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

KLP Kapitalforvaltning AS acquired a new stake in shares of Tractor Supply (NASDAQ:TSCO) during the 4th quarter, HoldingsChannel.com reports. The fund acquired 180,355 shares of the specialty retailer’s stock, valued at approximately $9,570,000.

A number of other institutional investors have also recently added to or reduced their stakes in TSCO. Raymond James Financial Inc. acquired a new position in shares of Tractor Supply during the 4th quarter worth $329,458,000. Meridiem Investment Management Ltd. increased its position in Tractor Supply by 398.9% during the fourth quarter. Meridiem Investment Management Ltd. now owns 5,118,785 shares of the specialty retailer’s stock worth $271,674,000 after buying an additional 4,092,808 shares during the last quarter. Wellington Management Group LLP increased its position in Tractor Supply by 3.5% during the third quarter. Wellington Management Group LLP now owns 4,740,864 shares of the specialty retailer’s stock worth $1,379,260,000 after buying an additional 161,503 shares during the last quarter. State Street Corp raised its holdings in Tractor Supply by 1.1% during the third quarter. State Street Corp now owns 4,518,341 shares of the specialty retailer’s stock valued at $1,314,521,000 after buying an additional 47,951 shares in the last quarter. Finally, Amundi lifted its position in shares of Tractor Supply by 495.2% in the fourth 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. 98.72% of the stock is currently owned by institutional investors and hedge funds.

Tractor Supply Trading Up 2.0 %

Shares of Tractor Supply stock opened at $53.53 on Tuesday. The company’s fifty day moving average price is $55.01 and its two-hundred day moving average price is $55.68. The firm has a market capitalization of $28.59 billion, a PE ratio of 26.24, a price-to-earnings-growth ratio of 2.95 and a beta of 0.85. Tractor Supply has a 52-week low of $48.30 and a 52-week high of $61.53. The company has a debt-to-equity ratio of 0.82, a current ratio of 1.43 and a quick ratio of 0.20.

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

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

Tractor Supply Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, March 11th. Shareholders of record on Wednesday, February 26th were given a $0.92 dividend. This represents a $3.68 dividend on an annualized basis and a yield of 6.87%. This is a boost from Tractor Supply’s previous quarterly dividend of $0.22. The ex-dividend date was Wednesday, February 26th. Tractor Supply’s dividend payout ratio is 45.10%.

Insiders Place Their Bets

In other Tractor Supply news, CEO Harry A. Lawton III sold 88,095 shares of the business’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $54.59, for a total value of $4,809,106.05. Following the transaction, the chief executive officer now directly owns 488,852 shares in the company, valued at $26,686,430.68. The trade was a 15.27 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Matthew L. Rubin sold 3,850 shares of the firm’s stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $57.69, for a total transaction of $222,106.50. Following the sale, the senior vice president now directly owns 31,787 shares of the company’s stock, valued at approximately $1,833,792.03. The trade was a 10.80 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 137,993 shares of company stock worth $7,538,068 over the last three months. 0.24% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on TSCO. JPMorgan Chase & Co. increased their price objective on Tractor Supply from $58.00 to $59.00 and gave the company a “neutral” rating in a report on Friday, January 31st. Guggenheim reissued a “buy” rating and issued a $60.00 price target on shares of Tractor Supply in a research report on Friday, January 31st. Mizuho upped their price objective on shares of Tractor Supply from $60.00 to $62.00 and gave the stock an “outperform” rating in a report on Thursday, January 23rd. Wells Fargo & Company dropped their target price on shares of Tractor Supply from $65.00 to $64.00 and set an “overweight” rating on the stock in a report on Monday, November 25th. Finally, Barclays decreased their price target on shares of Tractor Supply from $262.00 to $52.00 and set an “equal weight” rating for the company in a report on Monday, December 30th. Two equities 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. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price 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.