Tobam Has $3.78 Million Stock Position in The Toro Company (NYSE:TTC)

Tobam reduced its stake in shares of The Toro Company (NYSE:TTC) by 24.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 47,132 shares of the company’s stock after selling 15,365 shares during the quarter. Tobam’s holdings in Toro were worth $3,775,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of the stock. Financial Advocates Investment Management raised its position in shares of Toro by 35.5% during the fourth quarter. Financial Advocates Investment Management now owns 4,330 shares of the company’s stock valued at $347,000 after buying an additional 1,134 shares during the last quarter. Bleakley Financial Group LLC increased its stake in Toro by 36.1% during the fourth quarter. Bleakley Financial Group LLC now owns 10,052 shares of the company’s stock valued at $805,000 after acquiring an additional 2,664 shares during the period. Robertson Stephens Wealth Management LLC raised its holdings in Toro by 59.9% in the 4th quarter. Robertson Stephens Wealth Management LLC now owns 3,973 shares of the company’s stock valued at $320,000 after acquiring an additional 1,489 shares in the last quarter. E. Ohman J or Asset Management AB lifted its position in shares of Toro by 45.5% in the 4th quarter. E. Ohman J or Asset Management AB now owns 6,400 shares of the company’s stock worth $513,000 after acquiring an additional 2,000 shares during the period. Finally, abrdn plc grew its holdings in shares of Toro by 12.0% during the 4th quarter. abrdn plc now owns 3,220 shares of the company’s stock worth $258,000 after purchasing an additional 346 shares in the last quarter. 87.95% of the stock is owned by institutional investors.

Analysts Set New Price Targets

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

Toro Stock Down 0.0 %

NYSE TTC opened at $80.62 on Friday. The Toro Company has a 1-year low of $76.95 and a 1-year high of $100.93. The company has a market capitalization of $8.16 billion, a price-to-earnings ratio of 20.10 and a beta of 0.72. The stock’s 50 day moving average is $83.28 and its two-hundred day moving average is $85.46. 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 announced its quarterly earnings results on Wednesday, December 18th. The company reported $0.95 EPS for the quarter, meeting the consensus estimate of $0.95. Toro had a return on equity of 27.25% and a net margin of 9.14%. The business had revenue of $1.08 billion for the quarter, compared to analyst estimates of $1.09 billion. During the same quarter in the previous year, the firm earned $0.71 EPS. Toro’s quarterly revenue was up 9.4% on a year-over-year basis. Equities analysts forecast that The Toro Company will post 4.41 earnings per share for the current fiscal year.

Toro Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, January 13th. Investors of record on Monday, December 23rd were issued a dividend of $0.38 per share. This is an increase from Toro’s previous quarterly dividend of $0.36. This represents a $1.52 annualized dividend and a yield of 1.89%. The ex-dividend date was Monday, December 23rd. Toro’s dividend payout ratio (DPR) is currently 37.91%.

Toro announced that its board has authorized a stock buyback program on Tuesday, December 10th that permits the company to buyback 4,000,000 shares. This buyback authorization permits the company to reacquire shares of its stock through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its stock is undervalued.

Toro Company Profile

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.