Bahl & Gaynor Inc. Boosts Holdings in Tractor Supply (NASDAQ:TSCO)

Bahl & Gaynor Inc. raised its stake in shares of Tractor Supply (NASDAQ:TSCO) by 446.0% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 135,647 shares of the specialty retailer’s stock after acquiring an additional 110,803 shares during the period. Bahl & Gaynor Inc.’s holdings in Tractor Supply were worth $7,197,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also modified their holdings of TSCO. Charles Schwab Investment Management Inc. increased its holdings in shares of Tractor Supply by 413.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,244,197 shares of the specialty retailer’s stock valued at $172,137,000 after purchasing an additional 2,612,791 shares in the last quarter. State of Michigan Retirement System grew its position in Tractor Supply by 755.0% during the fourth quarter. State of Michigan Retirement System now owns 284,435 shares of the specialty retailer’s stock valued at $15,092,000 after buying an additional 251,168 shares during the period. Bedel Financial Consulting Inc. increased its holdings in Tractor Supply by 401.0% in the fourth quarter. Bedel Financial Consulting Inc. now owns 4,309 shares of the specialty retailer’s stock valued at $231,000 after buying an additional 3,449 shares in the last quarter. Steward Partners Investment Advisory LLC raised its position in shares of Tractor Supply by 401.1% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 141,084 shares of the specialty retailer’s stock worth $7,486,000 after acquiring an additional 112,930 shares during the period. Finally, HFR Wealth Management LLC boosted its stake in shares of Tractor Supply by 399.6% during the 4th quarter. HFR Wealth Management LLC now owns 259,457 shares of the specialty retailer’s stock worth $13,767,000 after acquiring an additional 207,520 shares in the last quarter. Institutional investors and hedge funds own 98.72% of the company’s stock.

Insider Transactions at Tractor Supply

In other news, EVP Melissa Kersey sold 9,300 shares of the company’s stock in a transaction on Thursday, February 6th. The stock was sold at an average price of $53.17, for a total value of $494,481.00. Following the transaction, the executive vice president now owns 34,961 shares of the company’s stock, valued at $1,858,876.37. This represents a 21.01 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Colin Yankee sold 24,602 shares of the firm’s stock in a transaction dated Tuesday, February 11th. The stock was sold at an average price of $54.15, for a total value of $1,332,198.30. Following the sale, the executive vice president now directly owns 33,645 shares of the company’s stock, valued at $1,821,876.75. The trade was a 42.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 137,993 shares of company stock worth $7,538,068 in the last 90 days. Insiders own 0.24% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on TSCO shares. JPMorgan Chase & Co. lifted their price target on Tractor Supply from $58.00 to $59.00 and gave the company a “neutral” rating in a research note on Friday, January 31st. Truist Financial reduced 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. Telsey Advisory Group reiterated an “outperform” rating and set a $67.00 target price on shares of Tractor Supply in a research report on Thursday, January 30th. Evercore ISI raised shares of Tractor Supply from a “hold” rating to a “strong-buy” rating in a report on Friday, November 15th. Finally, Guggenheim reaffirmed a “buy” rating and set a $60.00 price objective on shares of Tractor Supply in a report on Friday, January 31st. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Tractor Supply presently has an average rating of “Moderate Buy” and an average price target of $59.22.

Tractor Supply Stock Performance

NASDAQ TSCO opened at $54.59 on Friday. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.20 and a current ratio of 1.43. The stock’s fifty day moving average is $55.08 and its two-hundred day moving average is $55.71. The firm has a market capitalization of $29.15 billion, a P/E ratio of 26.76, a price-to-earnings-growth ratio of 2.95 and a beta of 0.85. Tractor Supply has a fifty-two week low of $48.30 and a fifty-two week high of $61.53.

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

Tractor Supply announced that its Board of Directors has authorized a share repurchase plan on Thursday, February 13th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the specialty retailer to repurchase up to 3.3% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board of directors believes its shares are undervalued.

Tractor Supply Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, March 11th. Stockholders of record on Wednesday, February 26th will be paid a $0.92 dividend. This is a boost from Tractor Supply’s previous quarterly dividend of $0.22. The ex-dividend date is Wednesday, February 26th. This represents a $3.68 annualized dividend and a dividend yield of 6.74%. Tractor Supply’s dividend payout ratio is 45.10%.

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.