Toro (NYSE:TTC) Releases FY22 Earnings Guidance

Toro (NYSE:TTCGet Rating) updated its FY22 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of $4.00-4.15 for the period, compared to the consensus estimate of $4.00. The company issued revenue guidance of +14-16% yr/yr to $4.51-4.59 billion, compared to the consensus revenue estimate of $4.44 billion.Toro also updated its FY 2022 guidance to $4.00-$4.15 EPS.

Several brokerages have commented on TTC. Zacks Investment Research downgraded Toro from a buy rating to a hold rating in a report on Wednesday, May 4th. Robert W. Baird cut their price objective on Toro from $108.00 to $94.00 and set a neutral rating for the company in a report on Tuesday. Finally, StockNews.com assumed coverage on Toro in a report on Thursday, March 31st. They issued a hold rating for the company. One investment analyst has rated the stock with a sell rating and four have assigned a hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of Hold and a consensus price target of $90.33.

NYSE TTC traded down $1.50 on Thursday, reaching $80.99. The stock had a trading volume of 552,826 shares, compared to its average volume of 443,387. The company has a market cap of $8.47 billion, a P/E ratio of 23.68 and a beta of 0.72. Toro has a 1-year low of $74.29 and a 1-year high of $115.68. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.46 and a quick ratio of 0.61. The firm has a fifty day moving average of $82.50 and a two-hundred day moving average of $91.64.

Toro (NYSE:TTCGet Rating) last issued its quarterly earnings data on Thursday, March 3rd. The company reported $0.66 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.65 by $0.01. Toro had a return on equity of 31.17% and a net margin of 9.16%. The company had revenue of $932.70 million during the quarter, compared to the consensus estimate of $972.07 million. During the same period last year, the company earned $0.85 earnings per share. The firm’s revenue was up 6.8% compared to the same quarter last year. Research analysts predict that Toro will post 4.04 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 13th. Investors of record on Wednesday, June 22nd will be given a dividend of $0.30 per share. The ex-dividend date is Tuesday, June 21st. This represents a $1.20 annualized dividend and a dividend yield of 1.48%. Toro’s payout ratio is 35.09%.

In related news, VP Richard W. Rodier sold 3,600 shares of the firm’s stock in a transaction that occurred on Friday, March 25th. The shares were sold at an average price of $85.95, for a total value of $309,420.00. The sale was disclosed in a filing with the SEC, which is available through this link. Insiders own 2.10% of the company’s stock.

A number of large investors have recently modified their holdings of the business. Morgan Stanley grew its holdings in shares of Toro by 57.3% in the second quarter. Morgan Stanley now owns 266,497 shares of the company’s stock valued at $29,284,000 after purchasing an additional 97,071 shares in the last quarter. MML Investors Services LLC increased its stake in shares of Toro by 3.4% during the fourth quarter. MML Investors Services LLC now owns 3,870 shares of the company’s stock valued at $387,000 after buying an additional 129 shares during the period. Millennium Management LLC grew its stake in Toro by 72.5% in the fourth quarter. Millennium Management LLC now owns 109,568 shares of the company’s stock valued at $10,947,000 after purchasing an additional 46,065 shares during the last quarter. Marshall Wace LLP purchased a new position in Toro in the fourth quarter valued at about $7,697,000. Finally, Schonfeld Strategic Advisors LLC purchased a new position in Toro in the fourth quarter valued at about $1,453,000. 82.56% of the stock is owned by institutional investors and hedge funds.

About Toro (Get Rating)

The Toro Company engages in the designing, manufacturing, marketing, and selling professional and residential equipment worldwide. The company's 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; and snow and ice management equipment, such as snowplows, brush, snow thrower attachment, 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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