Griffin Asset Management Inc. Raises Stake in Tractor Supply (NASDAQ:TSCO)

Griffin Asset Management Inc. boosted its holdings in shares of Tractor Supply (NASDAQ:TSCO) by 2.9% during the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 18,541 shares of the specialty retailer’s stock after purchasing an additional 527 shares during the period. Griffin Asset Management Inc.’s holdings in Tractor Supply were worth $1,022,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Azzad Asset Management Inc. ADV purchased a new position in Tractor Supply during the 1st quarter worth $2,192,000. Bellecapital International Ltd. boosted its holdings in shares of Tractor Supply by 0.8% in the first quarter. Bellecapital International Ltd. now owns 173,235 shares of the specialty retailer’s stock valued at $9,545,000 after acquiring an additional 1,426 shares in the last quarter. Simon Quick Advisors LLC boosted its holdings in shares of Tractor Supply by 15.5% in the first quarter. Simon Quick Advisors LLC now owns 19,488 shares of the specialty retailer’s stock valued at $1,074,000 after acquiring an additional 2,615 shares in the last quarter. Trueblood Wealth Management LLC boosted its holdings in shares of Tractor Supply by 1.8% in the first quarter. Trueblood Wealth Management LLC now owns 29,175 shares of the specialty retailer’s stock valued at $1,608,000 after acquiring an additional 515 shares in the last quarter. Finally, Handelsbanken Fonder AB boosted its holdings in shares of Tractor Supply by 3.3% in the first quarter. Handelsbanken Fonder AB now owns 120,569 shares of the specialty retailer’s stock valued at $6,643,000 after acquiring an additional 3,804 shares in the last quarter. 98.72% of the stock is owned by hedge funds and other institutional investors.

Tractor Supply Price Performance

Tractor Supply stock opened at $51.54 on Friday. Tractor Supply has a 1 year low of $46.85 and a 1 year high of $61.53. The firm has a 50 day moving average price of $50.60 and a 200 day moving average price of $53.36. The company has a market cap of $27.33 billion, a price-to-earnings ratio of 25.26, a PEG ratio of 2.95 and a beta of 0.74. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.20 and a current ratio of 1.43.

Tractor Supply (NASDAQ:TSCO) last released its earnings results on Thursday, April 24th. The specialty retailer reported $0.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.03). Tractor Supply had a net margin of 7.40% and a return on equity of 49.01%. The company had revenue of $3.47 billion during the quarter, compared to analysts’ expectations of $3.55 billion. During the same quarter in the previous year, the firm posted $1.83 earnings per share. Tractor Supply’s revenue for the quarter was up 2.1% compared to the same quarter last year. Sell-side analysts predict that Tractor Supply will post 2.17 earnings per share for the current year.

Tractor Supply Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 10th. Shareholders of record on Wednesday, May 28th were paid a dividend of $0.23 per share. The ex-dividend date of this dividend was Wednesday, May 28th. This represents a $0.92 annualized dividend and a yield of 1.79%. Tractor Supply’s dividend payout ratio is currently 45.77%.

Insiders Place Their Bets

In other Tractor Supply news, SVP Matthew L. Rubin sold 2,810 shares of the business’s stock in a transaction that occurred on Wednesday, May 14th. The shares were sold at an average price of $51.76, for a total transaction of $145,445.60. Following the completion of the sale, the senior vice president now directly owns 29,722 shares in the company, valued at $1,538,410.72. The trade was a 8.64% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.65% of the stock is owned by insiders.

Analysts Set New Price Targets

TSCO has been the topic of several analyst reports. Mizuho lowered their target price on shares of Tractor Supply from $62.00 to $58.00 and set an “outperform” rating on the stock in a report on Friday, April 25th. Raymond James lowered their target price on shares of Tractor Supply from $61.00 to $57.00 and set an “outperform” rating on the stock in a report on Friday, April 25th. Stephens initiated coverage on shares of Tractor Supply in a report on Wednesday, April 9th. They issued an “equal weight” rating and a $56.00 target price on the stock. Guggenheim lowered their target price on shares of Tractor Supply from $60.00 to $55.00 and set a “buy” rating on the stock in a report on Friday, April 25th. Finally, Robert W. Baird lowered their target price on shares of Tractor Supply from $63.00 to $56.00 and set an “outperform” rating on the stock in a report on Friday, April 25th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $58.02.

About Tractor Supply

Tractor Supply Company operates as a rural lifestyle retailer in the United States. The company offers various merchandise, including livestock and equine feed and equipment, poultry, fencing, and sprayers and chemicals; food, treats, and equipment for dogs, cats, and other small animals, as well as dog wellness products; seasonal and recreation products comprising tractors and riders, lawn and garden, bird feeding, power equipment, and other recreational products; truck, tool, and hardware products, such as truck accessories, trailers, generators, lubricants, batteries, and hardware and tools; and clothing, gift, and décor products consist of clothing, footwear, toys, snacks, and decorative merchandise.