The Toro Company (NYSE:TTC) Shares Sold by Bank of America Corp DE

Posted by Defense World Staff on Jun 4th, 2023

Bank of America Corp DE lowered its position in shares of The Toro Company (NYSE:TTC – Get Rating) by 42.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 787,269 shares of the company’s stock after selling 577,606 shares during the period. Bank of America Corp DE owned 0.75% of Toro worth $89,119,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Creative Planning grew its stake in shares of Toro by 21.9% during the fourth quarter. Creative Planning now owns 9,353 shares of the company’s stock worth $1,059,000 after purchasing an additional 1,683 shares in the last quarter. Amalgamated Bank boosted its stake in Toro by 8.5% in the fourth quarter. Amalgamated Bank now owns 87,421 shares of the company’s stock valued at $9,896,000 after acquiring an additional 6,884 shares in the last quarter. AXQ Capital LP acquired a new position in Toro in the fourth quarter valued at $354,000. River Wealth Advisors LLC acquired a new position in Toro in the fourth quarter valued at $515,000. Finally, Franklin Resources Inc. boosted its stake in Toro by 46.3% in the fourth quarter. Franklin Resources Inc. now owns 46,910 shares of the company’s stock valued at $5,310,000 after acquiring an additional 14,848 shares in the last quarter. Institutional investors and hedge funds own 85.14% of the company’s stock.

Insider Buying and Selling

In other news, VP Daryn A. Walters purchased 910 shares of the business’s stock in a transaction that occurred on Thursday, March 30th. The stock was purchased at an average cost of $110.05 per share, with a total value of $100,145.50. Following the completion of the acquisition, the vice president now directly owns 1,740 shares of the company’s stock, valued at approximately $191,487. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Toro news, CEO Richard M. Olson sold 12,000 shares of the stock in a transaction dated Tuesday, March 14th. The shares were sold at an average price of $109.40, for a total value of $1,312,800.00. Following the completion of the transaction, the chief executive officer now directly owns 17,913 shares of the company’s stock, valued at $1,959,682.20. The sale was disclosed in a filing with the SEC, which is available at this link. Also, VP Daryn A. Walters bought 910 shares of the company’s stock in a transaction on Thursday, March 30th. The stock was bought at an average cost of $110.05 per share, with a total value of $100,145.50. Following the completion of the acquisition, the vice president now owns 1,740 shares of the company’s stock, valued at approximately $191,487. The disclosure for this purchase can be found here. Insiders sold 59,634 shares of company stock valued at $6,516,758 over the last ninety days. Corporate insiders own 2.22% of the company’s stock.

Toro Price Performance

Shares of NYSE:TTC opened at $102.04 on Friday. The company has a 50-day simple moving average of $104.58 and a 200-day simple moving average of $109.17. The Toro Company has a one year low of $71.86 and a one year high of $117.66. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.63 and a current ratio of 1.78. The stock has a market capitalization of $10.64 billion, a price-to-earnings ratio of 22.38 and a beta of 0.72.

Toro (NYSE:TTC – Get Rating) last announced its earnings results on Thursday, March 9th. The company reported $0.98 EPS for the quarter, beating analysts’ consensus estimates of $0.91 by $0.07. The business had revenue of $1.15 billion during the quarter, compared to analysts’ expectations of $1.16 billion. Toro had a net margin of 10.16% and a return on equity of 36.04%. The business’s revenue was up 23.2% compared to the same quarter last year. During the same period in the prior year, the company earned $0.66 earnings per share. On average, analysts predict that The Toro Company will post 4.83 EPS for the current year.

Toro Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 12th. Investors of record on Wednesday, June 21st will be issued a dividend of $0.34 per share. The ex-dividend date of this dividend is Tuesday, June 20th. This represents a $1.36 annualized dividend and a yield of 1.33%. Toro’s dividend payout ratio is currently 29.82%.

Analyst Ratings Changes

Several equities analysts have issued reports on the stock. StockNews.com upgraded shares of Toro from a “hold” rating to a “buy” rating in a research note on Thursday, May 11th. CL King started coverage on shares of Toro in a research note on Friday, May 19th. They issued a “buy” rating and a $133.00 price objective for the company. Finally, Northland Securities started coverage on shares of Toro in a report on Monday, April 17th. They issued a “market perform” rating and a $110.00 target price for the company. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Toro presently has an average rating of “Moderate Buy” and an average target price of $122.25.

Toro Company Profile

(Get Rating)

The Toro Co is in the business of designing, manufacturing, marketing, and selling professional turf maintenance equipment and services. It operates through the following segments: Professional and Residential. The Professional segment consists of turf and landscape equipment, rental, specialty, and underground construction equipment, snow & ice management equipment, and irrigation and lighting products.