Kornitzer Capital Management Inc. KS Acquires Shares of 1,020 Snap-on Incorporated (NYSE:SNA)

Kornitzer Capital Management Inc. KS purchased a new stake in shares of Snap-on Incorporated (NYSE:SNA) in the 3rd quarter, Holdings Channel.com reports. The institutional investor purchased 1,020 shares of the company’s stock, valued at approximately $296,000.

A number of other hedge funds also recently bought and sold shares of SNA. Lake Street Advisors Group LLC raised its holdings in Snap-on by 3.1% in the third quarter. Lake Street Advisors Group LLC now owns 1,074 shares of the company’s stock worth $311,000 after buying an additional 32 shares during the last quarter. Renasant Bank lifted its position in Snap-on by 2.3% in the 1st quarter. Renasant Bank now owns 1,592 shares of the company’s stock valued at $472,000 after acquiring an additional 36 shares in the last quarter. TFB Advisors LLC increased its holdings in shares of Snap-on by 3.2% in the 2nd quarter. TFB Advisors LLC now owns 1,226 shares of the company’s stock worth $320,000 after purchasing an additional 38 shares in the last quarter. Crestwood Advisors Group LLC increased its holdings in shares of Snap-on by 1.0% in the 3rd quarter. Crestwood Advisors Group LLC now owns 3,759 shares of the company’s stock worth $1,089,000 after purchasing an additional 38 shares in the last quarter. Finally, Financial Advocates Investment Management raised its stake in shares of Snap-on by 1.2% in the second quarter. Financial Advocates Investment Management now owns 3,360 shares of the company’s stock worth $878,000 after purchasing an additional 39 shares during the last quarter. Institutional investors own 84.88% of the company’s stock.

Insider Transactions at Snap-on

In related news, CEO Nicholas T. Pinchuk sold 24,145 shares of Snap-on stock in a transaction on Monday, August 12th. The stock was sold at an average price of $268.95, for a total transaction of $6,493,797.75. Following the transaction, the chief executive officer now directly owns 759,019 shares in the company, valued at approximately $204,138,160.05. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CFO Aldo John Pagliari sold 4,473 shares of the stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $278.74, for a total value of $1,246,804.02. Following the completion of the sale, the chief financial officer now directly owns 99,244 shares of the company’s stock, valued at $27,663,272.56. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Nicholas T. Pinchuk sold 24,145 shares of the firm’s stock in a transaction on Monday, August 12th. The shares were sold at an average price of $268.95, for a total transaction of $6,493,797.75. Following the sale, the chief executive officer now owns 759,019 shares in the company, valued at $204,138,160.05. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 50,335 shares of company stock worth $14,706,082 in the last three months. Corporate insiders own 4.10% of the company’s stock.

Analysts Set New Price Targets

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

Snap-on Stock Performance

Shares of NYSE SNA opened at $359.37 on Friday. Snap-on Incorporated has a 12-month low of $252.98 and a 12-month high of $360.41. The firm has a market capitalization of $18.87 billion, a price-to-earnings ratio of 18.50, a price-to-earnings-growth ratio of 2.34 and a beta of 0.96. 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 firm has a 50 day moving average of $301.16 and a 200 day moving average of $281.90.

Snap-on announced that its board has approved a share buyback plan on Thursday, August 8th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 3.5% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

Snap-on Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Thursday, November 21st will be given a dividend of $2.14 per share. This is an increase from Snap-on’s previous quarterly dividend of $1.86. This represents a $8.56 dividend on an annualized basis and a dividend yield of 2.38%. Snap-on’s payout ratio is presently 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.