The Toro Company (NYSE:TTC) to Issue $0.30 Quarterly Dividend

The Toro Company (NYSE:TTCGet Rating) announced a quarterly dividend on Tuesday, May 17th, RTT News reports. Stockholders of record on Wednesday, June 22nd will be paid a dividend of 0.30 per share on Wednesday, July 13th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.49%.

Toro has increased its dividend by an average of 9.7% per year over the last three years and has raised its dividend every year for the last 19 years. Toro has a dividend payout ratio of 24.9% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Toro to earn $4.85 per share next year, which means the company should continue to be able to cover its $1.20 annual dividend with an expected future payout ratio of 24.7%.

Shares of TTC traded up $1.83 during mid-day trading on Tuesday, reaching $80.43. The company had a trading volume of 10,770 shares, compared to its average volume of 405,727. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.61 and a current ratio of 1.46. The firm has a 50-day moving average price of $83.83 and a 200 day moving average price of $93.23. Toro has a 52 week low of $75.89 and a 52 week high of $115.68. The company has a market capitalization of $8.41 billion, a price-to-earnings ratio of 23.15 and a beta of 0.72.

Toro (NYSE:TTCGet Rating) last issued its quarterly earnings results on Thursday, March 3rd. The company reported $0.66 EPS for the quarter, topping analysts’ consensus estimates of $0.65 by $0.01. Toro had a return on equity of 31.17% and a net margin of 9.16%. The firm had revenue of $932.70 million for the quarter, compared to analysts’ expectations of $972.07 million. During the same period in the previous year, the firm posted $0.85 EPS. The business’s revenue for the quarter was up 6.8% compared to the same quarter last year. As a group, research analysts forecast that Toro will post 4.04 earnings per share for the current fiscal year.

In related news, VP Richard W. Rodier sold 3,600 shares of the company’s stock in a transaction that occurred on Friday, March 25th. The stock was sold at an average price of $85.95, for a total value of $309,420.00. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Corporate insiders own 2.10% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Covestor Ltd lifted its holdings in shares of Toro by 140.7% during the 1st quarter. Covestor Ltd now owns 1,974 shares of the company’s stock valued at $169,000 after buying an additional 1,154 shares during the period. Point72 Hong Kong Ltd purchased a new stake in shares of Toro in the 1st quarter worth $177,000. Proficio Capital Partners LLC purchased a new stake in shares of Toro in the 1st quarter worth $281,000. MML Investors Services LLC increased its stake in shares of Toro by 3.4% in the 4th quarter. MML Investors Services LLC now owns 3,870 shares of the company’s stock worth $387,000 after purchasing an additional 129 shares in the last quarter. Finally, Echo Street Capital Management LLC purchased a new stake in shares of Toro in the 1st quarter worth $624,000. 82.56% of the stock is currently owned by hedge funds and other institutional investors.

A number of brokerages have recently commented on TTC. Zacks Investment Research cut Toro from a “buy” rating to a “hold” rating in a research report on Wednesday, May 4th. Robert W. Baird lowered their price objective on Toro from $120.00 to $110.00 in a research report on Monday, February 28th. Finally, StockNews.com initiated coverage on Toro in a research report on Thursday, March 31st. They issued a “hold” rating on the stock. One research analyst has rated the stock with a sell rating and four have issued a hold rating to the company’s stock. According to MarketBeat, Toro presently has a consensus rating of “Hold” and an average target price of $95.67.

About Toro (Get Rating)

The Toro Company engages in the designing, manufacturing, marketing, and selling professional and residential equipment worldwide. 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; and snow and ice management equipment, such as snowplows, brush, snow thrower attachment, 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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Dividend History for Toro (NYSE:TTC)

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