Bright Rock Capital Management LLC Lowers Holdings in Tractor Supply (NASDAQ:TSCO)

Bright Rock Capital Management LLC cut its holdings in Tractor Supply (NASDAQ:TSCO) by 17.9% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 80,000 shares of the specialty retailer’s stock after selling 17,500 shares during the period. Bright Rock Capital Management LLC’s holdings in Tractor Supply were worth $4,408,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in shares of Tractor Supply by 392.5% during the 4th quarter. Vanguard Group Inc. now owns 64,033,972 shares of the specialty retailer’s stock worth $3,397,643,000 after purchasing an additional 51,031,178 shares during the last quarter. Wellington Management Group LLP increased its holdings in shares of Tractor Supply by 401.8% in the fourth quarter. Wellington Management Group LLP now owns 23,789,249 shares of the specialty retailer’s stock valued at $1,262,258,000 after purchasing an additional 19,048,385 shares during the period. Alliancebernstein L.P. increased its holdings in shares of Tractor Supply by 403.3% in the fourth quarter. Alliancebernstein L.P. now owns 22,256,534 shares of the specialty retailer’s stock valued at $1,180,932,000 after purchasing an additional 17,834,643 shares during the period. Capital World Investors increased its holdings in shares of Tractor Supply by 403.7% in the fourth quarter. Capital World Investors now owns 19,433,135 shares of the specialty retailer’s stock valued at $1,031,122,000 after purchasing an additional 15,575,311 shares during the period. Finally, Capital International Investors raised its position in Tractor Supply by 334.7% during the fourth quarter. Capital International Investors now owns 15,429,288 shares of the specialty retailer’s stock valued at $818,421,000 after acquiring an additional 11,880,010 shares in the last quarter. Institutional investors own 98.72% of the company’s stock.

Tractor Supply Price Performance

Shares of TSCO opened at $51.74 on Friday. The business’s 50-day moving average is $50.53 and its 200-day moving average is $53.39. Tractor Supply has a fifty-two week low of $46.85 and a fifty-two week high of $61.53. The company has a market capitalization of $27.43 billion, a price-to-earnings ratio of 25.36, a P/E/G ratio of 2.95 and a beta of 0.74. 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 announced its quarterly earnings results on Thursday, April 24th. The specialty retailer reported $0.34 EPS for the quarter, missing the consensus estimate of $0.37 by ($0.03). Tractor Supply had a net margin of 7.40% and a return on equity of 49.01%. The company had revenue of $3.47 billion for the quarter, compared to analyst estimates of $3.55 billion. During the same quarter last year, the business earned $1.83 EPS. The company’s revenue for the quarter was up 2.1% on a year-over-year basis. Equities research analysts expect that Tractor Supply will post 2.17 EPS for the current fiscal year.

Tractor Supply declared that its Board of Directors has initiated a stock buyback plan on Thursday, February 13th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the specialty retailer to repurchase up to 3.3% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

Tractor Supply Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 10th. Shareholders of record on Wednesday, May 28th were paid a dividend of $0.23 per share. The ex-dividend date was Wednesday, May 28th. This represents a $0.92 dividend on an annualized basis and a yield of 1.78%. Tractor Supply’s dividend payout ratio is currently 45.77%.

Insiders Place Their Bets

In related news, SVP Matthew L. Rubin sold 2,810 shares of Tractor Supply stock in a transaction dated Wednesday, May 14th. The stock was sold at an average price of $51.76, for a total value of $145,445.60. Following the completion of the transaction, the senior vice president now directly owns 29,722 shares of the company’s stock, valued at $1,538,410.72. The trade was a 8.64% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 0.65% of the company’s stock.

Analysts Set New Price Targets

TSCO has been the topic of a number of analyst reports. Wall Street Zen cut shares of Tractor Supply from a “hold” rating to a “sell” rating in a research note on Friday, June 6th. Robert W. Baird decreased their price objective on Tractor Supply from $63.00 to $56.00 and set an “outperform” rating on the stock in a report on Friday, April 25th. Stephens initiated coverage on Tractor Supply in a report on Wednesday, April 9th. They set an “equal weight” rating and a $56.00 price target on the stock. JPMorgan Chase & Co. reduced their price objective on shares of Tractor Supply from $59.00 to $56.00 and set a “neutral” rating on the stock in a report on Monday, April 28th. Finally, Guggenheim dropped their target price on Tractor Supply from $60.00 to $55.00 and set a “buy” rating for the company in a research report on Friday, April 25th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $58.02.

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.