Hsbc Holdings PLC Raises Position in Toro Co (TTC)
Hsbc Holdings PLC increased its stake in shares of Toro Co (NYSE:TTC) by 387.5% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 66,648 shares of the company’s stock after purchasing an additional 52,976 shares during the period. Hsbc Holdings PLC’s holdings in Toro were worth $3,724,000 as of its most recent SEC filing.
Other institutional investors also recently modified their holdings of the company. Oregon Public Employees Retirement Fund raised its holdings in Toro by 5,488.0% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 2,329,525 shares of the company’s stock valued at $42,000 after acquiring an additional 2,287,837 shares during the last quarter. Select Equity Group L.P. raised its holdings in Toro by 23.0% in the 3rd quarter. Select Equity Group L.P. now owns 2,830,948 shares of the company’s stock valued at $169,772,000 after acquiring an additional 530,292 shares during the last quarter. King Luther Capital Management Corp raised its holdings in Toro by 71.7% in the 3rd quarter. King Luther Capital Management Corp now owns 669,760 shares of the company’s stock valued at $40,166,000 after acquiring an additional 279,585 shares during the last quarter. Wells Fargo & Company MN raised its holdings in Toro by 39.1% in the 3rd quarter. Wells Fargo & Company MN now owns 810,277 shares of the company’s stock valued at $48,592,000 after acquiring an additional 227,864 shares during the last quarter. Finally, Summit Global Investments acquired a new position in Toro in the 4th quarter valued at $9,741,000. Hedge funds and other institutional investors own 79.89% of the company’s stock.
TTC has been the subject of several analyst reports. Zacks Investment Research downgraded Toro from a “hold” rating to a “sell” rating in a report on Wednesday, December 12th. Robert W. Baird initiated coverage on Toro in a report on Friday, January 18th. They issued a “neutral” rating and a $62.00 price target for the company. Finally, ValuEngine upgraded Toro from a “hold” rating to a “buy” rating in a report on Friday, February 22nd. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $66.00.
Toro (NYSE:TTC) last issued its quarterly earnings results on Thursday, February 21st. The company reported $0.51 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.50 by $0.01. The company had revenue of $603.00 million during the quarter, compared to the consensus estimate of $575.05 million. Toro had a return on equity of 44.47% and a net margin of 11.55%. Toro’s revenue was up 10.0% on a year-over-year basis. During the same period in the previous year, the firm posted $0.48 EPS. On average, analysts forecast that Toro Co will post 2.91 EPS for the current year.
In other news, VP Richard W. Rodier sold 7,727 shares of the company’s stock in a transaction on Tuesday, December 18th. The stock was sold at an average price of $57.21, for a total transaction of $442,061.67. Following the completion of the sale, the vice president now directly owns 30,122 shares in the company, valued at approximately $1,723,279.62. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Gary Lee Ellis sold 15,108 shares of the company’s stock in a transaction on Tuesday, February 26th. The stock was sold at an average price of $68.60, for a total value of $1,036,408.80. Following the sale, the director now owns 43,861 shares of the company’s stock, valued at $3,008,864.60. The disclosure for this sale can be found here. Insiders sold a total of 47,835 shares of company stock valued at $3,187,100 over the last quarter. 2.36% of the stock is currently owned by insiders.
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The Toro Company designs, manufactures, and markets professional and residential equipment worldwide. The company's Professional segment offers turf and landscape equipment products, including sports fields and grounds maintenance equipment, golf course mowing and maintenance equipment, landscape contractor mowing equipment, landscape creation and renovation equipment, rental and specialty construction equipment, and other maintenance equipment; and snow and ice management equipment, such as snowplows, salt and sand spreaders, and related parts and accessories for light and medium duty trucks, utility task vehicles, skid steers, and front-end loaders.
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