Tractor Supply (NASDAQ:TSCO) Stock Rating Upgraded by Bank of America

Tractor Supply (NASDAQ:TSCO) was upgraded by equities researchers at Bank of America from an “underperform” rating to a “buy” rating in a report released on Thursday, MarketBeat reports. The brokerage currently has a $70.00 target price on the specialty retailer’s stock. Bank of America‘s target price would indicate a potential upside of 17.98% from the company’s previous close.

Several other brokerages have also recently issued reports on TSCO. Piper Sandler lifted their price objective on Tractor Supply from $60.00 to $66.00 and gave the company an “overweight” rating in a research note on Wednesday, July 16th. Stephens initiated coverage on shares of Tractor Supply in a report on Wednesday, April 9th. They set an “equal weight” rating and a $56.00 price target for the company. Robert W. Baird raised their price objective on shares of Tractor Supply from $56.00 to $61.00 and gave the company an “outperform” rating in a report on Monday, July 21st. Mizuho decreased their price objective on shares of Tractor Supply from $62.00 to $58.00 and set an “outperform” rating for the company in a research report on Friday, April 25th. Finally, Guggenheim dropped their target price on Tractor Supply from $60.00 to $55.00 and set a “buy” rating on the stock in a report on Friday, April 25th. Nine investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, Tractor Supply currently has an average rating of “Moderate Buy” and a consensus price target of $61.80.

Tractor Supply Stock Performance

Shares of Tractor Supply stock opened at $59.33 on Thursday. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.28 and a quick ratio of 0.17. The stock has a market capitalization of $31.46 billion, a price-to-earnings ratio of 29.11, a price-to-earnings-growth ratio of 3.20 and a beta of 0.75. The business has a 50-day moving average of $53.27 and a 200 day moving average of $53.39. Tractor Supply has a 12 month low of $46.85 and a 12 month high of $63.99.

Tractor Supply (NASDAQ:TSCO) last issued its quarterly earnings results on Thursday, July 24th. The specialty retailer reported $0.81 EPS for the quarter, beating the consensus estimate of $0.80 by $0.01. The company had revenue of $4.44 billion during the quarter, compared to analysts’ expectations of $4.40 billion. Tractor Supply had a net margin of 7.18% and a return on equity of 46.83%. The firm’s revenue was up 4.5% compared to the same quarter last year. During the same quarter last year, the company posted $3.93 EPS. As a group, sell-side analysts forecast that Tractor Supply will post 2.17 earnings per share for the current year.

Insider Buying and Selling

In other Tractor Supply news, Director Denise L. Jackson sold 1,165 shares of the stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $58.50, for a total value of $68,152.50. Following the completion of the transaction, the director directly owned 31,123 shares of the company’s stock, valued at approximately $1,820,695.50. This trade represents a 3.61% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Matthew L. Rubin sold 2,810 shares of Tractor Supply stock in a transaction that occurred on Wednesday, May 14th. The shares were sold at an average price of $51.76, for a total transaction of $145,445.60. Following the sale, the senior vice president owned 29,722 shares of the company’s stock, valued at approximately $1,538,410.72. The trade was a 8.64% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 105,610 shares of company stock valued at $5,737,894. Corporate insiders own 0.65% of the company’s stock.

Hedge Funds Weigh In On Tractor Supply

Hedge funds and other institutional investors have recently bought and sold shares of the company. Coppell Advisory Solutions LLC increased its position in shares of Tractor Supply by 944.4% in the fourth quarter. Coppell Advisory Solutions LLC now owns 470 shares of the specialty retailer’s stock valued at $25,000 after buying an additional 425 shares in the last quarter. GW&K Investment Management LLC grew its stake in Tractor Supply by 89.3% in the 1st quarter. GW&K Investment Management LLC now owns 479 shares of the specialty retailer’s stock valued at $26,000 after acquiring an additional 226 shares during the last quarter. Dunhill Financial LLC grew its stake in Tractor Supply by 325.8% in the 4th quarter. Dunhill Financial LLC now owns 511 shares of the specialty retailer’s stock valued at $27,000 after acquiring an additional 391 shares during the last quarter. Pacific Center for Financial Services increased its holdings in Tractor Supply by 400.0% during the 4th quarter. Pacific Center for Financial Services now owns 550 shares of the specialty retailer’s stock valued at $29,000 after acquiring an additional 440 shares in the last quarter. Finally, LRI Investments LLC raised its position in Tractor Supply by 400.0% during the fourth quarter. LRI Investments LLC now owns 615 shares of the specialty retailer’s stock worth $33,000 after acquiring an additional 492 shares during the last quarter. 98.72% of the stock is owned by institutional investors and hedge funds.

About Tractor Supply

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.