The Toro Company (NYSE:TTC) Shares Bought by NewEdge Wealth LLC

NewEdge Wealth LLC raised its position in The Toro Company (NYSE:TTC) by 22.8% in the 4th quarter, HoldingsChannel.com reports. The fund owned 48,490 shares of the company’s stock after acquiring an additional 9,018 shares during the quarter. NewEdge Wealth LLC’s holdings in Toro were worth $3,884,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of TTC. Assenagon Asset Management S.A. grew its position in Toro by 13.1% in the 3rd quarter. Assenagon Asset Management S.A. now owns 6,251 shares of the company’s stock valued at $542,000 after acquiring an additional 723 shares in the last quarter. State of Alaska Department of Revenue grew its position in Toro by 4.6% in the 3rd quarter. State of Alaska Department of Revenue now owns 18,646 shares of the company’s stock valued at $1,616,000 after acquiring an additional 815 shares in the last quarter. abrdn plc grew its position in Toro by 5.8% in the 3rd quarter. abrdn plc now owns 2,874 shares of the company’s stock valued at $249,000 after acquiring an additional 157 shares in the last quarter. Financial Advocates Investment Management grew its position in Toro by 7.2% in the 3rd quarter. Financial Advocates Investment Management now owns 3,196 shares of the company’s stock valued at $277,000 after acquiring an additional 214 shares in the last quarter. Finally, Robeco Institutional Asset Management B.V. acquired a new position in Toro in the 3rd quarter valued at about $666,000. 87.95% of the stock is owned by institutional investors and hedge funds.

Toro Price Performance

TTC stock opened at $80.06 on Friday. The business has a 50 day moving average price of $81.48 and a 200 day moving average price of $84.10. The stock has a market cap of $8.06 billion, a price-to-earnings ratio of 19.96 and a beta of 0.72. The Toro Company has a fifty-two week low of $76.95 and a fifty-two week 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 (NYSE:TTC) last posted its earnings results on Wednesday, December 18th. The company reported $0.95 earnings per share for the quarter, hitting the consensus estimate of $0.95. The firm had revenue of $1.08 billion during 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 firm’s revenue was up 9.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.71 earnings per share. Equities research analysts anticipate that The Toro Company will post 4.41 earnings per share for the current fiscal year.

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

Toro Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, January 13th. Investors of record on Monday, December 23rd were paid a dividend of $0.38 per share. This is a boost from Toro’s previous quarterly dividend of $0.36. The ex-dividend date of this dividend was Monday, December 23rd. This represents a $1.52 annualized dividend and a yield of 1.90%. Toro’s payout ratio is presently 37.91%.

Analyst Ratings Changes

TTC has been the subject of a number of analyst reports. Northland Securities raised Toro from a “market perform” rating to an “outperform” rating and set a $100.00 price objective for the company in a research report on Monday, February 24th. Raymond James lowered their price objective on Toro from $100.00 to $95.00 and set an “outperform” rating for the company in a research report on Friday, December 20th. Finally, Northland Capmk raised Toro from a “hold” rating to a “strong-buy” rating in a research report on Friday, February 21st. Two research analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $93.75.

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.