Eagle Ridge Investment Management Sells 28,278 Shares of Tractor Supply (NASDAQ:TSCO)
Eagle Ridge Investment Management lessened its holdings in shares of Tractor Supply (NASDAQ:TSCO) by 15.6% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 152,988 shares of the specialty retailer’s stock after selling 28,278 shares during the quarter. Tractor Supply makes up 2.4% of Eagle Ridge Investment Management’s portfolio, making the stock its 8th biggest position. Eagle Ridge Investment Management’s holdings in Tractor Supply were worth $16,645,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors have also modified their holdings of the stock. BlackRock Inc. raised its stake in Tractor Supply by 2.8% during the 1st quarter. BlackRock Inc. now owns 9,346,711 shares of the specialty retailer’s stock worth $913,734,000 after buying an additional 253,455 shares during the period. Geode Capital Management LLC raised its stake in Tractor Supply by 11.3% during the 4th quarter. Geode Capital Management LLC now owns 1,931,675 shares of the specialty retailer’s stock worth $160,949,000 after buying an additional 195,817 shares during the period. Wells Fargo & Company MN raised its stake in Tractor Supply by 15.1% during the 1st quarter. Wells Fargo & Company MN now owns 1,641,704 shares of the specialty retailer’s stock worth $160,493,000 after buying an additional 215,042 shares during the period. Champlain Investment Partners LLC raised its stake in Tractor Supply by 3.8% during the 1st quarter. Champlain Investment Partners LLC now owns 1,625,875 shares of the specialty retailer’s stock worth $158,946,000 after buying an additional 59,500 shares during the period. Finally, Amundi Pioneer Asset Management Inc. raised its stake in Tractor Supply by 1.2% during the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 1,585,135 shares of the specialty retailer’s stock worth $154,961,000 after buying an additional 19,325 shares during the period. 81.77% of the stock is currently owned by institutional investors and hedge funds.
TSCO has been the topic of several research analyst reports. BidaskClub raised Tractor Supply from a “hold” rating to a “buy” rating in a research note on Thursday, June 27th. Morgan Stanley set a $112.00 price objective on Tractor Supply and gave the stock a “hold” rating in a research note on Friday, July 26th. Royal Bank of Canada set a $123.00 price objective on Tractor Supply and gave the stock a “buy” rating in a research note on Friday, July 26th. Piper Jaffray Companies lifted their price target on Tractor Supply from $114.00 to $125.00 and gave the company an “overweight” rating in a research note on Tuesday, July 16th. Finally, Telsey Advisory Group reissued a “market perform” rating and issued a $113.00 price target (up previously from $103.00) on shares of Tractor Supply in a research note on Friday, July 26th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and eleven have given a buy rating to the stock. Tractor Supply has a consensus rating of “Hold” and an average price target of $107.65.
Tractor Supply (NASDAQ:TSCO) last released its quarterly earnings results on Thursday, July 25th. The specialty retailer reported $1.80 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.81 by ($0.01). Tractor Supply had a net margin of 6.71% and a return on equity of 36.12%. The firm had revenue of $2.35 billion during the quarter, compared to analyst estimates of $2.35 billion. During the same period in the prior year, the business earned $1.69 EPS. The business’s revenue for the quarter was up 6.3% compared to the same quarter last year. On average, sell-side analysts predict that Tractor Supply will post 4.74 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 10th. Stockholders of record on Monday, August 26th will be issued a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 1.40%. The ex-dividend date is Friday, August 23rd. Tractor Supply’s payout ratio is 32.48%.
In other news, COO Steve K. Barbarick sold 36,108 shares of the firm’s stock in a transaction dated Monday, June 17th. The stock was sold at an average price of $104.10, for a total value of $3,758,842.80. Following the completion of the transaction, the chief operating officer now owns 60,258 shares in the company, valued at approximately $6,272,857.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP John P. Ordus sold 10,968 shares of the firm’s stock in a transaction dated Wednesday, June 19th. The shares were sold at an average price of $104.09, for a total value of $1,141,659.12. Following the completion of the transaction, the senior vice president now owns 21,000 shares of the company’s stock, valued at approximately $2,185,890. The disclosure for this sale can be found here. Insiders sold a total of 64,933 shares of company stock valued at $6,865,486 in the last 90 days. 1.50% of the stock is owned by corporate insiders.
Tractor Supply Profile
Tractor Supply Company operates rural lifestyle retail stores in the United States. The company offers a selection of merchandise, including equine, livestock, pet, and small animal products necessary for their health, care, growth, and containment; hardware, truck, towing, and tool products; seasonal products, such as heating products, lawn and garden items, power equipment, gifts, and toys; work/recreational clothing and footwear; and maintenance products for agricultural and rural use.
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