owns 279,484 shares of the company's stock valued at $96,850,000 after acquiring an additional 216,813 shares during the period. PFA Pension Forsikringsaktieselskab purchased a new position in Snap-On during the 4th quarter valued at about $69,751,000. Rakuten Investment Management Inc. purchased a new position in Snap-On during the 3rd quarter valued at about $61,134,000. UBS Group AG lifted its position in Snap-On by 30.7% during the 4th quarter. UBS Group AG now owns 617,620 shares of the company's stock valued at $212,832,000 after acquiring an additional 144,926 shares during the period. Finally, Ameriprise Financial Inc. lifted its position in Snap-On by 17.5% during the 2nd quarter. Ameriprise Financial Inc. now owns 800,946 shares of the company's stock valued at $249,073,000 after acquiring an additional 119,089 shares during the period. 84.88% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Snap-On

In other news, VP June C. Lemerand sold 1,378 shares of Snap-On stock in a transaction that occurred on Wednesday, February 25th. The shares were sold at an average price of $387.57, for a total value of $534,071.46. Following the completion of the sale, the vice president directly owned 2,913 shares in the company, valued at $1,128,991.41. The trade was a 32.11% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Aldo John Pagliari sold 7,043 shares of Snap-On stock in a transaction that occurred on Thursday, February 19th. The stock was sold at an average price of $382.05, for a total transaction of $2,690,778.15. Following the completion of the sale, the chief financial officer owned 117,183 shares of the company's stock, valued at $44,769,765.15. This represents a 5.67% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 39,650 shares of company stock valued at $15,210,959. Insiders own 3.80% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on SNA shares. Tigress Financial lifted their price target on shares of Snap-On from $405.00 to $445.00 and gave the company a "buy" rating in a research report on Friday, February 27th. Weiss Ratings restated a "buy (b)" rating on shares of Snap-On in a research note on Monday, April 20th. Robert W. Baird raised their price objective on shares of Snap-On from $380.00 to $395.00 and gave the company a "neutral" rating in a research note on Friday, April 24th. Roth Mkm restated a "buy" rating and set a $431.00 price objective on shares of Snap-On in a research note on Friday, April 24th. Finally, Wall Street Zen lowered shares of Snap-On from a "buy" rating to a "hold" rating in a research note on Saturday, February 7th. Four analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Snap-On has an average rating of "Moderate Buy" and a consensus price target of $381.20.

Snap-On Stock Down 2.1%

NYSE:SNA opened at $372.42 on Tuesday. The firm has a market cap of $19.29 billion, a P/E ratio of 19.23, a P/E/G ratio of 2.67 and a beta of 0.75. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.74 and a current ratio of 3.53. Snap-On Incorporated has a fifty-two week low of $301.82 and a fifty-two week high of $400.88. The firm has a 50-day simple moving average of $374.37 and a two-hundred day simple moving average of $360.39.

Snap-On (NYSE:SNA - Get Free Report) last released its quarterly earnings data on Thursday, April 23rd. The company reported $4.69 earnings per share for the quarter, missing analysts' consensus estimates of $4.75 by ($0.06). The firm had revenue of $1.21 billion for the quarter, compared to the consensus estimate of $1.19 billion. Snap-On had a net margin of 21.28% and a return on equity of 17.13%. The firm's revenue for the quarter was up 5.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $4.51 earnings per share. Analysts predict that Snap-On Incorporated will post 19.75 earnings per share for the current fiscal year.

Snap-On announced that its Board of Directors has approved a share repurchase program on Thursday, April 30th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 2.6% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company's leadership believes its stock is undervalued.

Snap-On Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, June 10th. Stockholders of record on Wednesday, May 20th will be paid a $2.44 dividend. The ex-dividend date is Wednesday, May 20th. This represents a $9.76 dividend on an annualized basis and a dividend yield of 2.6%. Snap-On's payout ratio is currently 50.39%.

Snap-On 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.

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