Oppenheimer Asset Management Inc. Grows Stock Holdings in The Toro Company (NYSE:TTC)

Oppenheimer Asset Management Inc. boosted its holdings in shares of The Toro Company (NYSE:TTC) by 1.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 11,114 shares of the company’s stock after purchasing an additional 207 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Toro were worth $890,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of TTC. abrdn plc raised its stake in Toro by 5.8% during the third quarter. abrdn plc now owns 2,874 shares of the company’s stock valued at $249,000 after purchasing an additional 157 shares in the last quarter. Robeco Institutional Asset Management B.V. purchased a new stake in Toro during the third quarter valued at $666,000. Marks Group Wealth Management Inc raised its stake in Toro by 2.7% during the third quarter. Marks Group Wealth Management Inc now owns 91,567 shares of the company’s stock valued at $7,942,000 after purchasing an additional 2,425 shares in the last quarter. Radnor Capital Management LLC purchased a new stake in shares of Toro in the third quarter valued at $1,379,000. Finally, D.B. Root & Company LLC raised its stake in shares of Toro by 4.3% in the third quarter. D.B. Root & Company LLC now owns 6,081 shares of the company’s stock valued at $527,000 after acquiring an additional 251 shares during the period. Hedge funds and other institutional investors own 87.95% of the company’s stock.

Toro Trading Down 2.6 %

TTC stock opened at $75.44 on Wednesday. The company has a market capitalization of $7.59 billion, a PE ratio of 18.81 and a beta of 0.72. The Toro Company has a 12 month low of $74.51 and a 12 month high of $100.93. The firm’s 50-day moving average is $81.40 and its 200 day moving average is $83.90. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.81 and a quick ratio of 0.74.

Toro (NYSE:TTC) last posted its quarterly earnings results on Wednesday, December 18th. The company reported $0.95 EPS for the quarter, hitting the consensus estimate of $0.95. The company had revenue of $1.08 billion for the quarter, compared to the consensus estimate of $1.09 billion. Toro had a net margin of 9.14% and a return on equity of 27.25%. The firm’s revenue was up 9.4% compared to the same quarter last year. During the same quarter last year, the firm posted $0.71 EPS. On average, research analysts anticipate that The Toro Company will post 4.41 EPS for the current year.

Toro declared that its board has approved a stock buyback program on Tuesday, December 10th that authorizes the company to repurchase 4,000,000 outstanding shares. This repurchase authorization authorizes the company to reacquire shares of its stock through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.

Toro Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, January 13th. Investors of record on Monday, December 23rd were paid a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 2.01%. The ex-dividend date was Monday, December 23rd. This is an increase from Toro’s previous quarterly dividend of $0.36. Toro’s dividend payout ratio (DPR) is currently 37.91%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the stock. Northland Capmk raised shares of Toro from a “hold” rating to a “strong-buy” rating in a research note on Friday, February 21st. Northland Securities raised shares of Toro from a “market perform” rating to an “outperform” rating and set a $100.00 target price on the stock in a research note on Monday, February 24th. Finally, Raymond James reduced their target price on shares of Toro from $100.00 to $95.00 and set an “outperform” rating on the stock in a research note on Friday, December 20th. Two analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $93.75.

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.