The Toro Company (NYSE:TTC) Announces $0.36 Quarterly Dividend

The Toro Company (NYSE:TTC) announced a quarterly dividend on Tuesday, September 17th, NASDAQ reports. Investors of record on Monday, September 30th will be paid a dividend of 0.36 per share on Friday, October 11th. This represents a $1.44 annualized dividend and a yield of 1.66%. The ex-dividend date is Monday, September 30th.

Toro has increased its dividend by an average of 10.9% per year over the last three years and has increased its dividend annually for the last 20 consecutive years. Toro has a dividend payout ratio of 31.4% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Toro to earn $4.59 per share next year, which means the company should continue to be able to cover its $1.44 annual dividend with an expected future payout ratio of 31.4%.

Toro Stock Up 0.0 %

TTC stock opened at $86.67 on Friday. The company has a current ratio of 1.94, a quick ratio of 0.85 and a debt-to-equity ratio of 0.59. Toro has a twelve month low of $77.15 and a twelve month high of $102.00. The company’s 50 day moving average is $89.25 and its two-hundred day moving average is $89.21. The stock has a market cap of $8.89 billion, a P/E ratio of 34.26 and a beta of 0.69.

Toro (NYSE:TTC) last announced its earnings results on Thursday, September 5th. The company reported $1.18 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.23 by ($0.05). The business had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.26 billion. Toro had a return on equity of 25.94% and a net margin of 8.89%. The business’s revenue was up 6.9% on a year-over-year basis. During the same quarter last year, the business posted $0.95 earnings per share. Research analysts expect that Toro will post 4.16 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research firms recently weighed in on TTC. Robert W. Baird lowered their price objective on shares of Toro from $102.00 to $92.00 and set a “neutral” rating on the stock in a research report on Friday, September 6th. Northland Securities reissued a “market perform” rating and issued a $100.00 target price on shares of Toro in a report on Friday, September 6th. DA Davidson cut their price target on Toro from $103.00 to $88.00 and set a “neutral” rating for the company in a research note on Monday, September 9th. Finally, StockNews.com raised Toro from a “hold” rating to a “buy” rating in a research note on Monday, September 9th. Three investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $93.33.

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.