The Toro Company (NYSE:TTC – Get Free Report) declared a quarterly dividend on Tuesday, September 19th, RTT News reports. Stockholders of record on Wednesday, October 4th will be paid a dividend of 0.34 per share on Wednesday, October 18th. This represents a $1.36 annualized dividend and a dividend yield of 1.64%. The ex-dividend date of this dividend is Tuesday, October 3rd.
Toro has raised its dividend by an average of 10.3% per year over the last three years and has increased its dividend annually for the last 19 consecutive years. Toro has a payout ratio of 29.9% meaning its dividend is sufficiently covered by earnings. Research analysts expect Toro to earn $4.64 per share next year, which means the company should continue to be able to cover its $1.36 annual dividend with an expected future payout ratio of 29.3%.
Toro Stock Performance
Shares of Toro stock opened at $83.10 on Monday. The stock has a market cap of $8.63 billion, a PE ratio of 23.21 and a beta of 0.77. The business has a fifty day simple moving average of $94.69 and a 200-day simple moving average of $100.27. The company has a quick ratio of 0.68, a current ratio of 1.91 and a debt-to-equity ratio of 0.72. Toro has a 12 month low of $78.35 and a 12 month high of $117.66.
Insider Buying and Selling
In other Toro news, VP Kevin N. Carpenter sold 1,610 shares of the firm’s stock in a transaction that occurred on Wednesday, September 13th. The shares were sold at an average price of $81.93, for a total transaction of $131,907.30. Following the completion of the sale, the vice president now directly owns 169 shares in the company, valued at $13,846.17. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 2.22% of the stock is currently owned by corporate insiders.
Institutional Trading of Toro
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Fred Alger Management LLC bought a new stake in Toro in the 4th quarter worth about $29,000. Atlas Capital Advisors LLC bought a new stake in Toro in the 1st quarter worth about $39,000. Neo Ivy Capital Management bought a new position in shares of Toro during the 2nd quarter valued at approximately $42,000. First Capital Advisors Group LLC. bought a new position in Toro in the 2nd quarter worth approximately $51,000. Finally, Belpointe Asset Management LLC lifted its stake in Toro by 36.1% in the 1st quarter. Belpointe Asset Management LLC now owns 501 shares of the company’s stock worth $56,000 after purchasing an additional 133 shares in the last quarter. Institutional investors own 84.69% of the company’s stock.
Analysts Set New Price Targets
TTC has been the subject of several research analyst reports. Northland Securities cut their price objective on Toro from $110.00 to $95.00 and set a “market perform” rating for the company in a research report on Monday, September 11th. Raymond James decreased their price target on Toro from $125.00 to $105.00 and set an “outperform” rating on the stock in a research report on Friday, September 8th. Robert W. Baird decreased their price target on Toro from $110.00 to $94.00 and set a “neutral” rating on the stock in a research report on Friday, September 8th. TheStreet lowered Toro from a “b” rating to a “c+” rating in a research report on Thursday, September 7th. Finally, DA Davidson began coverage on Toro in a research note on Wednesday, June 21st. They issued a “buy” rating and a $117.00 price target on the stock. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Toro currently has a consensus rating of “Moderate Buy” and a consensus price target of $108.80.
Check Out Our Latest Research Report on Toro
About Toro
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.
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