Cornercap Investment Counsel Inc. Has $765,000 Stake in Snap-on Incorporated (NYSE:SNA)

Cornercap Investment Counsel Inc. reduced its holdings in shares of Snap-on Incorporated (NYSE:SNA) by 28.9% in the third quarter, HoldingsChannel.com reports. The fund owned 2,639 shares of the company’s stock after selling 1,071 shares during the quarter. Cornercap Investment Counsel Inc.’s holdings in Snap-on were worth $765,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the business. Reston Wealth Management LLC bought a new stake in shares of Snap-on in the 3rd quarter valued at $30,000. Opal Wealth Advisors LLC bought a new stake in Snap-on in the second quarter valued at $30,000. Innealta Capital LLC acquired a new position in shares of Snap-on during the second 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 worth $37,000 after purchasing an additional 44 shares in the last quarter. Finally, Quarry LP grew its stake in shares of Snap-on by 244.7% in the 2nd quarter. Quarry LP now owns 162 shares of the company’s stock valued at $42,000 after buying an additional 115 shares during the period. 84.88% of the stock is owned by institutional investors.

Insider Activity at Snap-on

In related news, CFO Aldo John Pagliari sold 4,473 shares of the firm’s stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $278.74, for a total transaction of $1,246,804.02. Following the completion of the sale, the chief financial officer now owns 99,244 shares in the company, valued at approximately $27,663,272.56. This trade represents a 4.31 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP Thomas J. Ward sold 12,737 shares of Snap-on stock in a transaction dated Monday, October 28th. The stock was 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 directly owns 55,401 shares in the company, valued at approximately $18,460,167.21. This represents a 18.69 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 26,190 shares of company stock valued at $8,212,284. 4.10% of the stock is owned by insiders.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. Barrington Research increased their price target on Snap-on from $325.00 to $350.00 and gave the stock an “outperform” rating in a report on Thursday, October 17th. Tigress Financial increased their target price on Snap-on from $336.00 to $385.00 and gave the stock a “buy” rating in a report on Friday, October 25th. Robert W. Baird boosted their price target on shares of Snap-on from $290.00 to $347.00 and gave the company a “neutral” rating in a research note on Friday, October 18th. Bank of America raised their price objective on shares of Snap-on from $255.00 to $280.00 and gave the company an “underperform” rating in a research note on Friday, October 18th. Finally, Roth Mkm boosted their target price on shares of Snap-on from $324.00 to $365.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. One 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. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $345.40.

Snap-on Price Performance

Shares of NYSE:SNA opened at $357.06 on Friday. The company has a current ratio of 4.18, a quick ratio of 3.14 and a debt-to-equity ratio of 0.22. The stock has a market cap of $18.75 billion, a PE ratio of 18.38, a price-to-earnings-growth ratio of 2.39 and a beta of 0.96. The stock’s fifty day simple moving average is $309.42 and its two-hundred day simple moving average is $284.95. Snap-on Incorporated has a 1-year low of $252.98 and a 1-year high of $365.35.

Snap-on (NYSE:SNA) last released its quarterly earnings results on Thursday, October 17th. The company reported $4.70 earnings per share for the quarter, beating analysts’ consensus estimates of $4.58 by $0.12. Snap-on had a net margin of 22.13% and a return on equity of 19.44%. The company had revenue of $1.15 billion for the quarter, compared to analyst estimates of $1.16 billion. As a group, analysts forecast that Snap-on Incorporated will post 19.05 EPS for the current fiscal year.

Snap-on declared that its board has authorized a stock repurchase program 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 programs are generally a sign that the company’s board believes its shares are undervalued.

Snap-on Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Thursday, November 21st will be issued a $2.14 dividend. The ex-dividend date is Thursday, November 21st. This is a positive change from Snap-on’s previous quarterly dividend of $1.86. This represents a $8.56 annualized dividend and a dividend yield of 2.40%. Snap-on’s dividend payout ratio is currently 38.29%.

About Snap-on

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.