Toro (NYSE:TTC) Updates FY 2022 Earnings Guidance

Toro (NYSE:TTCGet Rating) issued an update on its FY 2022 earnings guidance on Thursday morning. The company provided EPS guidance of $4.00-$4.15 for the period, compared to the consensus EPS estimate of $4.01. The company issued revenue guidance of $4.51 billion-$4.59 billion, compared to the consensus revenue estimate of $4.44 billion.Toro also updated its FY22 guidance to $4.00-4.15 EPS.

A number of research analysts have issued reports on TTC shares. Robert W. Baird reduced their price objective on shares of Toro from $108.00 to $94.00 and set a neutral rating on the stock in a research report on Tuesday. Zacks Investment Research lowered shares of Toro from a buy rating to a hold rating in a report on Wednesday, May 4th. Finally, began coverage on shares of Toro in a report on Thursday, March 31st. They set a hold rating for the company. One research analyst has rated the stock with a sell rating and four have given a hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of Hold and a consensus target price of $90.33.

Shares of TTC traded down $1.50 during trading hours on Thursday, hitting $80.99. 552,826 shares of the stock were exchanged, compared to its average volume of 443,387. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.61 and a current ratio of 1.46. The stock’s 50-day moving average price is $82.50 and its two-hundred day moving average price is $91.64. The company has a market cap of $8.47 billion, a price-to-earnings ratio of 23.68 and a beta of 0.72. Toro has a 12-month low of $74.29 and a 12-month high of $115.68.

Toro (NYSE:TTCGet Rating) last released its quarterly earnings results on Thursday, March 3rd. The company reported $0.66 earnings per share 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 business had revenue of $932.70 million during the quarter, compared to analysts’ expectations of $972.07 million. During the same period in the prior year, the business posted $0.85 EPS. The company’s revenue was up 6.8% compared to the same quarter last year. On average, research analysts expect that Toro will post 4.04 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 13th. Stockholders of record on Wednesday, June 22nd will be issued a $0.30 dividend. The ex-dividend date is Tuesday, June 21st. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.48%. Toro’s payout ratio is currently 35.09%.

In other Toro news, VP Richard W. Rodier sold 3,600 shares of the business’s stock in a transaction on Friday, March 25th. The stock was sold at an average price of $85.95, for a total transaction of $309,420.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 2.10% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in the business. Schonfeld Strategic Advisors LLC acquired a new stake in shares of Toro in the fourth quarter worth $1,453,000. APG Asset Management N.V. increased its stake in Toro by 37.2% during the first quarter. APG Asset Management N.V. now owns 15,500 shares of the company’s stock valued at $1,191,000 after acquiring an additional 4,200 shares during the period. Verition Fund Management LLC boosted its holdings in Toro by 125.4% during the first quarter. Verition Fund Management LLC now owns 11,875 shares of the company’s stock valued at $1,015,000 after purchasing an additional 6,607 shares in the last quarter. Beacon Pointe Advisors LLC acquired a new stake in Toro during the first quarter valued at approximately $713,000. Finally, First Republic Investment Management Inc. boosted its holdings in shares of Toro by 10.9% in the 1st quarter. First Republic Investment Management Inc. now owns 7,584 shares of the company’s stock worth $648,000 after acquiring an additional 748 shares in the last quarter. 82.56% of the stock is currently owned by institutional investors.

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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