QRG Capital Management Inc. Has $28.69 Million Stake in Snap-on Incorporated (NYSE:SNA)

QRG Capital Management Inc. trimmed its stake in Snap-on Incorporated (NYSE:SNA) by 0.4% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 99,035 shares of the company’s stock after selling 390 shares during the period. QRG Capital Management Inc.’s holdings in Snap-on were worth $28,691,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Opal Wealth Advisors LLC acquired a new stake in Snap-on in the 2nd quarter worth $30,000. Reston Wealth Management LLC acquired a new stake in shares of Snap-on during the 3rd quarter valued at about $30,000. Innealta Capital LLC acquired a new stake in shares of Snap-on during the 2nd quarter valued at about $32,000. Massmutual Trust Co. FSB ADV boosted its position in shares of Snap-on by 53.0% during the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 127 shares of the company’s stock valued at $37,000 after acquiring an additional 44 shares in the last quarter. Finally, Quarry LP boosted its position in shares of Snap-on by 244.7% during the 2nd quarter. Quarry LP now owns 162 shares of the company’s stock valued at $42,000 after acquiring an additional 115 shares in the last quarter. 84.88% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on SNA. Tigress Financial lifted their target price on shares of Snap-on from $336.00 to $385.00 and gave the company a “buy” rating in a research report on Friday, October 25th. Robert W. Baird lifted their target price on shares of Snap-on from $290.00 to $347.00 and gave the company a “neutral” rating in a research report on Friday, October 18th. Bank of America lifted their price target on shares of Snap-on from $255.00 to $280.00 and gave the company an “underperform” rating in a report on Friday, October 18th. Barrington Research lifted their price target on shares of Snap-on from $325.00 to $350.00 and gave the company an “outperform” rating in a report on Thursday, October 17th. Finally, Roth Mkm lifted their price target on shares of Snap-on from $324.00 to $365.00 and gave the company a “buy” rating in a report on Tuesday, October 22nd. One research analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Snap-on presently has a consensus rating of “Hold” and a consensus target price of $345.40.

Snap-on Price Performance

Shares of NYSE SNA traded up $1.67 during trading on Monday, reaching $331.96. The company had a trading volume of 6,632 shares, compared to its average volume of 305,262. Snap-on Incorporated has a 52 week low of $252.98 and a 52 week high of $337.72. The stock has a market cap of $17.43 billion, a PE ratio of 17.00, a PEG ratio of 2.18 and a beta of 0.96. The company has a debt-to-equity ratio of 0.22, a quick ratio of 3.14 and a current ratio of 4.18. The business’s 50 day moving average price is $294.73 and its 200-day moving average price is $279.30.

Snap-on Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 10th. Shareholders of record on Monday, August 19th were paid a $1.86 dividend. This represents a $7.44 dividend on an annualized basis and a dividend yield of 2.24%. The ex-dividend date of this dividend was Monday, August 19th. Snap-on’s dividend payout ratio is presently 38.29%.

Snap-on declared that its Board of Directors has initiated a share buyback plan on Thursday, August 8th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the company to reacquire up to 3.5% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.

Insiders Place Their Bets

In other Snap-on news, CEO Nicholas T. Pinchuk sold 24,145 shares of the business’s stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $268.95, for a total value of $6,493,797.75. Following the completion of the transaction, the chief executive officer now directly owns 759,019 shares of the company’s stock, valued at approximately $204,138,160.05. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, SVP Thomas J. Ward sold 12,737 shares of Snap-on stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $333.21, for a total transaction of $4,244,095.77. Following the completion of the sale, the senior vice president now owns 55,401 shares in the company, valued at $18,460,167.21. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Nicholas T. Pinchuk sold 24,145 shares of Snap-on stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $268.95, for a total transaction of $6,493,797.75. Following the sale, the chief executive officer now owns 759,019 shares of the company’s stock, valued at approximately $204,138,160.05. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 50,335 shares of company stock valued at $14,706,082. Insiders own 4.10% of the company’s stock.

Snap-on 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.