Mn Services Vermogensbeheer B.V. bought a new stake in shares of The Toro Company (NYSE:TTC – Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 49,600 shares of the company’s stock, valued at approximately $5,042,000.
Several other hedge funds also recently added to or reduced their stakes in TTC. Bank of Montreal Can increased its holdings in shares of Toro by 1.2% in the first quarter. Bank of Montreal Can now owns 49,173 shares of the company’s stock valued at $4,262,000 after purchasing an additional 563 shares during the period. APG Asset Management N.V. increased its holdings in shares of Toro by 37.2% in the first quarter. APG Asset Management N.V. now owns 15,500 shares of the company’s stock valued at $1,191,000 after purchasing an additional 4,200 shares during the period. Great West Life Assurance Co. Can increased its holdings in shares of Toro by 7.6% in the first quarter. Great West Life Assurance Co. Can now owns 60,366 shares of the company’s stock valued at $5,309,000 after purchasing an additional 4,269 shares during the period. Dimensional Fund Advisors LP increased its holdings in shares of Toro by 2.7% in the first quarter. Dimensional Fund Advisors LP now owns 883,779 shares of the company’s stock valued at $75,558,000 after purchasing an additional 23,223 shares during the period. Finally, Baird Financial Group Inc. increased its holdings in shares of Toro by 9.2% in the first quarter. Baird Financial Group Inc. now owns 37,193 shares of the company’s stock valued at $3,180,000 after purchasing an additional 3,144 shares during the period. 84.69% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
TTC has been the topic of a number of research reports. Raymond James cut their price objective on Toro from $125.00 to $105.00 and set an “outperform” rating on the stock in a report on Friday, September 8th. Robert W. Baird lowered their target price on Toro from $110.00 to $94.00 and set a “neutral” rating on the stock in a research note on Friday, September 8th. Northland Securities lowered their target price on Toro from $110.00 to $95.00 and set a “market perform” rating on the stock in a research note on Monday, September 11th. TheStreet downgraded Toro from a “b” rating to a “c+” rating in a research note on Thursday, September 7th. Finally, StockNews.com assumed coverage on Toro in a research note on Thursday, October 5th. They issued a “hold” rating on the stock. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, Toro currently has an average rating of “Moderate Buy” and an average target price of $108.80.
In other news, VP Kevin N. Carpenter sold 1,610 shares of the firm’s stock in a transaction that occurred on Wednesday, September 13th. The stock was sold at an average price of $81.93, for a total value of $131,907.30. Following the transaction, the vice president now owns 169 shares in the company, valued at $13,846.17. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 2.22% of the company’s stock.
Toro Stock Performance
Shares of TTC stock opened at $86.52 on Wednesday. The company has a market capitalization of $8.98 billion, a P/E ratio of 24.17 and a beta of 0.77. The business’s 50 day moving average is $83.60 and its two-hundred day moving average is $95.36. The company has a current ratio of 1.91, a quick ratio of 0.68 and a debt-to-equity ratio of 0.72. The Toro Company has a 12-month low of $78.35 and a 12-month high of $117.66.
Toro (NYSE:TTC – Get Free Report) last issued its quarterly earnings results on Thursday, September 7th. The company reported $0.95 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.23 by ($0.28). The business had revenue of $1.08 billion for the quarter, compared to analysts’ expectations of $1.22 billion. Toro had a return on equity of 33.37% and a net margin of 7.95%. The business’s revenue for the quarter was down 6.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.19 EPS. Analysts expect that The Toro Company will post 4.08 EPS for the current fiscal year.
Toro Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Wednesday, October 18th. Stockholders of record on Wednesday, October 4th were given a $0.34 dividend. The ex-dividend date of this dividend was Tuesday, October 3rd. This represents a $1.36 annualized dividend and a dividend yield of 1.57%. Toro’s dividend payout ratio (DPR) is presently 37.99%.
The Toro Company provides innovative solutions for the outdoor environment worldwide. It operates through two segments Professional and Residential. 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, 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, including snowplows; as well as stand-on snow and ice removal equipment, such as the related 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.
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