Toro Co (TTC) Raised to Hold at Zacks Investment Research
According to Zacks, “Toro Company designs, manufactures and markets consumer and professional turf maintenance equipment, snow removal products and irrigation systems and provides landscaping and turf maintenance services. The company manufactures walk-behind power mowers and snowblowers and riding lawn mowers and lawn and garden tractors. The company designs and markets electrical and gas products, professional turf maintenance equipment and turf irrigation products. “
Other equities research analysts have also issued research reports about the company. Northcoast Research reissued a neutral rating on shares of Toro in a report on Thursday, June 30th. Sidoti lowered Toro from a buy rating to a neutral rating and set a $49.00 price objective for the company. in a report on Friday, June 10th. Finally, Seaport Global Securities started coverage on Toro in a report on Tuesday, May 24th. They set a neutral rating and a $43.50 target price for the company. Five equities research analysts have rated the stock with a hold rating, Toro currently has a consensus rating of Hold and a consensus price target of C$45.67.
Toro (NYSE:TTC) opened at 47.24 on Friday. Toro has a 12-month low of $32.35 and a 12-month high of $49.50. The company has a market cap of $5.16 billion, a PE ratio of 23.67 and a beta of 0.57. The stock has a 50 day moving average of $47.67 and a 200-day moving average of $44.78.
Toro (NYSE:TTC) last announced its quarterly earnings data on Thursday, August 18th. The company reported $1.00 earnings per share for the quarter, topping the consensus estimate of $0.99 by $0.01. Toro had a return on equity of 43.50% and a net margin of 9.33%. The company earned $601 million during the quarter, compared to analyst estimates of $623.79 million. During the same quarter last year, the firm posted $0.94 EPS. The firm’s revenue for the quarter was down 1.4% on a year-over-year basis. On average, equities research analysts anticipate that Toro will post $2.01 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, October 14th. Stockholders of record on Monday, October 3rd will be given a dividend of $0.15 per share. The ex-dividend date is Thursday, September 29th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.27%. Toro’s dividend payout ratio (DPR) is presently 29.93%.
In other news, CEO Michael J. Hoffman sold 125,600 shares of Toro stock in a transaction dated Thursday, June 30th. The stock was sold at an average price of C$86.46, for a total transaction of C$10,859,376.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP William E. Brown, Jr. sold 6,000 shares of Toro stock in a transaction dated Monday, August 29th. The shares were sold at an average price of C$98.34, for a total value of C$590,040.00. Following the sale, the vice president now owns 93,469 shares of the company’s stock, valued at approximately C$9,191,741.46. The disclosure for this sale can be found here. Insiders own 5.94% of the company’s stock.
Several hedge funds have recently modified their holdings of the stock. Goldman Sachs Group Inc. increased its stake in shares of Toro by 33.4% in the first quarter. Goldman Sachs Group Inc. now owns 97,758 shares of the company’s stock worth $8,418,000 after buying an additional 24,462 shares during the period. State Street Corp increased its stake in Toro by 0.8% in the first quarter. State Street Corp now owns 1,492,939 shares of the company’s stock worth $128,575,000 after buying an additional 12,436 shares during the last quarter. BlackRock Group LTD increased its stake in Toro by 25.4% in the first quarter. BlackRock Group LTD now owns 41,592 shares of the company’s stock worth $3,582,000 after buying an additional 8,413 shares during the last quarter. Mark Sheptoff Financial Planning LLC increased its stake in Toro by 0.4% in the second quarter. Mark Sheptoff Financial Planning LLC now owns 4,587 shares of the company’s stock worth $405,000 after buying an additional 16 shares during the last quarter. Finally, Acadian Asset Management LLC increased its stake in Toro by 24,318.9% in the first quarter. Acadian Asset Management LLC now owns 18,070 shares of the company’s stock worth $1,556,000 after buying an additional 17,996 shares during the last quarter. Hedge funds and other institutional investors own 74.95% of the company’s stock.
Toro Company Profile
The Toro Company designs, manufactures and markets professional turf maintenance equipment and services, turf irrigation systems, landscaping equipment and lighting, agricultural micro-irrigation systems, rental and specialty construction equipment, and residential yard and snow thrower products. The Company operates through three segments: Professional, Residential and Distribution.
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