Brokerages forecast that Toro Co (NYSE:TTC) will post sales of $774.83 million for the current quarter, Zacks reports. Three analysts have issued estimates for Toro’s earnings, with estimates ranging from $764.00 million to $784.50 million. Toro reported sales of $838.71 million in the same quarter last year, which would suggest a negative year-over-year growth rate of 7.6%. The business is scheduled to report its next quarterly earnings results on Thursday, August 27th.
According to Zacks, analysts expect that Toro will report full-year sales of $3.18 billion for the current year, with estimates ranging from $3.17 billion to $3.19 billion. For the next financial year, analysts expect that the company will report sales of $3.41 billion, with estimates ranging from $3.35 billion to $3.52 billion. Zacks’ sales calculations are a mean average based on a survey of analysts that that provide coverage for Toro.
Toro (NYSE:TTC) last released its quarterly earnings data on Thursday, June 4th. The company reported $0.92 EPS for the quarter, missing analysts’ consensus estimates of $0.94 by ($0.02). Toro had a return on equity of 34.60% and a net margin of 8.18%. The business had revenue of $929.40 million during the quarter, compared to analyst estimates of $1.03 billion. During the same period in the prior year, the firm earned $1.17 EPS. The business’s revenue for the quarter was down 3.4% compared to the same quarter last year.
Several brokerages have recently issued reports on TTC. Northcoast Research reissued a “neutral” rating on shares of Toro in a report on Wednesday, June 3rd. Zacks Investment Research downgraded shares of Toro from a “hold” rating to a “sell” rating in a report on Tuesday, June 2nd. One equities research analyst has rated the stock with a sell rating and four have given a hold rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $77.00.
In related news, Director Gary Lee Ellis sold 9,244 shares of Toro stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $68.04, for a total transaction of $628,961.76. Following the sale, the director now directly owns 38,889 shares in the company, valued at $2,646,007.56. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Jeffrey M. Ettinger sold 1,796 shares of Toro stock in a transaction dated Tuesday, June 9th. The shares were sold at an average price of $72.83, for a total transaction of $130,802.68. Following the sale, the director now owns 50,683 shares in the company, valued at $3,691,242.89. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 22,097 shares of company stock worth $1,561,884. Company insiders own 1.77% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of TTC. Kayne Anderson Rudnick Investment Management LLC raised its position in Toro by 1.0% in the fourth quarter. Kayne Anderson Rudnick Investment Management LLC now owns 3,370,518 shares of the company’s stock worth $268,529,000 after acquiring an additional 34,820 shares in the last quarter. State Street Corp raised its position in Toro by 2.6% in the first quarter. State Street Corp now owns 2,711,384 shares of the company’s stock worth $177,155,000 after acquiring an additional 69,991 shares in the last quarter. Pictet Asset Management Ltd. raised its position in Toro by 7.6% in the fourth quarter. Pictet Asset Management Ltd. now owns 2,633,443 shares of the company’s stock worth $209,806,000 after acquiring an additional 185,815 shares in the last quarter. Geode Capital Management LLC raised its position in Toro by 3.1% in the first quarter. Geode Capital Management LLC now owns 1,283,765 shares of the company’s stock worth $83,601,000 after acquiring an additional 38,819 shares in the last quarter. Finally, US Bancorp DE raised its position in Toro by 0.4% in the first quarter. US Bancorp DE now owns 1,235,348 shares of the company’s stock worth $80,409,000 after acquiring an additional 4,618 shares in the last quarter. Institutional investors and hedge funds own 82.76% of the company’s stock.
Shares of TTC traded up $0.04 during midday trading on Thursday, hitting $66.34. 954,508 shares of the stock traded hands, compared to its average volume of 578,634. Toro has a 1-year low of $52.07 and a 1-year high of $84.26. The firm has a market capitalization of $6.98 billion, a PE ratio of 26.86, a price-to-earnings-growth ratio of 2.67 and a beta of 0.72. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.77 and a current ratio of 1.61. The business’s 50 day moving average price is $67.33 and its two-hundred day moving average price is $71.98.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 9th. Investors of record on Monday, June 22nd will be paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.51%. The ex-dividend date of this dividend is Friday, June 19th. Toro’s dividend payout ratio is currently 33.33%.
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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