Tractor Supply (NASDAQ:TSCO) Sees Significant Drop in Short Interest

Tractor Supply (NASDAQ:TSCO) saw a significant drop in short interest in June. As of June 15th, there was short interest totalling 6,480,000 shares, a drop of 12.9% from the May 31st total of 7,440,000 shares. Currently, 6.0% of the company’s stock are sold short. Based on an average trading volume of 1,090,000 shares, the days-to-cover ratio is currently 5.9 days.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Vanguard Group Inc. increased its holdings in shares of Tractor Supply by 0.4% during the fourth quarter. Vanguard Group Inc. now owns 12,804,873 shares of the specialty retailer’s stock valued at $2,753,432,000 after purchasing an additional 48,439 shares during the period. Capital International Investors grew its holdings in Tractor Supply by 7.6% during the fourth quarter. Capital International Investors now owns 6,233,852 shares of the specialty retailer’s stock worth $1,340,589,000 after acquiring an additional 439,954 shares during the period. Capital World Investors grew its holdings in Tractor Supply by 10.0% during the fourth quarter. Capital World Investors now owns 5,849,188 shares of the specialty retailer’s stock worth $1,257,751,000 after acquiring an additional 531,170 shares during the period. Wellington Management Group LLP grew its holdings in Tractor Supply by 63.2% during the fourth quarter. Wellington Management Group LLP now owns 4,606,455 shares of the specialty retailer’s stock worth $990,526,000 after acquiring an additional 1,784,304 shares during the period. Finally, Price T Rowe Associates Inc. MD grew its holdings in Tractor Supply by 12.5% during the first quarter. Price T Rowe Associates Inc. MD now owns 3,330,621 shares of the specialty retailer’s stock worth $871,691,000 after acquiring an additional 368,859 shares during the period. 98.72% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

TSCO has been the subject of several research analyst reports. JPMorgan Chase & Co. increased their target price on Tractor Supply from $241.00 to $263.00 and gave the company a “neutral” rating in a research note on Friday, May 3rd. Truist Financial increased their target price on Tractor Supply from $277.00 to $289.00 and gave the company a “buy” rating in a research note on Friday, April 26th. Barclays increased their target price on Tractor Supply from $234.00 to $240.00 and gave the company an “equal weight” rating in a research note on Friday, April 26th. Wells Fargo & Company increased their target price on Tractor Supply from $250.00 to $285.00 and gave the company an “overweight” rating in a research note on Monday, March 25th. Finally, Morgan Stanley increased their target price on Tractor Supply from $195.00 to $235.00 and gave the company an “underweight” rating in a research note on Friday, April 26th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Tractor Supply has a consensus rating of “Hold” and an average target price of $254.17.

Tractor Supply Price Performance

Shares of NASDAQ TSCO opened at $270.00 on Friday. The firm has a market capitalization of $29.11 billion, a PE ratio of 26.29, a P/E/G ratio of 3.48 and a beta of 0.83. The company has a debt-to-equity ratio of 0.83, a current ratio of 1.40 and a quick ratio of 0.19. Tractor Supply has a 1-year low of $185.00 and a 1-year high of $290.38. The business’s fifty day moving average price is $274.91 and its two-hundred day moving average price is $250.42.

Tractor Supply (NASDAQ:TSCO) last issued its quarterly earnings results on Thursday, April 25th. The specialty retailer reported $1.83 EPS for the quarter, beating analysts’ consensus estimates of $1.70 by $0.13. The company had revenue of $3.39 billion for the quarter, compared to analyst estimates of $3.40 billion. Tractor Supply had a return on equity of 52.99% and a net margin of 7.66%. The company’s quarterly revenue was up 2.8% compared to the same quarter last year. During the same period last year, the company earned $1.65 earnings per share. On average, research analysts expect that Tractor Supply will post 10.34 EPS for the current year.

Tractor Supply Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 11th. Stockholders of record on Tuesday, May 28th were issued a dividend of $1.10 per share. This represents a $4.40 dividend on an annualized basis and a dividend yield of 1.63%. The ex-dividend date was Friday, May 24th. Tractor Supply’s dividend payout ratio (DPR) is 42.84%.

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.