KLP Kapitalforvaltning AS Takes Position in Tractor Supply (NASDAQ:TSCO)

KLP Kapitalforvaltning AS purchased a new position in shares of Tractor Supply (NASDAQ:TSCO) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 180,355 shares of the specialty retailer’s stock, valued at approximately $9,570,000.

Several other hedge funds have also made changes to their positions in TSCO. Providence Capital Advisors LLC acquired a new stake in Tractor Supply in the third quarter worth $32,000. Larson Financial Group LLC increased its holdings in shares of Tractor Supply by 29.4% in the 3rd quarter. Larson Financial Group LLC now owns 286 shares of the specialty retailer’s stock worth $83,000 after acquiring an additional 65 shares during the period. Icon Wealth Advisors LLC acquired a new stake in shares of Tractor Supply in the 3rd quarter worth about $111,000. Glen Eagle Advisors LLC boosted its stake in 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 period. Finally, Smithfield Trust Co boosted its stake in Tractor Supply by 286.2% during the 4th quarter. Smithfield Trust Co now owns 475 shares of the specialty retailer’s stock valued at $25,000 after purchasing an additional 352 shares during the period. Institutional investors own 98.72% of the company’s stock.

Tractor Supply Stock Performance

TSCO opened at $53.53 on Tuesday. 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 firm has a market cap of $28.59 billion, a PE ratio of 26.24, a P/E/G ratio of 2.95 and a beta of 0.85. The business has a fifty day simple moving average of $55.01 and a 200-day simple moving average of $55.68. 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 issued its quarterly earnings results on Thursday, January 30th. The specialty retailer reported $0.44 earnings per share 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%. As a group, equities analysts predict that Tractor Supply will post 2.17 EPS for the current fiscal year.

Tractor Supply declared that its board has authorized a share 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 purchase 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 company also recently declared a quarterly dividend, which was paid on Tuesday, March 11th. Stockholders of record on Wednesday, February 26th were issued a dividend of $0.92 per share. The ex-dividend date was Wednesday, February 26th. This represents a $3.68 dividend on an annualized basis and a dividend yield of 6.87%. This is a positive change from Tractor Supply’s previous quarterly dividend of $0.22. Tractor Supply’s payout ratio is currently 45.10%.

Insider Buying and Selling

In related news, CFO Kurt D. Barton sold 12,146 shares of the business’s stock in a transaction that occurred on Thursday, February 13th. The shares were sold at an average price of $56.00, for a total transaction of $680,176.00. Following the transaction, the chief financial officer now directly owns 47,715 shares of the company’s stock, valued at approximately $2,672,040. The trade was a 20.29 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP Matthew L. Rubin sold 3,850 shares of the company’s stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $57.69, for a total transaction of $222,106.50. Following the completion of the transaction, the senior vice president now owns 31,787 shares in the company, valued at approximately $1,833,792.03. This represents a 10.80 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 137,993 shares of company stock valued at $7,538,068. Company insiders own 0.24% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. Telsey Advisory Group reaffirmed an “outperform” rating and set a $67.00 price target on shares of Tractor Supply in a report on Thursday, January 30th. Barclays cut their target price on Tractor Supply from $262.00 to $52.00 and set an “equal weight” rating on the stock in a research note on Monday, December 30th. Loop Capital increased their price target on Tractor Supply from $53.00 to $58.00 and gave the stock a “hold” rating in a research note on Thursday, December 12th. Bank of America lifted their price objective on shares of Tractor Supply from $44.00 to $53.00 and gave the company an “underperform” rating in a research note on Thursday, January 16th. Finally, Truist Financial decreased their target price on shares of Tractor Supply from $63.00 to $60.00 and set a “buy” rating for the company in a research report on Friday, January 31st. Two 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. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $59.22.

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.