Bank of Nova Scotia lessened its stake in Toro Co (NYSE:TTC) by 16.3% in the second quarter, HoldingsChannel.com reports. The fund owned 70,705 shares of the company’s stock after selling 13,795 shares during the quarter. Bank of Nova Scotia’s holdings in Toro were worth $4,260,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in TTC. Select Equity Group L.P. boosted its holdings in Toro by 124.3% in the 2nd quarter. Select Equity Group L.P. now owns 2,300,656 shares of the company’s stock worth $138,615,000 after acquiring an additional 1,274,800 shares during the period. BlackRock Inc. boosted its holdings in Toro by 3.7% in the 1st quarter. BlackRock Inc. now owns 9,347,576 shares of the company’s stock worth $583,756,000 after acquiring an additional 333,319 shares during the period. Epoch Investment Partners Inc. boosted its holdings in Toro by 277.5% in the 2nd quarter. Epoch Investment Partners Inc. now owns 409,645 shares of the company’s stock worth $24,681,000 after acquiring an additional 301,120 shares during the period. Bank of New York Mellon Corp boosted its holdings in Toro by 13.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,955,338 shares of the company’s stock worth $117,809,000 after acquiring an additional 236,673 shares during the period. Finally, Cornerstone Wealth Management LLC purchased a new position in Toro in the 2nd quarter worth approximately $2,582,000. Hedge funds and other institutional investors own 76.34% of the company’s stock.

In other Toro news, VP Darren L. Redetzke sold 5,000 shares of the company’s stock in a transaction that occurred on Thursday, June 28th. The stock was sold at an average price of $60.00, for a total value of $300,000.00. Following the transaction, the vice president now directly owns 13,065 shares of the company’s stock, valued at approximately $783,900. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP William E. Brown, Jr. sold 5,768 shares of the company’s stock in a transaction that occurred on Thursday, September 20th. The shares were sold at an average price of $62.51, for a total value of $360,557.68. Following the completion of the transaction, the vice president now directly owns 185,817 shares in the company, valued at $11,615,420.67. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 40,054 shares of company stock worth $2,459,233. 5.69% of the stock is currently owned by corporate insiders.

TTC has been the subject of a number of analyst reports. Zacks Investment Research upgraded Toro from a “sell” rating to a “hold” rating in a report on Wednesday, May 30th. ValuEngine cut Toro from a “hold” rating to a “sell” rating in a report on Friday, June 1st. Finally, Dougherty & Co upgraded Toro from a “neutral” rating to a “buy” rating and set a $70.00 price target for the company in a report on Monday, June 11th.

Shares of TTC opened at $62.17 on Monday. Toro Co has a 52-week low of $56.60 and a 52-week high of $67.81. The company has a market capitalization of $6.54 billion, a price-to-earnings ratio of 25.80, a price-to-earnings-growth ratio of 2.31 and a beta of 0.61. The company has a current ratio of 1.71, a quick ratio of 0.99 and a debt-to-equity ratio of 0.48.

Toro (NYSE:TTC) last announced its earnings results on Thursday, August 23rd. The company reported $0.68 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.66 by $0.02. Toro had a return on equity of 46.89% and a net margin of 10.39%. The company had revenue of $655.80 million for the quarter, compared to analyst estimates of $664.75 million. During the same period in the prior year, the company posted $0.61 EPS. Toro’s quarterly revenue was up 4.4% on a year-over-year basis. sell-side analysts expect that Toro Co will post 2.69 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 17th. Shareholders of record on Wednesday, October 3rd will be given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.29%. The ex-dividend date is Tuesday, October 2nd. Toro’s payout ratio is 33.20%.

Toro Company Profile

The Toro Company manufactures and markets turf maintenance equipment and services, turf irrigation systems, landscaping equipment and lighting products, snow and ice management products, agricultural micro-irrigation systems, and residential yard and snow thrower products worldwide. Its Professional segment offers turf and landscape equipment products, such as sports fields and grounds maintenance equipment, golf course mowing and maintenance equipment, landscape contractor mowing equipment, landscape creation and renovation equipment, rental and construction equipment, and other maintenance equipment; snowplows, salt and sand spreaders, and related parts and accessories; and sprinkler heads, electric and hydraulic valves, controllers, computer irrigation central control systems, and micro-irrigation drip tape and hose products, as well as professionally installed lighting products.

Further Reading: Hedge Funds – How They Work For Investors

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Institutional Ownership by Quarter for Toro (NYSE:TTC)

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