DA Davidson Weighs in on The Toro Company’s FY2023 Earnings (NYSE:TTC)

Posted by Defense World Staff on Jun 26th, 2023

The Toro Company (NYSE:TTC – Get Rating) – DA Davidson issued their FY2023 earnings per share estimates for shares of Toro in a research report issued to clients and investors on Thursday, June 22nd. DA Davidson analyst M. Shlisky forecasts that the company will post earnings of $4.77 per share for the year. DA Davidson currently has a “Buy” rating and a $117.00 target price on the stock. The consensus estimate for Toro’s current full-year earnings is $4.78 per share. DA Davidson also issued estimates for Toro’s FY2024 earnings at $5.32 EPS.

Toro (NYSE:TTC – Get Rating) last issued its quarterly earnings results on Thursday, June 8th. The company reported $1.58 earnings per share for the quarter, beating analysts’ consensus estimates of $1.52 by $0.06. Toro had a net margin of 10.73% and a return on equity of 36.32%. The company had revenue of $1.34 billion during the quarter, compared to the consensus estimate of $1.44 billion. During the same period in the prior year, the company earned $1.25 EPS. Toro’s revenue was up 7.2% on a year-over-year basis.

Other equities research analysts have also issued reports about the company. Robert W. Baird reduced their price objective on Toro from $120.00 to $110.00 in a research note on Friday, June 9th. Northland Securities assumed coverage on Toro in a report on Monday, April 17th. They set a “market perform” rating and a $110.00 price objective on the stock. StockNews.com upgraded shares of Toro from a “hold” rating to a “buy” rating in a report on Thursday, May 11th. Finally, CL King started coverage on shares of Toro in a report on Friday, May 19th. They set a “buy” rating and a $133.00 price target on the stock. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, Toro has an average rating of “Moderate Buy” and a consensus target price of $120.00.

Toro Trading Down 2.1 %

Shares of NYSE:TTC opened at $97.41 on Monday. The stock has a market capitalization of $10.12 billion, a price-to-earnings ratio of 19.84 and a beta of 0.72. Toro has a 1-year low of $74.67 and a 1-year high of $117.66. The company has a 50 day moving average price of $102.43 and a 200 day moving average price of $107.88. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.68 and a current ratio of 1.78.

Toro Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 12th. Stockholders of record on Wednesday, June 21st will be given a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a dividend yield of 1.40%. The ex-dividend date is Tuesday, June 20th. Toro’s dividend payout ratio (DPR) is 27.70%.

Insider Activity at Toro

In related news, VP Daryn A. Walters bought 910 shares of the business’s stock in a transaction on Thursday, March 30th. The stock was bought at an average price of $110.05 per share, for a total transaction of $100,145.50. Following the transaction, the vice president now directly owns 1,740 shares in the company, valued at $191,487. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 2.22% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Toro

A number of hedge funds have recently added to or reduced their stakes in the company. Oregon Public Employees Retirement Fund increased its stake in shares of Toro by 0.3% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 30,580 shares of the company’s stock worth $3,462,000 after purchasing an additional 91 shares during the last quarter. IFP Advisors Inc lifted its position in shares of Toro by 20.0% in the fourth quarter. IFP Advisors Inc now owns 594 shares of the company’s stock worth $40,000 after buying an additional 99 shares during the last quarter. Utah Retirement Systems increased its holdings in shares of Toro by 0.5% during the 3rd quarter. Utah Retirement Systems now owns 18,638 shares of the company’s stock valued at $1,612,000 after acquiring an additional 100 shares during the last quarter. Louisiana State Employees Retirement System raised its stake in shares of Toro by 0.4% in the 4th quarter. Louisiana State Employees Retirement System now owns 27,900 shares of the company’s stock valued at $3,158,000 after acquiring an additional 100 shares in the last quarter. Finally, Securian Asset Management Inc. lifted its holdings in Toro by 1.0% in the 4th quarter. Securian Asset Management Inc. now owns 9,630 shares of the company’s stock worth $1,090,000 after purchasing an additional 100 shares during the last quarter. Institutional investors and hedge funds own 84.65% of the company’s stock.

Toro Company Profile

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The Toro Company provides innovative solutions for the outdoor environment worldwide. It operates through two segments Professional and Residential. The company's 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, including snowplows; as well as stand-on snow and ice removal equipment, such as the related 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.