Toro (NASDAQ:TORO) Announces Quarterly Earnings Results

Toro (NASDAQ:TORO) posted its earnings results on Thursday. The company reported ($0.02) earnings per share for the quarter, FiscalAI reports. The firm had revenue of $5.96 million during the quarter. Toro had a net margin of 28.15% and a return on equity of 2.96%.

Toro Stock Down 1.7%

Shares of NASDAQ:TORO opened at $5.08 on Friday. Toro has a 52-week low of $1.82 and a 52-week high of $8.50. The stock’s fifty day simple moving average is $4.82 and its 200-day simple moving average is $4.52. The company has a market capitalization of $109.07 million, a P/E ratio of 63.51 and a beta of 2.79.

Toro Cuts Dividend

The business also recently disclosed a dividend, which will be paid on Friday, June 5th. Stockholders of record on Monday, May 4th will be given a $0.90 dividend. The ex-dividend date is Monday, May 4th.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reissued a “sell (d)” rating on shares of Toro in a report on Friday, March 27th. One investment analyst has rated the stock with a Sell rating, Based on data from MarketBeat, Toro currently has an average rating of “Sell”.

Insider Activity

In related news, CEO Petros Panagiotis Panagiotidis acquired 67,407 shares of Toro stock in a transaction dated Friday, April 24th. The shares were acquired at an average cost of $6.79 per share, for a total transaction of $457,693.53. Following the completion of the transaction, the chief executive officer directly owned 20,822,206 shares of the company’s stock, valued at $141,382,778.74. The trade was a 0.32% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders acquired 2,315,971 shares of company stock valued at $14,245,930 in the last quarter.

Hedge Funds Weigh In On Toro

Large investors have recently added to or reduced their stakes in the business. Founders Capital Management lifted its position in Toro by 28.6% during the fourth quarter. Founders Capital Management now owns 9,000 shares of the company’s stock worth $48,000 after buying an additional 2,000 shares during the period. Group One Trading LLC purchased a new position in Toro during the third quarter worth about $70,000. Citadel Advisors LLC purchased a new position in Toro during the third quarter worth about $79,000. Finally, Renaissance Technologies LLC lifted its position in Toro by 19.2% during the fourth quarter. Renaissance Technologies LLC now owns 186,700 shares of the company’s stock worth $986,000 after buying an additional 30,100 shares during the period. 1.74% of the stock is currently owned by hedge funds and other institutional investors.

About Toro

Toro Corp., a shipping company, acquires, owns, charters, and operates oceangoing tanker vessels and provides seaborne transportation services for crude oil LPG, and refined petroleum products worldwide. The company operates in three segments: Aframax/LR2 Tanker, Handysize Tanker, and LPG Carrier. As of December 31, 2023, it operated a fleet of one Handysize tanker vessel; one Aframax/LR2 vessel; and four LPG carrier vessels with an aggregate cargo carrying capacity of 0.1 million deadweight ton.