Tractor Supply (TSCO) Upgraded to Strong-Buy by Zacks Investment Research

Zacks Investment Research upgraded shares of Tractor Supply (NASDAQ:TSCO) from a hold rating to a strong-buy rating in a report published on Monday morning. The brokerage currently has $89.00 price objective on the specialty retailer’s stock.

According to Zacks, “Tractor Supply remains focused on its store growth initiatives, which has helped the company to surpass the industry in the past three months. Further, the company is set to gain from its solid omni-channel efforts, with its Buy Online Pick Up in Store plan in particular. This also fueled Tractor Supply’s third-quarter 2017 results, wherein it topped earnings and sales estimates, alongside maintaining its year-over-year growth trend. Results gained from solid comps, which were driven by strength across all regions and major product categories. Moreover, higher demand for cold weather products keeps the company well positioned for the fall and winter season. These trends encouraged management to raised 2017 view. However, deflation was a headwind in the third quarter, which is expected to linger in 2017. Furthermore, management expects SG&A expense deleverage in the fourth quarter, where gross margin is also likely to be pressurized.”

Several other research firms have also commented on TSCO. Oppenheimer reissued a hold rating on shares of Tractor Supply in a research report on Thursday, October 26th. Credit Suisse Group set a $52.00 price target on shares of Tractor Supply and gave the company a hold rating in a research report on Thursday, October 26th. Wolfe Research raised shares of Tractor Supply from a market perform rating to an outperform rating in a research report on Wednesday, December 20th. BMO Capital Markets reissued a hold rating and set a $61.00 price target on shares of Tractor Supply in a research report on Thursday, November 2nd. Finally, BidaskClub raised shares of Tractor Supply from a hold rating to a buy rating in a research report on Friday, December 22nd. Fifteen analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the company. The company has an average rating of Buy and an average target price of $67.40.

Tractor Supply (NASDAQ TSCO) traded up $0.24 during mid-day trading on Monday, hitting $79.49. 1,117,221 shares of the company’s stock traded hands, compared to its average volume of 1,970,000. The stock has a market capitalization of $9,980.00, a price-to-earnings ratio of 23.59, a price-to-earnings-growth ratio of 1.53 and a beta of 1.31. Tractor Supply has a 1-year low of $49.87 and a 1-year high of $79.72. The company has a current ratio of 2.00, a quick ratio of 0.17 and a debt-to-equity ratio of 0.38.

Tractor Supply (NASDAQ:TSCO) last released its quarterly earnings results on Wednesday, October 25th. The specialty retailer reported $0.72 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.68 by $0.04. The business had revenue of $1.72 billion during the quarter, compared to analyst estimates of $1.68 billion. Tractor Supply had a net margin of 6.04% and a return on equity of 31.25%. The company’s quarterly revenue was up 11.6% on a year-over-year basis. During the same period in the prior year, the firm posted $0.67 earnings per share. sell-side analysts expect that Tractor Supply will post 3.28 EPS for the current year.

In other news, CMO Steve K. Barbarick sold 43,076 shares of the company’s stock in a transaction dated Monday, December 18th. The shares were sold at an average price of $69.03, for a total transaction of $2,973,536.28. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 1.20% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of the company. Ameriprise Financial Inc. increased its holdings in Tractor Supply by 7,599.1% in the 2nd quarter. Ameriprise Financial Inc. now owns 4,230,168 shares of the specialty retailer’s stock worth $229,319,000 after buying an additional 4,175,224 shares during the period. Janus Henderson Group PLC increased its holdings in Tractor Supply by 138.6% in the 3rd quarter. Janus Henderson Group PLC now owns 5,096,520 shares of the specialty retailer’s stock worth $322,558,000 after buying an additional 2,960,119 shares during the period. Parametric Portfolio Associates LLC increased its holdings in Tractor Supply by 328.2% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 1,072,446 shares of the specialty retailer’s stock worth $58,137,000 after buying an additional 821,979 shares during the period. Permian Investment Partners LP acquired a new position in Tractor Supply in the 2nd quarter worth approximately $38,901,000. Finally, Alyeska Investment Group L.P. acquired a new position in Tractor Supply in the 3rd quarter worth approximately $31,338,000. Hedge funds and other institutional investors own 92.33% of the company’s stock.

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Tractor Supply Company Profile

Tractor Supply Company is an operator of rural lifestyle retail stores in the United States. The Company is focused on supplying the needs of recreational farmers and ranchers and others, as well as tradesmen and small businesses. It is engaged in the retail sale of products that support the rural lifestyle.

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