VIRGINIA RETIREMENT SYSTEMS ET Al Makes New $82.32 Million Investment in Snap-On Incorporated $SNA

Key Points

• Virginia Retirement Systems purchased 204,572 Snap-On shares worth approximately $82.32 million during the second quarter, representing 0.40% of the company. Institutional investors collectively own 84.88% of Snap-On.
• Snap-On beat quarterly expectations with $4.96 in EPS and $1.24 billion in revenue, up 4.7% year over year. Analysts expect $19.70 in full-year EPS, while the stock carries a “Moderate Buy” rating and an average price target of $426.20.
• The company declared a quarterly dividend of $2.44 per share, equal to a $9.76 annualized payout and a 2.5% yield. Insiders have sold 45,398 shares worth about $18.3 million over the past 90 days, primarily through pre-arranged trading plans.

VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in Snap-On Incorporated (NYSE:SNA - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 204,572 shares of the company's stock, valued at approximately $82,320,000. VIRGINIA RETIREMENT SYSTEMS ET Al owned 0.40% of Snap-On as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of the company. Annis Gardner Whiting Capital Advisors LLC raised its stake 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 worth $36,000 after buying an additional 28 shares during the last quarter. Verition Fund Management LLC boosted its position in Snap-On by 1.5% during the fourth quarter. Verition Fund Management LLC now owns 1,844 shares of the company's stock valued at $635,000 after acquiring an additional 28 shares during the last quarter. Ritholtz Wealth Management boosted its position in Snap-On by 2.4% during the first quarter. Ritholtz Wealth Management now owns 1,435 shares of the company's stock valued at $521,000 after acquiring an additional 34 shares during the last quarter. Pinnacle Associates Ltd. grew its holdings in Snap-On by 5.4% during the 4th quarter. Pinnacle Associates Ltd. now owns 758 shares of the company's stock worth $261,000 after acquiring an additional 39 shares during the period. Finally, CX Institutional grew its holdings in Snap-On by 10.6% during the 2nd quarter. CX Institutional now owns 447 shares of the company's stock worth $180,000 after acquiring an additional 43 shares during the period. 84.88% of the stock is owned by institutional investors.

Snap-On Price Performance

SNA stock opened at $382.90 on Monday. The stock has a market capitalization of $19.81 billion, a PE ratio of 19.53, a price-to-earnings-growth ratio of 2.69 and a beta of 0.72. The company's 50-day moving average is $403.10 and its 200-day moving average is $385.46. The company has a debt-to-equity ratio of 0.15, a current ratio of 3.43 and a quick ratio of 2.64. Snap-On Incorporated has a 1 year low of $320.80 and a 1 year high of $423.02.

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

Snap-On Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 10th. Stockholders of record on Wednesday, August 19th will be issued a dividend of $2.44 per share. The ex-dividend date is Wednesday, August 19th. This represents a $9.76 annualized dividend and a dividend yield of 2.5%. Snap-On's payout ratio is currently 49.77%.

Insider Activity

In other Snap-On news, VP Richard Miller sold 2,000 shares of the business's stock in a transaction 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 in the company, valued at approximately $1,838,411.68. The trade was a 30.63% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Timothy L. Chambers sold 9,111 shares of the company's stock in a transaction 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 transaction, 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. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 45,398 shares of company stock valued at $18,298,580. Corporate insiders own 3.80% of the company's stock.

Analysts Set New Price Targets

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

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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