Toro (TTC) Downgraded by Cleveland Research to Neutral

Cleveland Research downgraded shares of Toro (NYSE:TTC) from a buy rating to a neutral rating in a research report sent to investors on Monday.

Separately, Zacks Investment Research cut shares of Toro from a buy rating to a hold rating in a report on Thursday, January 25th. Two research analysts have rated the stock with a sell rating and five have assigned a hold rating to the stock. The company currently has an average rating of Hold and an average target price of $71.00.

Shares of TTC opened at $59.41 on Monday. The company has a market capitalization of $6.36 billion, a price-to-earnings ratio of 23.92, a PEG ratio of 2.18 and a beta of 0.66. Toro has a twelve month low of $58.32 and a twelve month high of $59.14. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.57 and a quick ratio of 0.81.

Toro (NYSE:TTC) last announced its earnings results on Thursday, February 22nd. The company reported $0.48 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.44 by $0.04. The company had revenue of $548.25 million during the quarter, compared to the consensus estimate of $538.92 million. Toro had a net margin of 9.67% and a return on equity of 44.59%. Toro’s revenue was up 6.3% compared to the same quarter last year. During the same period last year, the firm earned $0.41 earnings per share. equities analysts predict that Toro will post 2.72 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 11th. Shareholders of record on Friday, June 22nd will be issued a $0.20 dividend. The ex-dividend date is Thursday, June 21st. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.35%. Toro’s dividend payout ratio is currently 33.20%.

In other Toro news, Director Katherine J. Harless sold 8,000 shares of the firm’s stock in a transaction on Wednesday, March 28th. The shares were sold at an average price of $61.09, for a total value of $488,720.00. Following the completion of the transaction, the director now owns 69,523 shares of the company’s stock, valued at $4,247,160.07. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, VP Richard W. Rodier sold 4,000 shares of the firm’s stock in a transaction on Wednesday, February 28th. The stock was sold at an average price of $64.67, for a total transaction of $258,680.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 23,200 shares of company stock valued at $1,465,864. Corporate insiders own 5.69% of the company’s stock.

Several institutional investors have recently modified their holdings of TTC. Parallel Advisors LLC raised its holdings in shares of Toro by 164.2% during the first quarter. Parallel Advisors LLC now owns 1,617 shares of the company’s stock worth $101,000 after purchasing an additional 1,005 shares during the last quarter. Premia Global Advisors LLC purchased a new position in shares of Toro during the fourth quarter worth $180,000. Advisor Partners LLC purchased a new position in shares of Toro during the fourth quarter worth $214,000. Eagle Boston Investment Management Inc. purchased a new position in shares of Toro during the first quarter worth $225,000. Finally, Sciencast Management LP purchased a new position in shares of Toro during the fourth quarter worth $236,000. 76.07% of the stock is owned by hedge funds and other institutional investors.

About Toro

The Toro Company manufactures and markets turf maintenance equipment and services, turf irrigation systems, landscaping equipment and lighting products, snow and ice management products, agricultural micro-irrigation systems, and residential yard and snow thrower products worldwide. Its Professional segment offers turf and landscape equipment products, such as sports fields and grounds maintenance equipment, golf course mowing and maintenance equipment, landscape contractor mowing equipment, landscape creation and renovation equipment, rental and construction equipment, and other maintenance equipment; snowplows, salt and sand spreaders, and related parts and accessories; and sprinkler heads, electric and hydraulic valves, controllers, computer irrigation central control systems, and micro-irrigation drip tape and hose products, as well as professionally installed lighting products.

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