Washington Trust Bank Increases Stock Holdings in Tractor Supply (NASDAQ:TSCO)

Washington Trust Bank boosted its position in shares of Tractor Supply (NASDAQ:TSCO) by 383.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,460 shares of the specialty retailer’s stock after acquiring an additional 5,918 shares during the period. Washington Trust Bank’s holdings in Tractor Supply were worth $396,000 as of its most recent SEC filing.

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

Tractor Supply Stock Performance

Shares of TSCO stock opened at $52.46 on Friday. The company has a market capitalization of $28.01 billion, a P/E ratio of 25.72, a PEG 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. 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 has a 50 day moving average price of $55.03 and a two-hundred day moving average price of $55.67.

Tractor Supply (NASDAQ:TSCO) last posted its 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%. Analysts expect that Tractor Supply will post 2.17 earnings per share for the current year.

Tractor Supply Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, March 11th. Stockholders of record on Wednesday, February 26th were paid a dividend of $0.92 per share. The ex-dividend date of this dividend was Wednesday, February 26th. This is a boost from Tractor Supply’s previous quarterly dividend of $0.22. This represents a $3.68 annualized dividend and a dividend yield of 7.01%. Tractor Supply’s payout ratio is 45.10%.

Tractor Supply announced that its Board of Directors has authorized a stock buyback program on Thursday, February 13th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the specialty retailer to purchase up to 3.3% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.

Analyst Ratings Changes

TSCO has been the subject of a number of research analyst reports. Guggenheim reiterated a “buy” rating and set a $60.00 price target on shares of Tractor Supply in a research report on Friday, January 31st. Barclays dropped 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 report on Monday, December 30th. Bank of America boosted their price target on shares of Tractor Supply from $44.00 to $53.00 and gave the stock an “underperform” rating in a research note on Thursday, January 16th. JPMorgan Chase & Co. raised their price objective on shares of Tractor Supply from $58.00 to $59.00 and gave the company a “neutral” rating in a research report on Friday, January 31st. Finally, Wells Fargo & Company cut their target price on shares of Tractor Supply from $65.00 to $64.00 and set an “overweight” rating for the company in a research report on Monday, November 25th. Two analysts have rated the stock with a sell rating, six have issued a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $59.22.

Insider Activity

In related news, SVP Matthew L. Rubin sold 3,850 shares of the business’s stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $57.69, for a total transaction of $222,106.50. Following the transaction, the senior vice president now owns 31,787 shares in the company, valued at $1,833,792.03. The trade was a 10.80 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through 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 transaction of $1,332,198.30. Following the completion of the sale, the executive vice president now owns 33,645 shares of the company’s stock, valued at $1,821,876.75. This trade represents a 42.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 137,993 shares of company stock valued at $7,538,068. Company insiders own 0.24% of the company’s stock.

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.