Cornercap Investment Counsel Inc. Lowers Holdings in Snap-on Incorporated (NYSE:SNA)

Cornercap Investment Counsel Inc. reduced its stake in Snap-on Incorporated (NYSE:SNA) by 3.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,552 shares of the company’s stock after selling 87 shares during the period. Cornercap Investment Counsel Inc.’s holdings in Snap-on were worth $866,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of SNA. UMB Bank n.a. grew its position in Snap-on by 70.5% during the 4th quarter. UMB Bank n.a. now owns 75 shares of the company’s stock valued at $25,000 after purchasing an additional 31 shares during the last quarter. SBI Securities Co. Ltd. bought a new position in shares of Snap-on in the fourth quarter worth approximately $26,000. Migdal Insurance & Financial Holdings Ltd. purchased a new stake in shares of Snap-on during the fourth quarter valued at approximately $28,000. CoreFirst Bank & Trust bought a new stake in shares of Snap-on during the fourth quarter valued at approximately $40,000. Finally, Brooklyn Investment Group purchased a new position in Snap-on in the 3rd quarter worth approximately $39,000. 84.88% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

SNA has been the topic of several recent analyst reports. Tigress Financial increased their target price on Snap-on from $385.00 to $390.00 and gave the company a “buy” rating in a research note on Tuesday, March 4th. Barrington Research reaffirmed an “outperform” rating and set a $350.00 price objective on shares of Snap-on in a research report on Monday, February 10th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $346.40.

Snap-on Price Performance

NYSE SNA opened at $329.09 on Friday. The stock has a market capitalization of $17.25 billion, a price-to-earnings ratio of 16.88, a PEG ratio of 2.21 and a beta of 0.99. Snap-on Incorporated has a 1-year low of $252.98 and a 1-year high of $373.90. The company has a debt-to-equity ratio of 0.22, a current ratio of 4.15 and a quick ratio of 3.17. The business’s fifty day moving average price is $340.12 and its 200-day moving average price is $333.11.

Snap-on (NYSE:SNA) last announced its earnings results on Thursday, February 6th. The company reported $4.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.78 by $0.04. Snap-on had a return on equity of 19.20% and a net margin of 21.71%. During the same period in the previous year, the business earned $4.75 EPS. On average, equities analysts predict that Snap-on Incorporated will post 19.79 earnings per share for the current year.

Snap-on Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, March 10th. Shareholders of record on Monday, February 24th were issued a dividend of $2.14 per share. The ex-dividend date of this dividend was Monday, February 24th. This represents a $8.56 dividend on an annualized basis and a yield of 2.60%. Snap-on’s dividend payout ratio is currently 43.90%.

Insiders Place Their Bets

In other Snap-on news, CEO Nicholas T. Pinchuk sold 22,700 shares of the company’s stock in a transaction dated Thursday, March 27th. The stock was sold at an average price of $335.32, for a total value of $7,611,764.00. Following the completion of the sale, the chief executive officer now owns 793,932 shares in the company, valued at $266,221,278.24. This represents a 2.78 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Aldo John Pagliari sold 6,860 shares of the company’s stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $339.05, for a total transaction of $2,325,883.00. Following the completion of the transaction, the chief financial officer now owns 107,096 shares of the company’s stock, valued at approximately $36,310,898.80. The trade was a 6.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 36,011 shares of company stock worth $12,116,859. Company insiders own 3.90% 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.