Cibc World Markets Corp Lowers Stake in The Toro Company (NYSE:TTC)

Cibc World Markets Corp lessened its holdings in The Toro Company (NYSE:TTC) by 23.3% during the fourth quarter, Holdings Channel.com reports. The firm owned 4,644 shares of the company’s stock after selling 1,409 shares during the quarter. Cibc World Markets Corp’s holdings in Toro were worth $372,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Geode Capital Management LLC boosted its position in shares of Toro by 1.5% in the 3rd quarter. Geode Capital Management LLC now owns 1,959,875 shares of the company’s stock worth $169,639,000 after purchasing an additional 29,105 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in Toro by 5.3% in the fourth quarter. Bank of New York Mellon Corp now owns 1,187,550 shares of the company’s stock worth $95,123,000 after acquiring an additional 60,068 shares in the last quarter. Amundi boosted its holdings in Toro by 30.3% in the fourth quarter. Amundi now owns 1,121,116 shares of the company’s stock worth $89,701,000 after acquiring an additional 260,746 shares in the last quarter. King Luther Capital Management Corp grew its stake in shares of Toro by 3.6% in the fourth quarter. King Luther Capital Management Corp now owns 1,043,833 shares of the company’s stock worth $83,611,000 after acquiring an additional 36,750 shares during the last quarter. Finally, US Bancorp DE increased its holdings in shares of Toro by 3.2% during the fourth quarter. US Bancorp DE now owns 799,385 shares of the company’s stock valued at $64,031,000 after acquiring an additional 24,596 shares in the last quarter. Institutional investors own 87.95% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the stock. Robert W. Baird dropped their price target on shares of Toro from $88.00 to $84.00 and set a “neutral” rating on the stock in a research note on Friday, March 7th. DA Davidson dropped their target price on shares of Toro from $86.00 to $80.00 and set a “neutral” rating on the stock in a research note on Tuesday, March 11th. StockNews.com downgraded shares of Toro from a “buy” rating to a “hold” rating in a research report on Tuesday, March 18th. Raymond James lowered their price objective on Toro from $100.00 to $95.00 and set an “outperform” rating on the stock in a research report on Friday, December 20th. Finally, Northland Securities raised Toro from a “market perform” rating to an “outperform” rating and set a $100.00 target price for the company in a report on Monday, February 24th. 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. Based on data from MarketBeat, Toro has an average rating of “Moderate Buy” and a consensus target price of $89.75.

Toro Stock Up 0.0 %

TTC opened at $73.09 on Monday. The stock has a market capitalization of $7.30 billion, a price-to-earnings ratio of 18.23 and a beta of 0.70. The firm has a 50 day moving average price of $79.77 and a 200-day moving average price of $82.25. The Toro Company has a twelve month low of $71.23 and a twelve month high of $100.93. The company has a quick ratio of 0.74, a current ratio of 1.81 and a debt-to-equity ratio of 0.59.

Toro Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, April 14th. Shareholders of record on Monday, March 31st will be paid a dividend of $0.38 per share. The ex-dividend date of this dividend is Monday, March 31st. This represents a $1.52 dividend on an annualized basis and a yield of 2.08%. Toro’s dividend payout ratio is presently 38.87%.

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

Toro 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.