Toro Company (The) (NYSE:TTC) Shares Acquired by M&T Bank Corp

M&T Bank Corp lifted its stake in Toro Company (The) (NYSE:TTC) by 11.2% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 10,915 shares of the company’s stock after buying an additional 1,098 shares during the quarter. M&T Bank Corp’s holdings in Toro were worth $794,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of TTC. True Wealth Design LLC boosted its position in Toro by 127.2% in the 4th quarter. True Wealth Design LLC now owns 368 shares of the company’s stock worth $29,000 after purchasing an additional 206 shares in the last quarter. CIBC Private Wealth Group LLC lifted its stake in shares of Toro by 30.2% in the 4th quarter. CIBC Private Wealth Group LLC now owns 547 shares of the company’s stock valued at $43,000 after purchasing an additional 127 shares during the period. Versant Capital Management Inc boosted its holdings in Toro by 81.2% during the first quarter. Versant Capital Management Inc now owns 868 shares of the company’s stock worth $63,000 after buying an additional 389 shares in the last quarter. Covestor Ltd grew its position in Toro by 60.5% during the fourth quarter. Covestor Ltd now owns 1,181 shares of the company’s stock valued at $95,000 after buying an additional 445 shares during the period. Finally, HM Payson & Co. grew its position in Toro by 28.4% during the first quarter. HM Payson & Co. now owns 1,500 shares of the company’s stock valued at $109,000 after buying an additional 332 shares during the period. 87.95% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have weighed in on TTC. Northland Securities reiterated a “market perform” rating and issued a $80.00 price objective (down previously from $100.00) on shares of Toro in a research report on Friday, June 6th. DA Davidson set a $76.00 price target on Toro and gave the stock a “neutral” rating in a report on Monday, June 9th. Raymond James Financial dropped their price objective on Toro from $95.00 to $90.00 and set an “outperform” rating on the stock in a report on Friday, June 6th. Wall Street Zen cut Toro from a “buy” rating to a “hold” rating in a research report on Tuesday, March 18th. Finally, Robert W. Baird increased their target price on Toro from $84.00 to $85.00 and gave the company a “neutral” rating in a research report on Tuesday, June 3rd. Five research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $82.75.

Toro Price Performance

Shares of Toro stock opened at $73.76 on Tuesday. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.81 and a quick ratio of 0.79. The business has a 50 day simple moving average of $73.01 and a two-hundred day simple moving average of $74.97. The stock has a market capitalization of $7.28 billion, a P/E ratio of 18.91 and a beta of 0.81. Toro Company has a 12 month low of $62.34 and a 12 month high of $100.93.

Toro (NYSE:TTC) last posted its quarterly earnings data on Thursday, June 5th. The company reported $1.42 EPS for the quarter, beating the consensus estimate of $1.40 by $0.02. The firm had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.35 billion. Toro had a return on equity of 27.99% and a net margin of 8.77%. The firm’s revenue was down 2.3% compared to the same quarter last year. During the same period in the prior year, the company earned $1.40 EPS. As a group, analysts predict that Toro Company will post 4.41 EPS for the current fiscal year.

Toro Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 11th. Investors of record on Tuesday, June 17th were given a dividend of $0.38 per share. The ex-dividend date of this dividend was Tuesday, June 17th. This represents a $1.52 dividend on an annualized basis and a yield of 2.06%. Toro’s payout ratio is 38.97%.

Insiders Place Their Bets

In related news, VP Kurt D. Svendsen sold 6,000 shares of the company’s stock in a transaction dated Thursday, June 26th. The shares were sold at an average price of $70.99, for a total value of $425,940.00. Following the completion of the sale, the vice president owned 11,646 shares of the company’s stock, valued at approximately $826,749.54. This represents a 34.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Gary Lee Ellis sold 5,038 shares of Toro stock in a transaction dated Wednesday, June 11th. The stock was sold at an average price of $70.81, for a total transaction of $356,740.78. Following the transaction, the director directly owned 34,062 shares in the company, valued at $2,411,930.22. This trade represents a 12.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.39% of the company’s stock.

About Toro

The Toro Company designs, manufactures, markets, and sells professional turf maintenance equipment and services. It operates through two segments: Professional and Residential. The 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, such as snowplows, as well as stand-on snow and ice removal equipment, such as 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.