Cornercap Investment Counsel Inc. Cuts Stake in Snap-on Incorporated (NYSE:SNA)

Cornercap Investment Counsel Inc. cut its holdings in shares of Snap-on Incorporated (NYSE:SNA) by 3.3% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 2,552 shares of the company’s stock after selling 87 shares during the quarter. Cornercap Investment Counsel Inc.’s holdings in Snap-on were worth $866,000 at the end of the most recent quarter.

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

Insider Buying and Selling

In related news, CFO Aldo John Pagliari sold 6,860 shares of the company’s stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $339.05, for a total value of $2,325,883.00. Following the sale, the chief financial officer now directly owns 107,096 shares of the company’s stock, valued at $36,310,898.80. This represents a 6.02 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Nicholas T. Pinchuk sold 22,700 shares of the business’s stock in a transaction on Thursday, March 27th. The shares were sold at an average price of $335.32, for a total transaction of $7,611,764.00. Following the sale, the chief executive officer now owns 793,932 shares in the company, valued at approximately $266,221,278.24. This trade represents a 2.78 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 36,011 shares of company stock valued at $12,116,859 over the last three months. Corporate insiders own 3.90% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have weighed in on SNA shares. Tigress Financial boosted their price objective on Snap-on from $385.00 to $390.00 and gave the company a “buy” rating in a research report on Tuesday, March 4th. Barrington Research reaffirmed an “outperform” rating and issued a $350.00 target price on shares of Snap-on in a research note on Monday, February 10th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $346.40.

Snap-on Trading Down 1.9 %

NYSE SNA opened at $329.09 on Friday. The stock has a market cap of $17.25 billion, a P/E ratio of 16.88, a price-to-earnings-growth ratio of 2.21 and a beta of 0.99. Snap-on Incorporated has a fifty-two week low of $252.98 and a fifty-two week high of $373.90. The stock has a 50 day simple moving average of $340.12 and a two-hundred day simple moving average of $333.11. The company has a debt-to-equity ratio of 0.22, a quick ratio of 3.17 and a current ratio of 4.15.

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

Snap-on Dividend Announcement

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

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.