VIRGINIA RETIREMENT SYSTEMS ET Al Purchases 29,860 Shares of Snap-On Incorporated $SNA

Key Points

• Virginia Retirement Systems increased its Snap-On stake by 16.4% in the fourth quarter, buying 29,860 additional shares and bringing its total holding to 211,732 shares valued at about $72.96 million.
• Snap-On’s executives have been selling shares, including CEO Nicholas T. Pinchuk and CFO Aldo John Pagliari, with insiders selling 55,046 shares worth roughly $20.9 million over the last quarter.
• The company reported mixed quarterly results—EPS missed estimates slightly while revenue came in above expectations—and it also announced a $500 million share buyback plus a quarterly dividend of $2.44 per share.

VIRGINIA RETIREMENT SYSTEMS ET Al boosted its position in Snap-On Incorporated (NYSE:SNA - Free Report) by 16.4% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 211,732 shares of the company's stock after acquiring an additional 29,860 shares during the quarter. VIRGINIA RETIREMENT SYSTEMS ET Al owned 0.41% of Snap-On worth $72,963,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the company. Thurston Springer Miller Herd & Titak Inc. bought a new stake in shares of Snap-On during the fourth quarter worth $25,000. GoalVest Advisory LLC bought a new stake in shares of Snap-On during the fourth quarter worth $28,000. Montag A & Associates Inc. grew its stake in shares of Snap-On by 331.8% during the fourth quarter. Montag A & Associates Inc. now owns 95 shares of the company's stock worth $33,000 after buying an additional 73 shares during the last quarter. Quent Capital LLC bought a new stake in shares of Snap-On during the third quarter worth $36,000. Finally, United Community Bank bought a new stake in shares of Snap-On during the fourth quarter worth $43,000. 84.88% of the stock is owned by institutional investors.

Insider Activity at Snap-On

In other news, CEO Nicholas T. Pinchuk sold 23,396 shares of the company's stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $375.77, for a total transaction of $8,791,514.92. Following the transaction, the chief executive officer owned 856,918 shares in the company, valued at approximately $322,004,076.86. This represents a 2.66% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Aldo John Pagliari sold 7,043 shares of the company's stock in a transaction dated Thursday, February 19th. The shares were sold at an average price of $382.05, for a total transaction of $2,690,778.15. Following the transaction, the chief financial officer owned 117,183 shares in the company, valued at $44,769,765.15. This represents a 5.67% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 55,046 shares of company stock worth $20,921,434 over the last quarter. Company insiders own 3.80% of the company's stock.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. Wall Street Zen cut shares of Snap-On from a "buy" rating to a "hold" rating in a research note on Saturday, February 7th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Snap-On in a research note on Monday, April 20th. Tigress Financial boosted their target price on shares of Snap-On from $405.00 to $445.00 and gave the stock a "buy" rating in a research note on Friday, February 27th. Roth Mkm reaffirmed a "buy" rating and set a $431.00 target price on shares of Snap-On in a research note on Friday, April 24th. Finally, Robert W. Baird boosted their price objective on shares of Snap-On from $380.00 to $395.00 and gave the stock a "neutral" rating in a research note on Friday, April 24th. Four 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. According to MarketBeat, Snap-On presently has an average rating of "Moderate Buy" and an average target price of $381.20.

Snap-On Stock Performance

Shares of Snap-On stock opened at $369.38 on Wednesday. The company has a quick ratio of 2.74, a current ratio of 3.53 and a debt-to-equity ratio of 0.15. Snap-On Incorporated has a twelve month low of $301.82 and a twelve month high of $400.88. The stock has a market cap of $19.13 billion, a price-to-earnings ratio of 19.07, a P/E/G ratio of 2.60 and a beta of 0.75. The company's fifty day moving average is $373.05 and its 200 day moving average is $361.84.

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

Snap-On declared that its Board of Directors has authorized a stock repurchase plan on Thursday, April 30th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 2.6% of its stock through open market purchases. Stock buyback plans are usually a sign that the company's management believes its shares are undervalued.

Snap-On Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 10th. Investors of record on Wednesday, May 20th will be issued a $2.44 dividend. The ex-dividend date is Wednesday, May 20th. This represents a $9.76 annualized dividend and a yield of 2.6%. Snap-On's payout ratio is presently 50.39%.

Snap-On Company 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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