Assetmark Inc. Grows Position in Tractor Supply (NASDAQ:TSCO)

Assetmark Inc. boosted its stake in Tractor Supply (NASDAQ:TSCO) by 636.9% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 1,098 shares of the specialty retailer’s stock after buying an additional 949 shares during the quarter. Assetmark Inc.’s holdings in Tractor Supply were worth $58,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Providence Capital Advisors LLC purchased a new stake in Tractor Supply in the 3rd quarter valued at $32,000. Larson Financial Group LLC increased its position in shares of Tractor Supply by 29.4% during the 3rd quarter. Larson Financial Group LLC now owns 286 shares of the specialty retailer’s stock valued at $83,000 after purchasing an additional 65 shares during the last quarter. First Horizon Advisors Inc. increased its position in shares of Tractor Supply by 13.2% during the 3rd quarter. First Horizon Advisors Inc. now owns 351 shares of the specialty retailer’s stock valued at $102,000 after purchasing an additional 41 shares during the last quarter. Icon Wealth Advisors LLC purchased a new stake in shares of Tractor Supply during the 3rd quarter valued at $111,000. Finally, Glen Eagle Advisors LLC increased its position in shares of Tractor Supply by 75.8% during the 3rd quarter. Glen Eagle Advisors LLC now owns 464 shares of the specialty retailer’s stock valued at $135,000 after purchasing an additional 200 shares during the last quarter. 98.72% of the stock is owned by hedge funds and other institutional investors.

Tractor Supply Price Performance

Shares of Tractor Supply stock opened at $51.83 on Friday. The company has a debt-to-equity ratio of 0.82, a current ratio of 1.43 and a quick ratio of 0.20. The business’s 50 day simple moving average is $55.19 and its two-hundred day simple moving average is $55.73. The stock has a market capitalization of $27.68 billion, a P/E ratio of 25.41, a price-to-earnings-growth ratio of 2.95 and a beta of 0.85. Tractor Supply has a one year low of $48.30 and a one year high of $61.53.

Tractor Supply (NASDAQ:TSCO) last announced its quarterly earnings results on Thursday, January 30th. The specialty retailer reported $0.44 EPS for the quarter, missing analysts’ consensus estimates of $2.28 by ($1.84). Tractor Supply had a return on equity of 49.01% and a net margin of 7.40%. Analysts forecast that Tractor Supply will post 2.17 EPS for the current year.

Tractor Supply announced that its board has approved a stock buyback program on Thursday, February 13th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the specialty retailer to repurchase up to 3.3% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s management believes its stock is undervalued.

Tractor Supply Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, March 11th. Stockholders of record on Wednesday, February 26th were given a $0.92 dividend. This is a positive change from Tractor Supply’s previous quarterly dividend of $0.22. This represents a $3.68 dividend on an annualized basis and a dividend yield of 7.10%. The ex-dividend date was Wednesday, February 26th. Tractor Supply’s dividend payout ratio (DPR) is currently 45.10%.

Insider Transactions at Tractor Supply

In other news, SVP Matthew L. Rubin sold 3,850 shares of Tractor Supply stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $57.69, for a total value of $222,106.50. Following the sale, the senior vice president now directly owns 31,787 shares in the company, valued at approximately $1,833,792.03. This trade represents a 10.80 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Harry A. Lawton III sold 88,095 shares of Tractor Supply stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $54.59, for a total value of $4,809,106.05. Following the sale, the chief executive officer now owns 488,852 shares in the company, valued at $26,686,430.68. This represents a 15.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 137,993 shares of company stock worth $7,538,068. 0.24% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on TSCO shares. Barclays decreased their target price on Tractor Supply from $262.00 to $52.00 and set an “equal weight” rating for the company in a research report on Monday, December 30th. Mizuho increased their price target on Tractor Supply from $60.00 to $62.00 and gave the stock an “outperform” rating in a research note on Thursday, January 23rd. JPMorgan Chase & Co. increased their price target on Tractor Supply from $58.00 to $59.00 and gave the stock a “neutral” rating in a research note on Friday, January 31st. Truist Financial cut their target price on Tractor Supply from $63.00 to $60.00 and set a “buy” rating for the company in a research note on Friday, January 31st. Finally, Telsey Advisory Group restated an “outperform” rating and issued a $67.00 target price on shares of Tractor Supply in a research note on Thursday, January 30th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Tractor Supply currently has a consensus rating of “Moderate Buy” and an average target price of $59.22.

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.