How High Can Copper Go?
To power the green revolution, copper demand continues to skyrocket with no end in sight. Prices hit a 10-year high; as copper jumped 79% in the past year. Some analysts are calling for copper to rise another 50-100%! We may be at the beginning of a copper bull run the likes we've never seen before. Just how high can copper go?
Find Out in this Research Report.

SNA Insider Trading (Snap-on)

Insider Ownership Percentage: 4.30%
Insider Buying (Last 12 Months): $0.00
Insider Selling (Last 12 Months): $17,000,276.52

Snap-on Insider Trading History Chart

This chart shows the insider buying and selling history at Snap-on by year and by quarter.

Skip ChartChart Data in Insider Trading History Table

Snap-on Share Price & Price History

Current Price: $229.58
Price Change: Price Increase of +2.79 (1.23%)
As of 08/11/2022 02:46 PM ET

This chart shows the closing price history over time for SNA up to the past year.

Skip Chart and Table DataPrice Data in Insider Trading History Table
Days: 30 | 90 | 365
How High Can Copper Go?
To power the green revolution, copper demand continues to skyrocket with no end in sight. Prices hit a 10-year high; as copper jumped 79% in the past year. Some analysts are calling for copper to rise another 50-100%! We may be at the beginning of a copper bull run the likes we've never seen before. Just how high can copper go?
Find Out in this Research Report.

Snap-on Insider Trading History

Transaction DateInsider NameTitleBuy/SellNumber of SharesAverage Share PriceTotal TransactionShares Held After TransactionDetails
8/5/2022Jesus ArreguiSVPSell488$223.31$108,975.282,409View SEC Filing Icon  
6/1/2022Nicholas T. PinchukCEOSell19,394$216.58$4,200,352.52622,123View SEC Filing Icon  
12/17/2021Nicholas T. PinchukCEOSell24,880$213.70$5,316,856.00View SEC Filing Icon  
12/9/2021Aldo John PagliariCFOSell6,191$214.00$1,324,874.00View SEC Filing Icon  
12/9/2021Karen L. DanielDirectorSell2,259$213.56$482,432.04View SEC Filing Icon  
8/11/2021Nicholas T. PinchukCEOSell24,492$227.29$5,566,786.68View SEC Filing Icon  
6/10/2021Aldo John PagliariCFOSell3,612$241.34$871,720.08
5/7/2021Iain BoydVPSell10,000$249.04$2,490,400.00View SEC Filing Icon  
5/5/2021Richard Thomas MillerVPSell2,000$244.69$489,380.003,378View SEC Filing Icon  
5/4/2021Aldo John PagliariCFOSell7,439$243.02$1,807,825.78View SEC Filing Icon  
5/3/2021Nicholas T. PinchukCEOSell24,507$238.12$5,835,606.84View SEC Filing Icon  
4/28/2021Anup R. BanerjeeSVPSell6,913$238.42$1,648,197.464,357View SEC Filing Icon  
4/28/2021Richard K StregeVPSell1,200$238.79$286,548.003,271View SEC Filing Icon  
4/26/2021Anup R. BanerjeeSVPSell2,000$240.82$481,640.004,357View SEC Filing Icon  
4/22/2021Richard Thomas MillerVPSell2,250$239.43$538,717.50View SEC Filing Icon  
4/9/2021Thomas J. WardSVPSell5,711$235.23$1,343,398.5351,254View SEC Filing Icon  
3/29/2021Richard K. StregeVPSell1,824$230.46$420,359.04View SEC Filing Icon  
3/26/2021Richard K. StregeVPSell3,176$229.62$729,273.12View SEC Filing Icon  
2/24/2021Richard K StregeVPSell1,533$200.00$306,600.003,603View SEC Filing Icon  
2/24/2021Thomas J. WardSVPSell21,000$201.15$4,224,150.0066,543View SEC Filing Icon  
1/28/2021Iain BoydVPSell13,500$190.79$2,575,665.0018,474View SEC Filing Icon  
1/28/2021Timothy L. ChambersSVPSell6,000$190.25$1,141,500.0016,453View SEC Filing Icon  
12/21/2020Nicholas T. PinchukCEOSell26,591$168.11$4,470,213.01View SEC Filing Icon  
12/15/2020Aldo John PagliariCFOSell12,981$174.76$2,268,559.56View SEC Filing Icon  
11/23/2020Thomas J. WardSVPSell7,292$175.23$1,277,777.1651,359View SEC Filing Icon  
11/18/2020Thomas J. WardSVPSell6,529$175.04$1,142,836.16
11/9/2020Thomas J. WardSVPSell12,909$176.22$2,274,823.9857,576View SEC Filing Icon  
10/23/2020Thomas J. WardSVPSell12,011$170.51$2,047,995.61View SEC Filing Icon  
10/22/2020Richard Thomas MillerVPSell2,136$168.53$359,980.08View SEC Filing Icon  
10/6/2020Iain BoydVPSell1,000$160.00$160,000.00View SEC Filing Icon  
8/10/2020Nicholas T. PinchukCEOSell27,566$150.25$4,141,791.50
6/18/2020Nicholas T. PinchukCEOSell28,628$135.05$3,866,211.40View SEC Filing Icon  
2/14/2020William Dudley LehmanDirectorSell422$155.20$65,494.4010,429View SEC Filing Icon  
2/7/2020Timothy L. ChambersSVPSell4,320$156.54$676,252.8014,056View SEC Filing Icon  
12/26/2019Nicholas T. PinchukCEOSell19,293$168.66$3,253,957.38View SEC Filing Icon  
12/16/2019Aldo John PagliariCFOSell4,243$171.32$726,910.76View SEC Filing Icon  
12/13/2019Aldo John PagliariCFOSell2,237$171.25$383,086.25View SEC Filing Icon  
12/12/2019Iain BoydVPSell897$170.00$152,490.00View SEC Filing Icon  
12/12/2019Thomas J. WardSVPSell21,000$170.63$3,583,230.00View SEC Filing Icon  
10/23/2019Iain BoydVPSell777$165.00$128,205.00View SEC Filing Icon  
9/19/2019Nicholas T. PinchukCEOSell19,675$155.46$3,058,675.50View SEC Filing Icon  
See Full Table
How High Can Copper Go?
To power the green revolution, copper demand continues to skyrocket with no end in sight. Prices hit a 10-year high; as copper jumped 79% in the past year. Some analysts are calling for copper to rise another 50-100%! We may be at the beginning of a copper bull run the likes we've never seen before. Just how high can copper go?
Find Out in this Research Report.

SEC Filings (Institutional Ownership Changes) for Snap-on (NYSE:SNA)

87.92% of Snap-on stock is owned by institutions. Institutional ownership can be a sign of analyst confidence in the fundamentals of the stock.

Institutional Buying and Selling by Quarter

This chart shows the instiutional buying and selling at SNA by year and by quarter.

Skip Institutional Buying and Selling Chart and Table DataRead Chart Data in Institutional Trading History Table

Snap-on Institutional Trading History

Reporting DateHedge FundShares HeldMarket Value% of PortfolioQuarterly Change in SharesOwnership in CompanyDetails
8/11/2022Deutsche Bank AG176,809$34.84M0.0%-7.9%0.332%Search for SEC Filing on Google Icon
8/11/2022Healthcare of Ontario Pension Plan Trust Fund207$41K0.0%N/A0.000%Search for SEC Filing on Google Icon
8/11/2022AIA Group Ltd1,272$0.25M0.0%+32.2%0.002%Search for SEC Filing on Google Icon
8/11/2022Sigma Planning Corp2,597$0.51M0.0%N/A0.005%Search for SEC Filing on Google Icon
8/11/2022Boston Research & Management Inc.17,528$3.45M1.1%+1.5%0.033%Search for SEC Filing on Google Icon
8/11/2022GHP Investment Advisors Inc.25,050$4.94M0.4%+4.7%0.047%Search for SEC Filing on Google Icon
8/11/2022Zullo Investment Group Inc.227$45K0.0%+28.2%0.000%Search for SEC Filing on Google Icon
8/11/2022UBS Group AG98,187$19.35M0.0%+73.8%0.184%Search for SEC Filing on Google Icon
8/11/2022Martingale Asset Management L P5,848$1.15M0.0%-11.9%0.011%Search for SEC Filing on Google Icon
8/11/2022Bank of Montreal Can378,133$77.46M0.0%+0.6%0.710%Search for SEC Filing on Google Icon
8/11/2022Alps Advisors Inc.137,100$27.01M0.3%+15.0%0.257%Search for SEC Filing on Google Icon
8/11/2022Forsta AP Fonden7,200$1.42M0.0%-12.2%0.014%Search for SEC Filing on Google Icon
8/11/2022JPMorgan Chase & Co.1,326,614$261.38M0.0%-11.3%2.490%Search for SEC Filing on Google Icon
8/10/2022Synovus Financial Corp3,498$0.69M0.0%+3.8%0.007%Search for SEC Filing on Google Icon
8/10/2022Advisor Group Holdings Inc.90,503$17.86M0.0%+6.1%0.170%Search for SEC Filing on Google Icon
8/10/2022Mutual of America Capital Management LLC11,250$2.22M0.0%+17.4%0.021%Search for SEC Filing on Google Icon
8/10/2022Mackenzie Financial Corp1,827$0.36M0.0%+55.0%0.003%Search for SEC Filing on Google Icon
8/10/2022Doyle Wealth Management5,269$1.04M0.1%-1.9%0.010%Search for SEC Filing on Google Icon
8/10/2022Lumature Wealth Partners LLC349$69K0.0%-12.8%0.001%Search for SEC Filing on Google Icon
8/10/2022Cibc World Market Inc.9,971$1.97M0.0%+912.3%0.019%Search for SEC Filing on Google Icon
8/10/2022Eagle Asset Management Inc.7,047$1.39M0.0%-2.8%0.013%Search for SEC Filing on Google Icon
8/10/2022California Public Employees Retirement System105,430$20.77M0.0%-4.3%0.198%Search for SEC Filing on Google Icon
8/10/2022Principal Financial Group Inc.349,081$68.78M0.1%-16.7%0.655%Search for SEC Filing on Google Icon
8/10/2022Desjardins Global Asset Management Inc.2,476$0.49M0.1%-39.7%0.005%Search for SEC Filing on Google Icon
8/10/2022William Blair Investment Management LLC1,318$0.26M0.0%-45.0%0.002%Search for SEC Filing on Google Icon
8/10/2022Cerity Partners LLC9,685$1.91M0.0%+3.7%0.018%Search for SEC Filing on Google Icon
8/10/2022Glenview Trust Co2,225$0.44M0.0%-7.0%0.004%Search for SEC Filing on Google Icon
8/10/2022Altus Wealth Group LLC2,197$0.46M0.5%-3.0%0.004%Search for SEC Filing on Google Icon
8/10/2022WINTON GROUP Ltd7,156$1.41M0.1%-12.2%0.013%Search for SEC Filing on Google Icon
8/9/2022Mitsubishi UFJ Trust & Banking Corp82,131$16.18M0.0%+1.1%0.154%Search for SEC Filing on Google Icon
8/9/2022Swiss National Bank231,847$45.68M0.0%-0.4%0.435%Search for SEC Filing on Google Icon
8/9/2022Pictet Asset Management SA45,799$9.02M0.0%+37.2%0.086%Search for SEC Filing on Google Icon
8/9/2022Truvestments Capital LLC202$40K0.0%N/A0.000%Search for SEC Filing on Google Icon
8/9/2022Lazard Asset Management LLC9,859$1.94M0.0%+260.7%0.019%Search for SEC Filing on Google Icon
8/9/2022Shell Asset Management Co.10,857$2.14M0.1%+0.5%0.020%Search for SEC Filing on Google Icon
8/9/2022Foster & Motley Inc.12,907$2.54M0.2%+1.4%0.024%Search for SEC Filing on Google Icon
8/9/2022TIAA FSB7,870$1.55M0.0%N/A0.015%Search for SEC Filing on Google Icon
8/8/2022CWS Financial Advisors LLC4,121$0.81M0.4%-8.2%0.008%Search for SEC Filing on Google Icon
8/8/2022Eqis Capital Management Inc.9,688$1.91M0.2%+18.6%0.018%Search for SEC Filing on Google Icon
8/8/2022Duality Advisers LP4,669$0.92M0.1%N/A0.009%Search for SEC Filing on Google Icon
8/8/2022Stanley Laman Group Ltd.17,646$3.48M0.6%+4.1%0.033%Search for SEC Filing on Google Icon
8/8/2022Advisors Asset Management Inc.16,510$3.25M0.1%+0.8%0.031%Search for SEC Filing on Google Icon
8/8/2022Oppenheimer Asset Management Inc.16,498$3.25M0.1%-2.0%0.031%Search for SEC Filing on Google Icon
8/8/2022Oppenheimer & Co. Inc.20,547$4.05M0.1%+1.7%0.039%Search for SEC Filing on Google Icon
8/8/2022TownSquare Capital LLC21,955$4.33M0.1%+2.8%0.041%Search for SEC Filing on Google Icon
8/8/2022Integrated Wealth Concepts LLC2,365$0.47M0.0%+21.5%0.004%Search for SEC Filing on Google Icon
8/8/2022Bank of Nova Scotia4,657$0.92M0.0%-32.7%0.009%Search for SEC Filing on Google Icon
8/8/2022Kentucky Retirement Systems Insurance Trust Fund1,824$0.36M0.0%+15.7%0.003%Search for SEC Filing on Google Icon
8/8/2022Kentucky Retirement Systems3,961$0.78M0.0%+16.3%0.007%Search for SEC Filing on Google Icon
8/8/2022Texas Permanent School Fund7,050$1.39M0.0%+1.7%0.013%Search for SEC Filing on Google Icon
8/8/2022Jones Financial Companies Lllp1,099$0.22M0.0%+33.1%0.002%Search for SEC Filing on Google Icon
8/8/2022State of Michigan Retirement System16,322$3.22M0.0%+5.2%0.031%Search for SEC Filing on Google Icon
8/8/2022ING Groep NV10,044$1.98M0.0%+18.5%0.019%Search for SEC Filing on Google Icon
8/8/2022Prospera Financial Services Inc605$0.12M0.0%-92.3%0.001%Search for SEC Filing on Google Icon
8/8/2022Legacy Financial Advisors Inc.5,824$1.15M0.3%+1.7%0.011%Search for SEC Filing on Google Icon
8/8/2022Meeder Asset Management Inc.2,354$0.46M0.0%-12.6%0.004%Search for SEC Filing on Google Icon
8/8/2022BTC Capital Management Inc.19,022$3.75M0.5%-52.7%0.036%Search for SEC Filing on Google Icon
8/8/2022Banco Bilbao Vizcaya Argentaria S.A.11,264$2.22M0.0%+0.8%0.021%Search for SEC Filing on Google Icon
8/8/2022Keybank National Association OH1,569$0.31M0.0%-7.1%0.003%Search for SEC Filing on Google Icon
8/5/2022State Board of Administration of Florida Retirement System61,170$12.05M0.0%-6.4%0.115%Search for SEC Filing on Google Icon
8/5/2022Ascent Group LLC993$0.22M0.0%-13.7%0.002%Search for SEC Filing on Google Icon
8/5/2022Lindenwold Advisors5,343$1.05M0.7%+1.1%0.010%Search for SEC Filing on Google Icon
8/5/2022MQS Management LLC1,419$0.28M0.2%N/A0.003%Search for SEC Filing on Google Icon
8/5/2022M&T Bank Corp74,792$8.67M0.0%+268.2%0.140%Search for SEC Filing on Google Icon
8/5/2022Reynders McVeigh Capital Management LLC1,076$0.21M0.0%-6.5%0.002%Search for SEC Filing on Google Icon
8/5/2022CapWealth Advisors LLC44,587$8.79M1.1%+3.2%0.084%Search for SEC Filing on Google Icon
8/5/2022Pinebridge Investments L.P.5,581$1.10M0.0%-95.8%0.010%Search for SEC Filing on Google Icon
8/5/2022Alley Investment Management Company LLC41,522$8.18M1.5%+2.0%0.078%Search for SEC Filing on Google Icon
8/5/2022Financial Gravity Asset Management Inc.5,516$5.39M0.2%+169.1%0.010%Search for SEC Filing on Google Icon
8/5/2022Citizens Financial Group Inc RI1,359$0.27M0.0%-5.0%0.003%Search for SEC Filing on Google Icon
8/5/2022Bank of Nova Scotia4,657$0.92M0.0%-32.7%0.009%Search for SEC Filing on Google Icon
8/5/2022Illinois Municipal Retirement Fund27,201$5.36M0.1%+10.5%0.051%Search for SEC Filing on Google Icon
8/5/2022SouthState Corp12,596$2.48M0.2%+30.5%0.024%Search for SEC Filing on Google Icon
8/5/2022Personal CFO Solutions LLC2,998$0.59M0.1%-16.7%0.006%Search for SEC Filing on Google Icon
8/5/2022abrdn plc13,038$2.58M0.0%-19.7%0.024%Search for SEC Filing on Google Icon
8/4/2022Steward Partners Investment Advisory LLC7,336$1.45M0.0%+12.7%0.014%Search for SEC Filing on Google Icon
8/4/2022Royce & Associates LP22,250$4.38M0.0%+20.3%0.042%Search for SEC Filing on Google Icon
8/4/2022Securian Asset Management Inc.4,275$0.84M0.0%-2.3%0.008%Search for SEC Filing on Google Icon
8/4/2022Cardinal Capital Management8,636$1.70M0.4%+1.2%0.016%Search for SEC Filing on Google Icon
8/4/2022State of New Jersey Common Pension Fund D27,426$5.40M0.0%-3.4%0.051%Search for SEC Filing on Google Icon
8/4/2022Vestmark Advisory Solutions Inc.4,345$0.86M0.0%-20.1%0.008%Search for SEC Filing on Google Icon
8/4/2022J. W. Coons Advisors LLC1,365$0.27M0.1%-3.3%0.003%Search for SEC Filing on Google Icon
8/4/2022Fifth Third Bancorp10,506$2.07M0.0%-4.3%0.020%Search for SEC Filing on Google Icon
8/4/2022Independent Advisor Alliance1,170$0.23M0.0%-22.5%0.002%Search for SEC Filing on Google Icon
8/4/2022Aviva PLC22,849$4.50M0.0%-31.0%0.043%Search for SEC Filing on Google Icon
8/4/2022IFG Advisory LLC9,112$1.80M0.2%+72.2%0.017%Search for SEC Filing on Google Icon
8/4/2022Mitsubishi UFJ Kokusai Asset Management Co. Ltd.31,088$6.13M0.0%+8.3%0.058%Search for SEC Filing on Google Icon
8/4/2022TD Asset Management Inc.14,012$2.76M0.0%-4.5%0.026%Search for SEC Filing on Google Icon
8/3/2022Envestnet Asset Management Inc.450,006$88.67M0.0%+6.6%0.845%Search for SEC Filing on Google Icon
8/3/2022Van ECK Associates Corp5,786$1.14M0.0%-2.3%0.011%Search for SEC Filing on Google Icon
8/3/2022Stephens Inc. AR1,059$0.21M0.0%-21.7%0.002%Search for SEC Filing on Google Icon
8/3/2022Nisa Investment Advisors LLC17,400$3.43M0.0%+134.5%0.033%Search for SEC Filing on Google Icon
8/3/2022LGT Group Foundation1,314$0.26M0.0%N/A0.002%Search for SEC Filing on Google Icon
8/3/2022Janney Montgomery Scott LLC20,514$4.11M0.0%-64.1%0.039%Search for SEC Filing on Google Icon
8/3/2022Assetmark Inc.93,220$18.37M0.1%-22.5%0.175%Search for SEC Filing on Google Icon
8/3/2022DekaBank Deutsche Girozentrale315,717$62.22M0.2%+82.5%0.593%Search for SEC Filing on Google Icon
8/3/2022Candriam S.C.A.6,332$1.25M0.0%-10.0%0.012%Search for SEC Filing on Google Icon
8/3/2022Distillate Capital Partners LLC29,740$5.86M0.8%+15.3%0.056%Search for SEC Filing on Google Icon
8/3/2022Handelsbanken Fonder AB43,401$8.55M0.1%+27.9%0.081%Search for SEC Filing on Google Icon
8/3/2022Mn Services Vermogensbeheer B.V.31,464$6.20M0.1%-17.6%0.059%Search for SEC Filing on Google Icon
Data available starting January 2016

See Full Table
Snap-on logo
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. The company offers hand tools, including wrenches, sockets, ratchet wrenches, pliers, screwdrivers, punches and chisels, saws and cutting tools, pruning tools, torque measuring instruments, and other products; power tools, such as cordless, pneumatic, hydraulic, and corded tools; and tool storage products comprising tool chests, roll cabinets, and other products. It also provides handheld and computer-based diagnostic products, service and repair information products, diagnostic software solutions, electronic parts catalogs, business management systems and services, point-of-sale systems, integrated systems for vehicle service shops, original equipment manufacturer purchasing facilitation services, and warranty management systems and analytics. In addition, the company offers solutions for the service of vehicles and industrial equipment that include wheel alignment equipment, wheel balancers, tire changers, vehicle lifts, test lane equipment, collision repair equipment, vehicle air conditioning service equipment, brake service equipment, fluid exchange equipment, transmission troubleshooting equipment, safety testing equipment, battery chargers, and hoists, as well as after-sales support services and training programs. Further, it provides financing programs to facilitate the sales of its products and support its franchise business. The company serves the aviation and aerospace, agriculture, construction, government and military, mining, natural resources, power generation, and technical education industries, as well as vehicle dealerships and repair centers. Snap-on Incorporated was founded in 1920 and is based in Kenosha, Wisconsin.
Read More on Snap-on

Today's Range

Now: $229.58
Low: $226.72
High: $230.18

50 Day Range

MA: $208.66
Low: $191.82
High: $226.79

52 Week Range

Now: $229.58
Low: $190.08
High: $235.36

Volume

12,038 shs

Average Volume

299,755 shs

Market Capitalization

$12.23 billion

P/E Ratio

14.40

Dividend Yield

2.56%

Beta

1.12

Who are the company insiders with the largest holdings of Snap-on?

Snap-on's top insider investors include:
  1. Nicholas T Pinchuk (CEO)
  2. Thomas J Ward (SVP)
  3. Thomas J Ward (SVP)
  4. Iain Boyd (VP)
  5. Timothy L Chambers (SVP)
  6. Anup R Banerjee (SVP)
  7. Richard K Strege (VP)
  8. Richard Thomas Miller (VP)
  9. Jesus Arregui (SVP)
  10. Aldo John Pagliari (CFO)
  11. Karen L Daniel (Director)
  12. Nicholas T Pinchuk (CEO)
  13. Richard K Strege (VP)
Learn More about top insider investors at Snap-on.

Who are the major institutional investors of Snap-on?

Snap-on's top institutional shareholders include:
  1. JPMorgan Chase & Co. — 2.49%
  2. Confluence Investment Management LLC — 1.24%
  3. Hamlin Capital Management LLC — 0.85%
  4. Envestnet Asset Management Inc. — 0.84%
  5. Bank of Montreal Can — 0.71%
  6. Principal Financial Group Inc. — 0.66%
Learn More about top institutional investors of Snap-on stock.

Which institutional investors are selling Snap-on stock?

During the last quarter, SNA stock was sold by these institutional investors:
  1. JPMorgan Chase & Co.
  2. Pinebridge Investments L.P.
  3. Principal Financial Group Inc.
  4. Janney Montgomery Scott LLC
  5. Allspring Global Investments Holdings LLC
  6. Assetmark Inc.
  7. BTC Capital Management Inc.
  8. BTC Capital Management Inc.
During the previous year, company insiders that have sold Snap-on company stock include:
  1. Nicholas T Pinchuk (CEO)
  2. Thomas J Ward (SVP)
  3. Thomas J Ward (SVP)
  4. Iain Boyd (VP)
Learn More investors selling Snap-on stock.

Which institutional investors are buying Snap-on stock?

Within the previous quarter, SNA stock was acquired by institutional investors including:
  1. DekaBank Deutsche Girozentrale
  2. M&T Bank Corp
  3. Sumitomo Mitsui Trust Holdings Inc.
  4. Russell Investments Group Ltd.
  5. UBS Group AG
  6. Boston Trust Walden Corp
  7. Hamlin Capital Management LLC
  8. Envestnet Asset Management Inc.
How High Can Copper Go?
To power the green revolution, copper demand continues to skyrocket with no end in sight. Prices hit a 10-year high; as copper jumped 79% in the past year. Some analysts are calling for copper to rise another 50-100%! We may be at the beginning of a copper bull run the likes we've never seen before. Just how high can copper go?
Find Out in this Research Report.