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

Key Points

• QRG Capital Management cut its Snap-On stake by 25.3% in the second quarter, selling 22,003 shares and retaining 64,846 shares worth approximately $26.1 million. Institutional investors collectively own 84.88% of the company.
• Analysts remain generally bullish, with five Buy ratings and one Hold rating. Snap-On has a “Moderate Buy” consensus and an average price target of $426.20, above its recent price of $370.31.
• Snap-On exceeded quarterly expectations with earnings of $4.96 per share and revenue of $1.24 billion, while paying a quarterly dividend of $2.44, equivalent to a 2.6% yield.

QRG Capital Management Inc. lowered its position in Snap-On Incorporated (NYSE:SNA - Free Report) by 25.3% in the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 64,846 shares of the company's stock after selling 22,003 shares during the period. QRG Capital Management Inc. owned 0.13% of Snap-On worth $26,094,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in SNA. Western Wealth Management LLC purchased a new stake in Snap-On in the first quarter worth $29,000. Annis Gardner Whiting Capital Advisors LLC lifted its position in Snap-On by 36.4% during the fourth quarter. Annis Gardner Whiting Capital Advisors LLC now owns 105 shares of the company's stock valued at $36,000 after buying an additional 28 shares during the period. Manchester Capital Management LLC lifted its position in Snap-On by 152.4% during the fourth quarter. Manchester Capital Management LLC now owns 106 shares of the company's stock valued at $37,000 after buying an additional 64 shares during the period. Keating Financial Advisory Services Inc. bought a new stake in shares of Snap-On during the 2nd quarter valued at $45,000. Finally, Elevation Wealth Partners LLC boosted its holdings in shares of Snap-On by 773.3% during the 2nd quarter. Elevation Wealth Partners LLC now owns 131 shares of the company's stock valued at $53,000 after buying an additional 116 shares in the last quarter. Hedge funds and other institutional investors own 84.88% of the company's stock.

Analysts Set New Price Targets

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

Snap-On Stock Down 0.4%

Shares of NYSE:SNA traded down $1.49 on Wednesday, hitting $370.31. 205,207 shares of the company traded hands, compared to its average volume of 357,909. The stock has a 50 day simple moving average of $395.97 and a 200-day simple moving average of $384.62. The company has a quick ratio of 2.64, a current ratio of 3.43 and a debt-to-equity ratio of 0.15. The company has a market cap of $19.16 billion, a PE ratio of 18.88, a PEG ratio of 2.60 and a beta of 0.72. Snap-On Incorporated has a 52 week low of $320.80 and a 52 week high of $423.02.

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

Snap-On Announces Dividend

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

Insider Activity

In related news, VP Richard Miller sold 2,000 shares of the firm's stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $405.92, for a total transaction of $811,840.00. Following the completion of the sale, the vice president owned 4,529 shares of the company's stock, valued at $1,838,411.68. This trade represents a 30.63% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Aldo Pagliari sold 5,531 shares of the business's stock in a transaction that occurred on Thursday, August 13th. The stock was sold at an average price of $404.25, for a total transaction of $2,235,906.75. Following the completion of the transaction, the chief financial officer owned 120,644 shares of the company's stock, valued at approximately $48,770,337. The trade was a 4.38% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 40,720 shares of company stock valued at $16,500,198. Company insiders own 3.80% of the company's stock.

About Snap-On

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.

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