Parallel Advisors LLC Lowers Stake in The Toro Company (NYSE:TTC)

Parallel Advisors LLC cut its stake in The Toro Company (NYSE:TTC) by 4.0% during the fourth quarter, HoldingsChannel reports. The fund owned 35,623 shares of the company’s stock after selling 1,477 shares during the quarter. Parallel Advisors LLC’s holdings in Toro were worth $2,853,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in TTC. Asset Planning Inc bought a new position in Toro in the fourth quarter worth about $31,000. Venturi Wealth Management LLC boosted its holdings in shares of Toro by 195.7% in the 4th quarter. Venturi Wealth Management LLC now owns 547 shares of the company’s stock valued at $44,000 after buying an additional 362 shares in the last quarter. First Horizon Advisors Inc. raised its stake in shares of Toro by 54.6% during the 4th quarter. First Horizon Advisors Inc. now owns 807 shares of the company’s stock worth $65,000 after acquiring an additional 285 shares in the last quarter. PrairieView Partners LLC raised its stake in shares of Toro by 14.7% during the 4th quarter. PrairieView Partners LLC now owns 1,547 shares of the company’s stock worth $123,000 after acquiring an additional 198 shares in the last quarter. Finally, Eagle Bay Advisors LLC lifted its position in Toro by 87.2% during the fourth quarter. Eagle Bay Advisors LLC now owns 1,657 shares of the company’s stock valued at $133,000 after acquiring an additional 772 shares during the last quarter. 87.95% of the stock is currently owned by hedge funds and other institutional investors.

Toro Trading Up 0.2 %

Shares of Toro stock opened at $73.31 on Tuesday. The firm has a fifty day moving average price of $80.23 and a 200 day moving average price of $82.79. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.81 and a quick ratio of 0.74. The stock has a market cap of $7.32 billion, a PE ratio of 18.28 and a beta of 0.70. The Toro Company has a 1 year low of $71.03 and a 1 year high of $100.93.

Toro (NYSE:TTC) last issued its quarterly earnings data on Wednesday, December 18th. The company reported $0.95 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.95. The business had revenue of $1.08 billion during 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 company’s revenue was up 9.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.71 earnings per share. Equities research analysts predict that The Toro Company will post 4.41 earnings per share for the current year.

Toro declared that its board has authorized a share buyback program on Tuesday, December 10th that authorizes the company to buyback 4,000,000 shares. This buyback authorization authorizes the company to purchase shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the stock. Northland Capmk raised shares of Toro from a “hold” rating to a “strong-buy” rating in a report on Friday, February 21st. DA Davidson dropped their target price on Toro from $86.00 to $80.00 and set a “neutral” rating on the stock in a research note on Tuesday, March 11th. Robert W. Baird decreased their price target on Toro from $88.00 to $84.00 and set a “neutral” rating for the company in a research note on Friday, March 7th. Northland Securities upgraded Toro from a “market perform” rating to an “outperform” rating and set a $100.00 price target on the stock in a research note on Monday, February 24th. Finally, StockNews.com lowered shares of Toro from a “buy” rating to a “hold” rating in a research report on Tuesday. Three analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $89.75.

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.