Point72 Hong Kong Ltd Makes New $2.49 Million Investment in The Toro Company (NYSE:TTC)

Point72 Hong Kong Ltd bought a new position in The Toro Company (NYSE:TTC) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 26,573 shares of the company’s stock, valued at approximately $2,485,000.

A number of other hedge funds also recently made changes to their positions in TTC. Price T Rowe Associates Inc. MD lifted its stake in Toro by 25.0% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,653,109 shares of the company’s stock valued at $609,626,000 after purchasing an additional 1,332,248 shares during the last quarter. Wellington Management Group LLP lifted its stake in shares of Toro by 73.8% in the 4th quarter. Wellington Management Group LLP now owns 1,845,724 shares of the company’s stock valued at $177,171,000 after acquiring an additional 783,794 shares during the last quarter. TD Asset Management Inc boosted its holdings in shares of Toro by 334.2% during the 4th quarter. TD Asset Management Inc now owns 818,260 shares of the company’s stock valued at $78,545,000 after acquiring an additional 629,820 shares in the last quarter. Allspring Global Investments Holdings LLC grew its position in Toro by 37,332.5% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 470,901 shares of the company’s stock worth $44,034,000 after acquiring an additional 469,643 shares during the last quarter. Finally, Point72 Asset Management L.P. increased its holdings in Toro by 682.7% in the 2nd quarter. Point72 Asset Management L.P. now owns 482,139 shares of the company’s stock worth $45,085,000 after purchasing an additional 420,539 shares in the last quarter. 87.95% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

TTC has been the topic of a number of recent research reports. StockNews.com raised Toro from a “hold” rating to a “buy” rating in a research note on Monday, September 9th. DA Davidson cut their target price on shares of Toro from $103.00 to $88.00 and set a “neutral” rating on the stock in a research report on Monday, September 9th. Northland Securities restated a “market perform” rating and issued a $100.00 price target on shares of Toro in a research report on Friday, September 6th. Finally, Robert W. Baird cut their price target on shares of Toro from $102.00 to $92.00 and set a “neutral” rating on the stock in a report on Friday, September 6th. Three research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $93.33.

Toro Stock Performance

Shares of TTC stock opened at $85.92 on Thursday. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.94 and a quick ratio of 0.85. The Toro Company has a one year low of $77.15 and a one year high of $102.00. The business’s 50 day simple moving average is $89.69 and its 200 day simple moving average is $89.24. The stock has a market capitalization of $8.82 billion, a PE ratio of 33.96 and a beta of 0.69.

Toro (NYSE:TTC) last posted its quarterly earnings data on Thursday, September 5th. The company reported $1.18 earnings per share for the quarter, missing the consensus estimate of $1.23 by ($0.05). The firm had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.26 billion. Toro had a return on equity of 25.94% and a net margin of 8.89%. The company’s quarterly revenue was up 6.9% compared to the same quarter last year. During the same quarter last year, the company earned $0.95 earnings per share. As a group, research analysts forecast that The Toro Company will post 4.16 earnings per share for the current year.

Toro Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Monday, September 30th will be given a $0.36 dividend. This represents a $1.44 annualized dividend and a dividend yield of 1.68%. The ex-dividend date of this dividend is Monday, September 30th. Toro’s dividend payout ratio (DPR) is presently 56.92%.

About Toro

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.