Toro (NYSE:TTC) Announces Quarterly Earnings Results, Beats Estimates By $0.10 EPS

Toro (NYSE:TTC) released its earnings results on Thursday. The company reported $1.60 EPS for the quarter, beating the consensus estimate of $1.50 by $0.10, FiscalAI reports. The firm had revenue of $1.42 billion during the quarter, compared to analysts’ expectations of $1.39 billion. Toro had a net margin of 7.28% and a return on equity of 29.60%.

Toro Price Performance

NYSE:TTC opened at $91.05 on Thursday. The company has a 50-day moving average of $93.24 and a 200-day moving average of $88.82. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.73 and a current ratio of 1.69. Toro has a 52 week low of $67.04 and a 52 week high of $105.18. The company has a market capitalization of $8.83 billion, a price-to-earnings ratio of 27.26 and a beta of 0.70.

Toro Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 10th. Stockholders of record on Tuesday, June 16th will be issued a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date of this dividend is Tuesday, June 16th. Toro’s dividend payout ratio (DPR) is presently 46.71%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on TTC. DA Davidson increased their price objective on shares of Toro from $97.00 to $117.00 and gave the company a “buy” rating in a research note on Monday, March 9th. Robert W. Baird raised their price objective on shares of Toro from $100.00 to $105.00 and gave the stock a “neutral” rating in a report on Friday, March 6th. Wall Street Zen raised shares of Toro from a “buy” rating to a “strong-buy” rating in a report on Sunday, March 15th. Raymond James Financial downgraded shares of Toro from an “outperform” rating to a “market perform” rating in a report on Wednesday, February 18th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Toro in a report on Friday, April 17th. Two equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $100.40.

Insider Activity

In other news, Director James Calvin O’rourke sold 4,951 shares of the company’s stock in a transaction dated Tuesday, March 10th. The shares were sold at an average price of $99.40, for a total value of $492,129.40. Following the sale, the director owned 2,704 shares of the company’s stock, valued at approximately $268,777.60. This represents a 64.68% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Richard M. Olson sold 119,400 shares of the company’s stock in a transaction dated Tuesday, March 10th. The stock was sold at an average price of $100.15, for a total transaction of $11,957,910.00. Following the completion of the sale, the chief executive officer directly owned 38,186 shares in the company, valued at approximately $3,824,327.90. The trade was a 75.77% decrease in their position. The disclosure for this sale is available in the SEC filing. 1.88% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Toro

Several large investors have recently made changes to their positions in TTC. Danske Bank A S bought a new stake in shares of Toro in the 3rd quarter worth about $46,000. Harvest Fund Management Co. Ltd bought a new stake in shares of Toro in the 3rd quarter worth about $119,000. Caxton Associates LLP bought a new stake in shares of Toro in the 1st quarter worth about $285,000. Integrated Wealth Concepts LLC grew its holdings in shares of Toro by 10.6% in the 1st quarter. Integrated Wealth Concepts LLC now owns 6,136 shares of the company’s stock worth $446,000 after purchasing an additional 586 shares during the last quarter. Finally, Focus Partners Wealth grew its holdings in shares of Toro by 191.5% in the 1st quarter. Focus Partners Wealth now owns 7,586 shares of the company’s stock worth $552,000 after purchasing an additional 4,984 shares during the last quarter. Institutional investors own 87.95% of the company’s stock.

Toro Company Profile

The Toro Company (NYSE: TTC) specializes in the design, manufacture and marketing of a broad range of outdoor environment equipment for residential, commercial and professional markets. Its product portfolio includes lawn mowers, utility vehicles, snow throwers, irrigation systems and landscape maintenance equipment. Toro’s offerings span walk-behind and ride-on mowers, zero-turn radius mowers, snow blowers, sprinklers, drip irrigation products, spreaders and specialty turf maintenance machines tailored to golf courses, sports fields and municipal parks.

Founded in 1914 and headquartered in Bloomington, Minnesota, Toro has built a century-long legacy of innovation in the grounds-care industry.