The Toro Company (TTC) to Issue Quarterly Dividend of $0.38 on April 14th

The Toro Company (NYSE:TTC) announced a quarterly dividend on Tuesday, March 18th, RTT News reports. Shareholders of record on Monday, March 31st will be given a dividend of 0.38 per share on Monday, April 14th. This represents a $1.52 dividend on an annualized basis and a yield of 2.11%. The ex-dividend date is Monday, March 31st.

Toro has raised its dividend by an average of 10.3% annually over the last three years and has raised its dividend annually for the last 21 consecutive years. Toro has a payout ratio of 32.3% meaning its dividend is sufficiently covered by earnings. Analysts expect Toro to earn $4.67 per share next year, which means the company should continue to be able to cover its $1.52 annual dividend with an expected future payout ratio of 32.5%.

Toro Trading Down 0.9 %

Toro stock opened at $72.17 on Thursday. Toro has a one year low of $71.32 and a one year high of $100.93. The stock has a market cap of $7.20 billion, a PE ratio of 18.00 and a beta of 0.70. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.74 and a current ratio of 1.81. The stock has a 50-day moving average of $79.98 and a two-hundred day moving average of $82.57.

Toro (NYSE:TTC) last announced its quarterly earnings data on Wednesday, December 18th. The company reported $0.95 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.95. Toro had a return on equity of 27.25% and a net margin of 9.14%. The firm had revenue of $1.08 billion during the quarter, compared to analysts’ expectations of $1.09 billion. During the same period last year, the business posted $0.71 earnings per share. The company’s revenue for the quarter was up 9.4% compared to the same quarter last year. On average, research analysts anticipate that Toro will post 4.41 EPS for the current fiscal year.

Analyst Ratings Changes

Several brokerages have recently issued reports on TTC. Northland Capmk upgraded Toro from a “hold” rating to a “strong-buy” rating in a research note on Friday, February 21st. Northland Securities raised Toro from a “market perform” rating to an “outperform” rating and set a $100.00 target price on the stock in a report on Monday, February 24th. Raymond James dropped their target price on Toro from $100.00 to $95.00 and set an “outperform” rating on the stock in a report on Friday, December 20th. Robert W. Baird dropped their target price on Toro from $88.00 to $84.00 and set a “neutral” rating on the stock in a report on Friday, March 7th. Finally, StockNews.com lowered Toro from a “buy” rating to a “hold” rating in a report on Tuesday. Three analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $89.75.

Toro declared that its Board of Directors has initiated a stock repurchase program on Tuesday, December 10th that permits the company to repurchase 4,000,000 shares. This repurchase authorization permits the company to repurchase shares of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

About Toro

The Toro Company designs, manufactures, markets, and sells professional turf maintenance equipment and services. It operates through two segments: Professional and Residential. The Professional segment offers turf and landscape equipment products, including sports fields and grounds mowing and maintenance equipment, golf course mowing and maintenance equipment, landscape contractor mowing equipment, landscape creation and renovation equipment, and other maintenance equipment; rental, specialty, and underground construction equipment, such as horizontal directional drills, walk and ride trenchers, stand-on skid steers, vacuum excavators, stump grinders, turf renovation products, asset locators, pipe rehabilitation solutions, materials handling equipment, and other after-market tools; and snow and ice management equipment, such as snowplows, as well as stand-on snow and ice removal equipment, such as snowplow, snow brush, and snow thrower attachments, salt and sand spreaders, and related parts and accessories for light and medium duty trucks, utility task vehicles, skid steers, and front-end loaders.