Investors Buy Shares of Toro Co. (TTC) on Weakness
Investors bought shares of Toro Co. (NYSE:TTC) on weakness during trading 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
A number of analysts have commented on TTC shares. Zacks Investment Research lowered shares of Toro from a “buy” rating to a “hold” rating in a research note on Wednesday, April 20th. Seaport Global Securities started coverage on shares of Toro in a research note on Tuesday, May 24th. They set a “neutral” rating and a $87.00 price target for the company. Sidoti lowered shares of Toro from a “buy” rating to a “neutral” rating and set a $98.00 price target for the company. in a research note on Friday, June 10th. Finally, Northcoast Research restated a “neutral” rating on shares of Toro in a research note on Thursday, June 30th. Five equities research analysts have rated the stock with a hold rating, The stock has an average rating of “Hold” and an average price target of C$91.33.
The stock has a 50 day moving average of $87.82 and a 200-day moving average of $82.08. The stock has a market capitalization of $4.98 billion and a PE ratio of 22.98.
Toro (NYSE:TTC) last released its quarterly earnings data on Thursday, May 19th. The company reported $1.89 earnings per share for the quarter, beating analysts’ consensus estimates of $1.79 by $0.10. During the same period last year, the company posted $1.64 EPS. The company had revenue of $836.40 million for the quarter, compared to analysts’ expectations of $854 million. The business’s revenue for the quarter was up 1.2% compared to the same quarter last year. Equities research analysts expect that Toro Co. will post $4.02 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 12th. Stockholders of record on Tuesday, June 21st will be paid a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.32%. The ex-dividend date is Friday, June 17th.
In other news, CEO Michael J. Hoffman sold 125,600 shares of the stock in a transaction that occurred on Thursday, June 30th. The stock was sold at an average price of C$86.46, for a total transaction of C$10,859,376.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP William E. Brown, Jr. sold 9,932 shares of the stock in a transaction that occurred on Wednesday, May 25th. The shares were sold at an average price of C$87.96, for a total value of C$873,618.72. Following the sale, the vice president now directly owns 100,915 shares of the company’s stock, valued at approximately C$8,876,483.40. 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 worth $23,690,000 after buying an additional 168,869 shares during the period. First Trust Advisors LP raised its stake in Toro by 102.5% in the fourth quarter. First Trust Advisors LP now owns 147,597 shares of the company’s stock worth $10,785,000 after buying an additional 74,721 shares during the period. WBI Investments Inc. bought a new stake in Toro during the fourth quarter worth $4,382,000. Marshall Wace LLP bought a new stake in Toro during the fourth quarter worth $3,873,000. Finally, Vanguard Group Inc. raised its stake in Toro by 1.3% in the fourth quarter. Vanguard Group Inc. now owns 3,954,420 shares of the company’s stock worth $288,949,000 after buying an additional 49,619 shares during the period.
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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