Holderness Investments Co. Grows Stock Position in Tractor Supply (NASDAQ:TSCO)

Holderness Investments Co. grew its holdings in Tractor Supply (NASDAQ:TSCO - Free Report) by 384.2% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 7,675 shares of the specialty retailer's stock after acquiring an additional 6,090 shares during the quarter. Holderness Investments Co.'s holdings in Tractor Supply were worth $407,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Raymond James Financial Inc. purchased a new stake in Tractor Supply in the fourth quarter valued at $329,458,000. Meridiem Investment Management Ltd. lifted its holdings in shares of Tractor Supply by 398.9% in the 4th quarter. Meridiem Investment Management Ltd. now owns 5,118,785 shares of the specialty retailer's stock valued at $271,674,000 after purchasing an additional 4,092,808 shares during the last quarter. Wellington Management Group LLP lifted its holdings in shares of Tractor Supply by 3.5% in the 3rd quarter. Wellington Management Group LLP now owns 4,740,864 shares of the specialty retailer's stock valued at $1,379,260,000 after purchasing an additional 161,503 shares during the last quarter. State Street Corp boosted its position in shares of Tractor Supply by 1.1% in the 3rd quarter. State Street Corp now owns 4,518,341 shares of the specialty retailer's stock valued at $1,314,521,000 after purchasing an additional 47,951 shares during the period. Finally, Amundi grew its stake in Tractor Supply by 495.2% during the 4th quarter. Amundi now owns 4,145,992 shares of the specialty retailer's stock worth $225,501,000 after buying an additional 3,449,442 shares during the last quarter. Institutional investors and hedge funds own 98.72% of the company's stock.

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Insider Activity at Tractor Supply

In other Tractor Supply news, SVP Matthew L. Rubin sold 3,850 shares of the company's stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $57.69, for a total value of $222,106.50. Following the sale, the senior vice president now owns 31,787 shares of the company's stock, valued at $1,833,792.03. This represents a 10.80 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Kurt D. Barton sold 12,146 shares of Tractor Supply stock in a transaction that occurred on Thursday, February 13th. The stock was sold at an average price of $56.00, for a total value of $680,176.00. Following the transaction, the chief financial officer now owns 47,715 shares of the company's stock, valued at $2,672,040. This represents a 20.29 % 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 valued at $7,538,068. Insiders own 0.24% of the company's stock.

Analyst Ratings Changes

A number of brokerages have weighed in on TSCO. Wells Fargo & Company reduced their price objective on Tractor Supply from $65.00 to $64.00 and set an "overweight" rating for the company in a research note on Monday, November 25th. Guggenheim reiterated a "buy" rating and issued a $60.00 price target on shares of Tractor Supply in a research report on Friday, January 31st. Mizuho increased their price target on shares of Tractor Supply from $60.00 to $62.00 and gave the stock an "outperform" rating in a research note on Thursday, January 23rd. Truist Financial dropped their price objective on shares of Tractor Supply from $63.00 to $60.00 and set a "buy" rating on the stock in a research note on Friday, January 31st. Finally, Barclays decreased their target price on shares of Tractor Supply from $262.00 to $52.00 and set an "equal weight" rating for the company in a research note on Monday, December 30th. Two research analysts have rated the stock with a sell rating, six have given a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $59.22.

Tractor Supply Price Performance

TSCO stock traded down $0.70 on Tuesday, reaching $52.83. 3,243,363 shares of the company's stock were exchanged, compared to its average volume of 4,899,349. Tractor Supply has a twelve month low of $48.30 and a twelve month high of $61.53. The company has a quick ratio of 0.20, a current ratio of 1.43 and a debt-to-equity ratio of 0.82. The stock has a fifty day moving average of $55.01 and a 200-day moving average of $55.68. The firm has a market cap of $28.21 billion, a PE ratio of 25.90, a P/E/G ratio of 2.95 and a beta of 0.85.

Tractor Supply (NASDAQ:TSCO - Get Free Report) last announced its quarterly earnings results on Thursday, January 30th. The specialty retailer reported $0.44 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.28 by ($1.84). Tractor Supply had a net margin of 7.40% and a return on equity of 49.01%. As a group, equities analysts predict that Tractor Supply will post 2.17 EPS for the current fiscal year.

Tractor Supply announced that its board has approved a share repurchase program on Thursday, February 13th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the specialty retailer to buy up to 3.3% of its stock through open market purchases. Stock buyback programs are generally an indication 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. Investors of record on Wednesday, February 26th were given a $0.92 dividend. The ex-dividend date of this dividend was Wednesday, February 26th. This is a positive change from Tractor Supply's previous quarterly dividend of $0.22. This represents a $3.68 annualized dividend and a dividend yield of 6.97%. Tractor Supply's payout ratio is currently 45.10%.

Tractor Supply Profile

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.