Toro (NYSE:TTC) Shares Gap Up Following Strong Earnings

Shares of The Toro Company (NYSE:TTCGet Free Report) gapped up before the market opened on Thursday after the company announced better than expected quarterly earnings. The stock had previously closed at $79.64, but opened at $87.50. Toro shares last traded at $85.84, with a volume of 388,688 shares traded.

The company reported $1.40 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.29 by $0.11. Toro had a return on equity of 26.66% and a net margin of 6.53%. The business had revenue of $1.35 billion during the quarter, compared to the consensus estimate of $1.34 billion. During the same quarter in the prior year, the company earned $1.58 earnings per share. The firm’s quarterly revenue was up .7% compared to the same quarter last year.

Toro Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 11th. Investors of record on Tuesday, June 18th will be paid a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a yield of 1.58%. The ex-dividend date is Tuesday, June 18th. Toro’s payout ratio is currently 52.55%.

Wall Street Analysts Forecast Growth

TTC has been the subject of several recent research reports. TheStreet upgraded shares of Toro from a “c+” rating to a “b-” rating in a report on Thursday, February 15th. StockNews.com lowered Toro from a “hold” rating to a “sell” rating in a research report on Wednesday, March 20th. DA Davidson boosted their target price on Toro from $93.00 to $95.00 and gave the stock a “neutral” rating in a report on Thursday, March 14th. Finally, Robert W. Baird reduced their price target on Toro from $100.00 to $90.00 and set a “neutral” rating for the company in a report on Thursday, May 30th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $96.25.

View Our Latest Stock Report on TTC

Insider Activity

In other Toro news, Director Gary Lee Ellis sold 5,192 shares of Toro stock in a transaction on Friday, March 15th. The stock was sold at an average price of $88.75, for a total value of $460,790.00. Following the completion of the sale, the director now owns 33,051 shares of the company’s stock, valued at approximately $2,933,276.25. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Toro news, Director Gary Lee Ellis sold 5,192 shares of the company’s stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $88.75, for a total transaction of $460,790.00. Following the transaction, the director now owns 33,051 shares in the company, valued at approximately $2,933,276.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Edric C. Funk sold 615 shares of Toro stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $89.57, for a total transaction of $55,085.55. Following the completion of the sale, the vice president now owns 1,049 shares of the company’s stock, valued at $93,958.93. The disclosure for this sale can be found here. Corporate insiders own 1.62% of the company’s stock.

Institutional Investors Weigh In On Toro

Large investors have recently made changes to their positions in the company. Fortitude Family Office LLC bought a new position in Toro in the fourth quarter worth approximately $26,000. UMB Bank n.a. increased its holdings in Toro by 1,204.8% in the 1st quarter. UMB Bank n.a. now owns 274 shares of the company’s stock worth $25,000 after acquiring an additional 253 shares in the last quarter. VisionPoint Advisory Group LLC boosted its position in shares of Toro by 135.9% in the third quarter. VisionPoint Advisory Group LLC now owns 302 shares of the company’s stock worth $25,000 after purchasing an additional 174 shares during the period. Rise Advisors LLC increased its stake in shares of Toro by 2,057.1% in the first quarter. Rise Advisors LLC now owns 302 shares of the company’s stock worth $28,000 after purchasing an additional 288 shares in the last quarter. Finally, Orion Capital Management LLC bought a new stake in shares of Toro during the 3rd quarter valued at $25,000. 87.95% of the stock is currently owned by institutional investors.

Toro Stock Performance

The company has a current ratio of 2.13, a quick ratio of 0.86 and a debt-to-equity ratio of 0.76. The company has a market cap of $9.51 billion, a PE ratio of 33.24 and a beta of 0.67. The business’s 50 day moving average is $86.17 and its two-hundred day moving average is $89.32.

About Toro

(Get Free Report)

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.

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