The Toro Company (NYSE:TTC) Stake Reduced by Spire Wealth Management

Spire Wealth Management cut its holdings in The Toro Company (NYSE:TTC) by 54.2% during the 4th quarter, Holdings Channel.com reports. The fund owned 1,755 shares of the company’s stock after selling 2,078 shares during the quarter. Spire Wealth Management’s holdings in Toro were worth $141,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. UMB Bank n.a. raised its position in Toro by 112.1% in the third quarter. UMB Bank n.a. now owns 630 shares of the company’s stock worth $55,000 after acquiring an additional 333 shares in the last quarter. Whittier Trust Co. of Nevada Inc. raised its position in Toro by 850.0% in the third quarter. Whittier Trust Co. of Nevada Inc. now owns 855 shares of the company’s stock worth $74,000 after acquiring an additional 765 shares in the last quarter. CWM LLC raised its position in Toro by 15.5% in the third quarter. CWM LLC now owns 1,063 shares of the company’s stock worth $92,000 after acquiring an additional 143 shares in the last quarter. Blue Trust Inc. raised its position in Toro by 534.8% in the third quarter. Blue Trust Inc. now owns 1,333 shares of the company’s stock worth $125,000 after acquiring an additional 1,123 shares in the last quarter. Finally, Eagle Bay Advisors LLC increased its stake in Toro by 87.2% in the 4th quarter. Eagle Bay Advisors LLC now owns 1,657 shares of the company’s stock worth $133,000 after purchasing an additional 772 shares in the last quarter. 87.95% of the stock is currently owned by institutional investors.

Toro Trading Down 0.6 %

Shares of TTC opened at $80.17 on Friday. The business’s 50-day moving average price is $83.15 and its 200 day moving average price is $85.43. The stock has a market capitalization of $8.11 billion, a P/E ratio of 19.99 and a beta of 0.72. The Toro Company has a 1-year low of $76.95 and a 1-year high of $100.93. The company has a current ratio of 1.81, a quick ratio of 0.74 and a debt-to-equity ratio of 0.59.

Toro (NYSE:TTC) last issued its quarterly earnings results on Wednesday, December 18th. The company reported $0.95 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.95. Toro had a return on equity of 27.25% and a net margin of 9.14%. The firm had revenue of $1.08 billion for the quarter, compared to analysts’ expectations of $1.09 billion. During the same quarter last year, the business posted $0.71 EPS. Toro’s revenue was up 9.4% on a year-over-year basis. Analysts expect that The Toro Company will post 4.41 earnings per share for the current year.

Toro declared that its board has authorized a stock buyback plan on Tuesday, December 10th that allows the company to buyback 4,000,000 outstanding shares. This buyback authorization allows the company to reacquire shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Toro Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, January 13th. Shareholders of record on Monday, December 23rd were paid a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 1.90%. The ex-dividend date of this dividend was Monday, December 23rd. This is a boost from Toro’s previous quarterly dividend of $0.36. Toro’s payout ratio is 37.91%.

Wall Street Analyst Weigh In

Separately, Raymond James dropped their price target on Toro from $100.00 to $95.00 and set an “outperform” rating on the stock in a research note on Friday, December 20th. Three analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, Toro currently has an average rating of “Hold” and a consensus target price of $93.75.

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.