Toro (NYSE:TTC) Board Declares Share Buyback Program

Toro (NYSE:TTC) announced that its Board of Directors has initiated a stock buyback program on Tuesday, December 10th, RTT News reports. The company plans to buyback 4,000,000 shares. This buyback authorization authorizes the company to buy shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

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

Toro Price Performance

TTC traded down $0.23 during trading on Tuesday, reaching $87.45. 658,491 shares of the company were exchanged, compared to its average volume of 849,264. The company has a quick ratio of 0.85, a current ratio of 1.94 and a debt-to-equity ratio of 0.59. The company has a market cap of $8.97 billion, a price-to-earnings ratio of 22.95 and a beta of 0.70. Toro has a 12-month low of $77.15 and a 12-month high of $102.00. The company’s 50-day moving average is $84.05 and its two-hundred day moving average is $87.86.

Toro Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, January 13th. Stockholders of record on Monday, December 23rd will be given a $0.38 dividend. This is a positive change from Toro’s previous quarterly dividend of $0.36. This represents a $1.52 dividend on an annualized basis and a dividend yield of 1.74%. Toro’s dividend payout ratio (DPR) is 37.80%.

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.