The Toro Company (NYSE:TTC) Plans Quarterly Dividend of $0.38

The Toro Company (NYSE:TTC) declared a quarterly dividend on Tuesday, March 18th, RTT News reports. Stockholders of record on Monday, March 31st will be given a dividend of 0.38 per share on Monday, April 14th. This represents a $1.52 annualized dividend and a dividend yield of 2.09%.

Toro has increased its dividend by an average of 10.3% annually over the last three years and has increased its dividend annually for the last 21 consecutive years. Toro has a payout ratio of 32.3% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Toro to earn $4.67 per share next year, which means the company should continue to be able to cover its $1.52 annual dividend with an expected future payout ratio of 32.5%.

Toro Price Performance

Toro stock opened at $72.80 on Wednesday. Toro has a 1 year low of $71.75 and a 1 year high of $100.93. The company has a current ratio of 1.81, a quick ratio of 0.74 and a debt-to-equity ratio of 0.59. The firm has a market capitalization of $7.27 billion, a P/E ratio of 18.16 and a beta of 0.70. The business has a 50-day moving average of $80.12 and a 200-day moving average of $82.65.

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

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on TTC. Northland Capmk upgraded Toro from a “hold” rating to a “strong-buy” rating in a research note on Friday, February 21st. Raymond James decreased their price target on Toro from $100.00 to $95.00 and set an “outperform” rating on the stock in a research report on Friday, December 20th. DA Davidson decreased their price target on Toro from $86.00 to $80.00 and set a “neutral” rating on the stock in a research report on Tuesday, March 11th. Northland Securities raised Toro from a “market perform” rating to an “outperform” rating and set a $100.00 price objective on the stock in a research note on Monday, February 24th. Finally, Robert W. Baird reduced their price objective on Toro from $88.00 to $84.00 and set a “neutral” rating on the stock in a research note on Friday, March 7th. Three equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $89.75.

Toro announced that its board has authorized a share repurchase plan on Tuesday, December 10th that allows the company to repurchase 4,000,000 outstanding shares. This repurchase authorization allows the company to buy shares of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its shares are 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.