Cornercap Investment Counsel Inc. Sells 1,071 Shares of Snap-on Incorporated (NYSE:SNA)

Cornercap Investment Counsel Inc. lessened its holdings in Snap-on Incorporated (NYSE:SNA) by 28.9% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor 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 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in SNA. Lake Street Advisors Group LLC raised its stake in shares of Snap-on by 3.1% during the 3rd quarter. Lake Street Advisors Group LLC now owns 1,074 shares of the company’s stock worth $311,000 after purchasing an additional 32 shares in the last quarter. Metis Global Partners LLC increased its holdings in shares of Snap-on by 1.9% in the third quarter. Metis Global Partners LLC now owns 1,691 shares of the company’s stock valued at $490,000 after purchasing an additional 32 shares during the last quarter. Verdence Capital Advisors LLC raised its position in shares of Snap-on by 2.5% in the third quarter. Verdence Capital Advisors LLC now owns 1,526 shares of the company’s stock valued at $442,000 after purchasing an additional 37 shares during the period. TFB Advisors LLC lifted its stake in shares of Snap-on by 3.2% during the 2nd quarter. TFB Advisors LLC now owns 1,226 shares of the company’s stock worth $320,000 after buying an additional 38 shares during the last quarter. Finally, Crestwood Advisors Group LLC boosted its holdings in shares of Snap-on by 1.0% during the 3rd quarter. Crestwood Advisors Group LLC now owns 3,759 shares of the company’s stock worth $1,089,000 after buying an additional 38 shares during the period. Institutional investors and hedge funds own 84.88% of the company’s stock.

Snap-on Trading Down 0.2 %

SNA opened at $357.06 on Friday. The company has a quick ratio of 3.14, a current ratio of 4.18 and a debt-to-equity ratio of 0.22. Snap-on Incorporated has a twelve month low of $252.98 and a twelve month high of $365.35. The stock has a market capitalization of $18.75 billion, a price-to-earnings ratio of 18.38, a P/E/G ratio of 2.39 and a beta of 0.96. The company has a 50-day simple moving average of $309.42 and a 200 day simple moving average of $284.95.

Snap-on (NYSE:SNA) last issued its 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. The firm had revenue of $1.15 billion for the quarter, compared to the consensus estimate of $1.16 billion. Snap-on had a return on equity of 19.44% and a net margin of 22.13%. Analysts predict that Snap-on Incorporated will post 19.05 EPS for the current fiscal year.

Snap-on Increases Dividend

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

Snap-on declared that its Board of Directors has initiated a share buyback program on Thursday, August 8th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the company to purchase up to 3.5% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Analysts Set New Price Targets

SNA has been the topic of several research reports. Robert W. Baird upped their target price on 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 increased their price objective on Snap-on from $255.00 to $280.00 and gave the stock an “underperform” rating in a research report on Friday, October 18th. Barrington Research lifted their target price on Snap-on from $325.00 to $350.00 and gave the stock an “outperform” rating in a report on Thursday, October 17th. Roth Mkm upped their price target on shares of Snap-on from $324.00 to $365.00 and gave the company a “buy” rating in a research note on Tuesday, October 22nd. Finally, Tigress Financial lifted their price objective on shares of Snap-on from $336.00 to $385.00 and gave the stock a “buy” rating in a research note on Friday, October 25th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $345.40.

Insiders Place Their Bets

In related news, SVP Thomas J. Ward sold 12,737 shares of the firm’s stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $333.21, for a total value of $4,244,095.77. Following the completion of the transaction, the senior vice president now owns 55,401 shares in the company, valued at $18,460,167.21. This trade represents a 18.69 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Iain Boyd sold 6,044 shares of the firm’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $298.99, for a total transaction of $1,807,095.56. Following the transaction, the vice president now directly owns 10,493 shares of the company’s stock, valued at $3,137,302.07. The trade was a 36.55 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 26,190 shares of company stock valued at $8,212,284. 4.10% of the stock is currently owned by insiders.

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.