Toro (NYSE:TTC) Issues Quarterly Earnings Results

Toro (NYSE:TTC) posted its quarterly earnings data on Thursday. The company reported $1.60 earnings per share for the quarter, beating the consensus estimate of $1.50 by $0.10, FiscalAI reports. The firm had revenue of $1.42 billion during the quarter, compared to analysts’ expectations of $1.39 billion. Toro had a net margin of 7.28% and a return on equity of 29.60%.

Toro Stock Up 1.3%

Shares of NYSE TTC opened at $91.05 on Thursday. The firm has a market capitalization of $8.83 billion, a PE ratio of 27.26 and a beta of 0.70. The company has a current ratio of 1.69, a quick ratio of 0.73 and a debt-to-equity ratio of 0.75. Toro has a 1 year low of $67.04 and a 1 year high of $105.18. The firm’s 50-day moving average is $93.24 and its 200-day moving average is $88.82.

Toro Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 10th. Stockholders of record on Tuesday, June 16th will be paid a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 1.7%. The ex-dividend date of this dividend is Tuesday, June 16th. Toro’s dividend payout ratio (DPR) is 46.71%.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on TTC shares. Weiss Ratings restated a “hold (c)” rating on shares of Toro in a research report on Friday, April 17th. Wall Street Zen upgraded shares of Toro from a “buy” rating to a “strong-buy” rating in a research report on Sunday, March 15th. Raymond James Financial cut shares of Toro from an “outperform” rating to a “market perform” rating in a research report on Wednesday, February 18th. Robert W. Baird raised their price objective on shares of Toro from $100.00 to $105.00 and gave the company a “neutral” rating in a research report on Friday, March 6th. Finally, DA Davidson raised their price objective on shares of Toro from $97.00 to $117.00 and gave the company a “buy” rating in a research report on Monday, March 9th. Two investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat, Toro currently has an average rating of “Hold” and a consensus price target of $100.40.

Insider Activity

In other news, CEO Richard M. Olson sold 119,400 shares of the firm’s stock in a transaction dated Tuesday, March 10th. The shares were sold at an average price of $100.15, for a total value of $11,957,910.00. Following the transaction, the chief executive officer owned 38,186 shares of the company’s stock, valued at approximately $3,824,327.90. This trade represents a 75.77% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director James Calvin O’rourke sold 4,951 shares of the firm’s stock in a transaction dated Tuesday, March 10th. The shares were sold at an average price of $99.40, for a total transaction of $492,129.40. Following the completion of the transaction, the director directly owned 2,704 shares in the company, valued at $268,777.60. This trade represents a 64.68% decrease in their position. The disclosure for this sale is available in the SEC filing. 1.88% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Jump Financial LLC bought a new position in shares of Toro in the 4th quarter valued at about $756,000. Russell Investments Group Ltd. boosted its stake in shares of Toro by 0.3% in the 4th quarter. Russell Investments Group Ltd. now owns 125,625 shares of the company’s stock valued at $9,889,000 after purchasing an additional 410 shares during the last quarter. Van ECK Associates Corp boosted its stake in Toro by 4.4% during the 4th quarter. Van ECK Associates Corp now owns 258,444 shares of the company’s stock worth $20,345,000 after acquiring an additional 10,835 shares during the last quarter. Stonebridge Capital Advisors LLC boosted its stake in Toro by 6.9% during the 4th quarter. Stonebridge Capital Advisors LLC now owns 9,299 shares of the company’s stock worth $732,000 after acquiring an additional 600 shares during the last quarter. Finally, Campbell & CO Investment Adviser LLC boosted its stake in Toro by 425.6% during the 4th quarter. Campbell & CO Investment Adviser LLC now owns 64,783 shares of the company’s stock worth $5,100,000 after acquiring an additional 52,457 shares during the last quarter. Institutional investors own 87.95% of the company’s stock.

Toro Company Profile

The Toro Company (NYSE: TTC) specializes in the design, manufacture and marketing of a broad range of outdoor environment equipment for residential, commercial and professional markets. Its product portfolio includes lawn mowers, utility vehicles, snow throwers, irrigation systems and landscape maintenance equipment. Toro’s offerings span walk-behind and ride-on mowers, zero-turn radius mowers, snow blowers, sprinklers, drip irrigation products, spreaders and specialty turf maintenance machines tailored to golf courses, sports fields and municipal parks.

Founded in 1914 and headquartered in Bloomington, Minnesota, Toro has built a century-long legacy of innovation in the grounds-care industry.