Tractor Supply Co. (TSCO) Rating Increased to Hold at Zacks Investment Research
Tractor Supply Co. (NASDAQ:TSCO) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a note issued to investors on Tuesday.
According to Zacks, “Tractor Supply’s third-quarter 2016 results were largely hurt by the challenging economic backdrop at the agricultural and energy sectors that marred consumer spending. These factors, along with soft demand for pre-season cold weather and heating products weighed upon third-quarter comps, with the top line also lagging estimates. Further, management retained its cautious stance on 2016, as these obstacles and the company’s seasonal business remain concerns. However, Tractor Supply topped earnings estimates in the third quarter, thus keeping its trend of not missing the same for 10 quarters now. Also, results improved year over year and the company remains well placed for the future, given its smooth progress on store expansion and technological advancements. Efforts toward efficient inventory management and cost-cutting, along with strategic buyouts like that of Petsense, also bode well. Nonetheless, stiff competition remains a threat.”
A number of other research firms also recently weighed in on TSCO. Raymond James Financial Inc. downgraded shares of Tractor Supply from a “strong-buy” rating to a “market perform” rating in a research report on Thursday, September 8th. Goldman Sachs Group Inc. reaffirmed a “neutral” rating and issued a $73.00 target price (down previously from $77.00) on shares of Tractor Supply in a research report on Saturday, October 22nd. Oppenheimer Holdings Inc. reaffirmed an “outperform” rating and issued a $80.00 target price (down previously from $110.00) on shares of Tractor Supply in a research report on Monday, September 26th. Morgan Stanley reaffirmed a “hold” rating and issued a $95.00 target price on shares of Tractor Supply in a research report on Tuesday, September 6th. Finally, Wedbush decreased their target price on shares of Tractor Supply from $72.00 to $65.00 and set a “neutral” rating for the company in a research report on Thursday, October 20th. Fourteen analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $85.95.
Tractor Supply (NASDAQ:TSCO) opened at 66.99 on Tuesday. Tractor Supply has a 12 month low of $61.50 and a 12 month high of $97.25. The firm has a market cap of $8.79 billion, a price-to-earnings ratio of 21.26 and a beta of 1.23. The stock’s 50 day moving average is $66.35 and its 200-day moving average is $83.38.
Tractor Supply (NASDAQ:TSCO) last released its earnings results on Wednesday, October 19th. The company reported $0.67 earnings per share for the quarter, beating analysts’ consensus estimates of $0.66 by $0.01. The business earned $1.54 billion during the quarter, compared to the consensus estimate of $1.54 billion. Tractor Supply had a net margin of 6.53% and a return on equity of 29.78%. The firm’s revenue for the quarter was up 4.5% compared to the same quarter last year. During the same quarter last year, the firm earned $0.64 earnings per share. On average, analysts anticipate that Tractor Supply will post $3.24 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 29th. Shareholders of record on Monday, November 14th will be paid a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 1.43%. The ex-dividend date is Wednesday, November 9th. Tractor Supply’s dividend payout ratio (DPR) is 30.48%.
In other Tractor Supply news, Director Mark J. Weikel acquired 1,000 shares of the company’s stock in a transaction on Thursday, November 3rd. The stock was acquired at an average price of $66.14 per share, for a total transaction of $66,140.00. Following the purchase, the director now directly owns 5,627 shares of the company’s stock, valued at $372,169.78. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 1.00% of the stock is currently owned by company insiders.
Hedge funds have recently modified their holdings of the company. Bank of New York Mellon Corp boosted its stake in shares of Tractor Supply by 98.5% in the third quarter. Bank of New York Mellon Corp now owns 4,132,049 shares of the company’s stock valued at $278,294,000 after buying an additional 2,050,092 shares during the period. William Blair Investment Management LLC boosted its stake in shares of Tractor Supply by 54.3% in the second quarter. William Blair Investment Management LLC now owns 2,150,617 shares of the company’s stock valued at $196,093,000 after buying an additional 756,716 shares during the period. Alliancebernstein L.P. boosted its stake in shares of Tractor Supply by 58.8% in the second quarter. Alliancebernstein L.P. now owns 1,980,756 shares of the company’s stock valued at $180,605,000 after buying an additional 733,533 shares during the period. Schroder Investment Management Group boosted its stake in shares of Tractor Supply by 617.1% in the second quarter. Schroder Investment Management Group now owns 680,963 shares of the company’s stock valued at $62,090,000 after buying an additional 586,008 shares during the period. Finally, Emerald Acquisition Ltd. acquired a new stake in shares of Tractor Supply during the second quarter valued at $48,979,000. Institutional investors and hedge funds own 90.70% of the company’s stock.
About Tractor Supply
Tractor Supply Company is an operator of rural lifestyle retail stores in the United States. The Company operates in the retail sale of products that support the rural lifestyle segment. The Company focuses on supplying the lifestyle needs of recreational farmers and ranchers, as well as tradesmen and small businesses.
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