Renaissance Investment Group LLC Sells 112,350 Shares of Tractor Supply Company (NASDAQ:TSCO)

Key Points

• Renaissance Investment Group LLC cut its holdings in Tractor Supply Company by 89.7% during the 1st quarter, reducing ownership to 12,870 shares worth approximately $709,000.
• Several large investors, including Wellington Management Group LLP and Alliancebernstein L.P., significantly increased their positions in Tractor Supply during the 4th quarter, with boosts ranging from 401.8% to 403.7%.
• Tractor Supply reported $0.81 earnings per share for the latest quarter, surpassing analysts' estimates, and noted a 4.5% year-over-year revenue increase.

Renaissance Investment Group LLC decreased its holdings in Tractor Supply Company (NASDAQ:TSCO - Free Report) by 89.7% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 12,870 shares of the specialty retailer's stock after selling 112,350 shares during the quarter. Renaissance Investment Group LLC's holdings in Tractor Supply were worth $709,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of TSCO. FORA Capital LLC grew its stake in shares of Tractor Supply by 434.1% during the fourth quarter. FORA Capital LLC now owns 35,526 shares of the specialty retailer's stock worth $1,885,000 after purchasing an additional 28,875 shares during the period. Allspring Global Investments Holdings LLC lifted its holdings in Tractor Supply by 7.9% during the first quarter. Allspring Global Investments Holdings LLC now owns 70,944 shares of the specialty retailer's stock worth $3,911,000 after acquiring an additional 5,184 shares in the last quarter. Sowell Financial Services LLC lifted its holdings in Tractor Supply by 49.3% during the first quarter. Sowell Financial Services LLC now owns 20,029 shares of the specialty retailer's stock worth $1,104,000 after acquiring an additional 6,612 shares in the last quarter. Sequoia Financial Advisors LLC lifted its holdings in Tractor Supply by 9.2% during the first quarter. Sequoia Financial Advisors LLC now owns 112,233 shares of the specialty retailer's stock worth $6,184,000 after acquiring an additional 9,483 shares in the last quarter. Finally, CIBC Private Wealth Group LLC lifted its holdings in Tractor Supply by 385.8% during the fourth quarter. CIBC Private Wealth Group LLC now owns 1,089,542 shares of the specialty retailer's stock worth $59,260,000 after acquiring an additional 865,273 shares in the last quarter. Institutional investors own 98.72% of the company's stock.

Tractor Supply Stock Performance

Shares of NASDAQ TSCO traded up $0.35 during midday trading on Friday, reaching $57.30. The company's stock had a trading volume of 3,309,861 shares, compared to its average volume of 5,684,294. Tractor Supply Company has a 12-month low of $46.85 and a 12-month high of $63.99. The firm has a 50 day moving average price of $53.82 and a 200-day moving average price of $53.49. The stock has a market capitalization of $30.38 billion, a P/E ratio of 28.14, a PEG ratio of 2.97 and a beta of 0.75. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.28 and a quick ratio of 0.16.

Tractor Supply (NASDAQ:TSCO - Get Free Report) last posted its quarterly earnings results on Thursday, July 24th. The specialty retailer reported $0.81 EPS for the quarter, topping analysts' consensus estimates of $0.80 by $0.01. The company had revenue of $4.44 billion for 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%. Tractor Supply's revenue was up 4.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $3.93 EPS. As a group, equities analysts predict that Tractor Supply Company will post 2.17 earnings per share for the current year.

Tractor Supply Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 10th. Stockholders of record on Wednesday, May 28th were issued a $0.23 dividend. The ex-dividend date of this dividend was Wednesday, May 28th. This represents a $0.92 annualized dividend and a dividend yield of 1.6%. Tractor Supply's dividend payout ratio is presently 45.10%.

Insider Transactions at Tractor Supply

In related news, Director Denise L. Jackson sold 4,630 shares of the stock in a transaction on Monday, July 7th. The stock was sold at an average price of $55.93, for a total value of $258,955.90. Following the transaction, the director owned 35,288 shares of the company's stock, valued at $1,973,657.84. This represents a 11.60% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Kurt D. Barton sold 90,000 shares of the business's stock in a transaction dated Thursday, July 24th. The shares were sold at an average price of $63.96, for a total value of $5,756,400.00. Following the completion of the sale, the chief financial officer directly owned 47,715 shares of the company's stock, valued at approximately $3,051,851.40. This trade represents a 65.35% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 207,490 shares of company stock valued at $12,216,998. Corporate insiders own 0.65% of the company's stock.

Wall Street Analysts Forecast Growth

TSCO has been the topic of several recent analyst reports. Guggenheim reduced 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. Robert W. Baird upped their target price on Tractor Supply from $56.00 to $61.00 and gave the stock an "outperform" rating in a report on Monday, July 21st. UBS Group upped their target price on Tractor Supply from $54.00 to $61.00 and gave the stock a "neutral" rating in a report on Friday, July 25th. The Goldman Sachs Group reiterated a "buy" rating on shares of Tractor Supply in a report on Friday, July 25th. Finally, Stephens assumed coverage on Tractor Supply in a report on Wednesday, April 9th. They set an "equal weight" rating and a $56.00 target price on the stock. Nine research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $61.80.

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.