Traders Buy Toro Co. (TTC) on Weakness
Traders purchased shares of Toro Co. (NYSE:TTC) on weakness during trading hours on Friday. $12.52 million flowed into the stock on the tick-up and $10.15 million flowed out of the stock on the tick-down, for a money net flow of $2.37 million into the stock. Of all equities tracked, Toro had the 17th highest net in-flow for the day. Toro traded down ($0.13) for the day and closed at $90.58
TTC has been the topic of several recent research reports. Northcoast Research reiterated a “neutral” rating on shares of Toro in a research report on Thursday, June 30th. Zacks Investment Research lowered Toro from a “buy” rating to a “hold” rating in a research report on Wednesday, April 20th. Sidoti lowered Toro from a “buy” rating to a “neutral” rating and set a $98.00 price objective on the stock. in a research report on Friday, June 10th. Finally, Seaport Global Securities initiated coverage on Toro in a research report on Tuesday, May 24th. They set a “neutral” rating and a $87.00 price objective on the stock. Five research analysts have rated the stock with a hold rating, Toro presently has a consensus rating of “Hold” and a consensus price target of C$91.33.
The company has a market cap of $4.98 billion and a price-to-earnings ratio of 22.98. The stock has a 50-day moving average of $87.82 and a 200-day moving average of $82.08.
Toro (NYSE:TTC) last released its quarterly earnings results on Thursday, May 19th. The company reported $1.89 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.79 by $0.10. The company had revenue of $836.40 million for the quarter, compared to the consensus estimate of $854 million. During the same period in the prior year, the firm posted $1.64 EPS. The business’s revenue for the quarter was up 1.2% on a year-over-year basis. Equities research analysts predict that Toro Co. will post $4.02 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 12th. Shareholders of record on Tuesday, June 21st will be issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 1.32%. The ex-dividend date is Friday, June 17th.
In other Toro news, VP William E. Brown, Jr. sold 9,932 shares of the business’s stock in a transaction dated Wednesday, May 25th. The stock was sold at an average price of C$87.96, for a total transaction of C$873,618.72. Following the completion of the sale, the vice president now owns 100,915 shares of the company’s stock, valued at C$8,876,483.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Philip A. Burkart sold 6,600 shares of the business’s stock in a transaction dated Friday, May 27th. The shares were sold at an average price of C$89.00, for a total value of C$587,400.00. Following the sale, the vice president now directly owns 90,388 shares of the company’s stock, valued at approximately C$8,044,532. The disclosure for this sale can be found here.
Other hedge funds recently added to or reduced their stakes in the company. Morgan Stanley raised its stake in Toro by 108.7% in the fourth quarter. Morgan Stanley now owns 324,205 shares of the company’s stock valued at $23,690,000 after buying an additional 168,869 shares in the last quarter. First Trust Advisors LP increased its position in shares of Toro by 102.5% in the fourth quarter. First Trust Advisors LP now owns 147,597 shares of the company’s stock valued at $10,785,000 after buying an additional 74,721 shares during the last quarter. WBI Investments Inc. acquired a new position in shares of Toro during the fourth quarter valued at approximately $4,382,000. Marshall Wace LLP acquired a new position in shares of Toro during the fourth quarter valued at approximately $3,873,000. Finally, Vanguard Group Inc. increased its position in shares of Toro by 1.3% in the fourth quarter. Vanguard Group Inc. now owns 3,954,420 shares of the company’s stock valued at $288,949,000 after buying an additional 49,619 shares during the last quarter.
The Toro Company designs, manufactures and markets professional turf maintenance equipment and services, turf irrigation systems, landscaping equipment and lighting, agricultural micro-irrigation systems, rental and specialty construction equipment, and residential yard and snow thrower products. The Company operates through three segments: Professional, Residential and Distribution.
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