MAI Capital Management Has $1.10 Million Holdings in The Toro Company (NYSE:TTC)

Posted by Defense World Staff on Aug 21st, 2023

MAI Capital Management lessened its holdings in shares of The Toro Company (NYSE:TTC – Free Report) by 18.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 9,924 shares of the company’s stock after selling 2,206 shares during the quarter. MAI Capital Management’s holdings in Toro were worth $1,103,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Fred Alger Management LLC acquired a new stake in shares of Toro in the 4th quarter valued at about $29,000. Orion Capital Management LLC acquired a new stake in shares of Toro in the 1st quarter valued at about $34,000. Raleigh Capital Management Inc. raised its stake in shares of Toro by 255.0% in the 4th quarter. Raleigh Capital Management Inc. now owns 355 shares of the company’s stock valued at $40,000 after purchasing an additional 255 shares during the period. IFP Advisors Inc raised its stake in shares of Toro by 20.0% in the 4th quarter. IFP Advisors Inc now owns 594 shares of the company’s stock valued at $40,000 after purchasing an additional 99 shares during the period. Finally, Belpointe Asset Management LLC acquired a new stake in shares of Toro in the 4th quarter valued at about $42,000. Institutional investors and hedge funds own 84.65% of the company’s stock.

Insider Buying and Selling

In other Toro news, VP Daryn A. Walters purchased 1,654 shares of Toro stock in a transaction that occurred on Friday, June 23rd. The stock was acquired at an average price of $97.41 per share, for a total transaction of $161,116.14. Following the completion of the acquisition, the vice president now owns 3,684 shares of the company’s stock, valued at approximately $358,858.44. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 2.22% of the stock is currently owned by corporate insiders.

Toro Price Performance

Shares of NYSE TTC opened at $98.28 on Monday. The stock has a market capitalization of $10.21 billion, a price-to-earnings ratio of 20.02 and a beta of 0.72. The business has a 50-day moving average of $100.97 and a 200-day moving average of $104.88. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.78 and a quick ratio of 0.68. The Toro Company has a fifty-two week low of $80.44 and a fifty-two week high of $117.66.

Toro (NYSE:TTC – Get Free Report) last posted its quarterly earnings results on Thursday, June 8th. The company reported $1.58 EPS for the quarter, topping analysts’ consensus estimates of $1.52 by $0.06. Toro had a return on equity of 36.32% and a net margin of 10.73%. The business had revenue of $1.34 billion during the quarter, compared to analysts’ expectations of $1.44 billion. During the same quarter last year, the company posted $1.25 earnings per share. Toro’s quarterly revenue was up 7.2% on a year-over-year basis. As a group, sell-side analysts predict that The Toro Company will post 4.78 earnings per share for the current fiscal year.

Toro Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 12th. Investors of record on Wednesday, June 21st were issued a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a yield of 1.38%. The ex-dividend date of this dividend was Tuesday, June 20th. Toro’s payout ratio is currently 27.70%.

Analyst Upgrades and Downgrades

TTC has been the topic of several recent research reports. StockNews.com initiated coverage on Toro in a research note on Thursday. They issued a “buy” rating on the stock. Robert W. Baird dropped their price target on Toro from $120.00 to $110.00 in a research note on Friday, June 9th. DA Davidson assumed coverage on Toro in a report on Wednesday, June 21st. They issued a “buy” rating and a $117.00 price objective for the company. Finally, CL King assumed coverage on Toro in a report on Friday, May 19th. They issued a “buy” rating and a $133.00 price objective for the company. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, Toro presently has an average rating of “Moderate Buy” and a consensus price target of $120.00.

Check Out Our Latest Stock Analysis on TTC

Toro Profile

(Free Report)

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.