Parallel Advisors LLC Grows Position in Tractor Supply Company $TSCO

Key Points

• Parallel Advisors LLC increased its Tractor Supply stake by 630.5% in the first quarter, adding 48,542 shares to end with 56,241 shares valued at about $2.55 million.
• Tractor Supply reported Q1 earnings of $0.31 per share, missing analyst estimates, while revenue of $3.59 billion also came in slightly below expectations. Revenue still rose 3.6% year over year.
• The stock was trading down about 2.2% at $29.64, near its 52-week low, and analysts currently have a Hold consensus with an average price target of $40.88.

Parallel Advisors LLC boosted its position in Tractor Supply Company (NASDAQ:TSCO - Free Report) by 630.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 56,241 shares of the specialty retailer's stock after acquiring an additional 48,542 shares during the quarter. Parallel Advisors LLC's holdings in Tractor Supply were worth $2,548,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of TSCO. Garner Asset Management Corp acquired a new stake in shares of Tractor Supply during the 4th quarter worth about $25,000. Reflection Asset Management acquired a new position in Tractor Supply in the fourth quarter valued at approximately $26,000. Aventura Private Wealth LLC acquired a new position in Tractor Supply in the fourth quarter valued at approximately $27,000. Core Wealth Advisors LLC acquired a new position in Tractor Supply in the fourth quarter valued at approximately $27,000. Finally, Bayban purchased a new position in Tractor Supply in the fourth quarter valued at approximately $28,000. 98.72% of the stock is owned by hedge funds and other institutional investors.

Tractor Supply Trading Down 2.2%

TSCO opened at $29.64 on Wednesday. The company has a quick ratio of 0.16, a current ratio of 1.38 and a debt-to-equity ratio of 0.86. Tractor Supply Company has a 52 week low of $28.36 and a 52 week high of $63.99. The business's 50 day moving average is $30.64 and its two-hundred day moving average is $41.60. The firm has a market cap of $15.54 billion, a price-to-earnings ratio of 14.53, a price-to-earnings-growth ratio of 6.57 and a beta of 0.46.

Tractor Supply (NASDAQ:TSCO - Get Free Report) last posted its quarterly earnings data on Tuesday, April 21st. The specialty retailer reported $0.31 earnings per share for the quarter, missing the consensus estimate of $0.35 by ($0.04). The firm had revenue of $3.59 billion during the quarter, compared to analyst estimates of $3.64 billion. Tractor Supply had a net margin of 6.91% and a return on equity of 42.58%. Tractor Supply's revenue was up 3.6% compared to the same quarter last year. During the same period in the previous year, the company posted $0.34 earnings per share. On average, research analysts predict that Tractor Supply Company will post 2.08 EPS for the current year.

Tractor Supply Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 9th. Investors of record on Wednesday, May 27th were paid a dividend of $0.24 per share. The ex-dividend date was Wednesday, May 27th. This represents a $0.96 dividend on an annualized basis and a yield of 3.2%. Tractor Supply's dividend payout ratio is currently 47.06%.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. Raymond James Financial cut their price objective on shares of Tractor Supply from $48.00 to $40.00 and set an "outperform" rating on the stock in a report on Friday, July 17th. Weiss Ratings downgraded shares of Tractor Supply from a "hold (c)" rating to a "hold (c-)" rating in a research report on Friday, May 8th. Morgan Stanley cut their price target on shares of Tractor Supply from $57.00 to $45.00 and set an "equal weight" rating on the stock in a research note on Wednesday, April 22nd. Stephens reduced their price target on shares of Tractor Supply from $53.00 to $43.00 and set an "equal weight" rating for the company in a research report on Wednesday, April 22nd. Finally, Telsey Advisory Group reduced their price target on shares of Tractor Supply from $52.00 to $40.00 and set an "outperform" rating for the company in a research report on Tuesday, July 14th. Thirteen analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company has a consensus rating of "Hold" and an average target price of $40.88.

Tractor Supply Company Profile

Tractor Supply Company NASDAQ: TSCO is a specialty retailer focused on products for the home, farm, ranch and outdoors. The company operates a network of physical retail locations complemented by an e-commerce platform, offering a one-stop source of supplies and equipment for customers with rural and suburban lifestyles. Its merchandise assortment targets a range of needs, from animal and livestock care to maintenance, outdoor power equipment, and seasonal products.

Product categories include animal feed and supplies, pet products, fencing and fencing supplies, equine equipment, lawn and garden tools, work clothing and footwear, and small agricultural and outdoor power equipment.

Want to see what other hedge funds are holding TSCO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Tractor Supply Company (NASDAQ:TSCO - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.