Principal Financial Group Inc. decreased its holdings in The Toro Company (NYSE:TTC - Free Report) by 30.1% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 249,121 shares of the company's stock after selling 107,090 shares during the quarter. Principal Financial Group Inc. owned 0.24% of Toro worth $21,606,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also modified their holdings of TTC. Arizona State Retirement System raised its position in shares of Toro by 0.4% during the 2nd quarter. Arizona State Retirement System now owns 28,680 shares of the company's stock valued at $2,682,000 after purchasing an additional 110 shares during the period. Lindenwold Advisors INC increased its holdings in Toro by 2.8% in the 3rd quarter. Lindenwold Advisors INC now owns 4,612 shares of the company's stock valued at $400,000 after acquiring an additional 125 shares during the last quarter. Toronto Dominion Bank lifted its stake in Toro by 1.4% in the 2nd quarter. Toronto Dominion Bank now owns 10,060 shares of the company's stock worth $941,000 after purchasing an additional 136 shares in the last quarter. CWM LLC boosted its holdings in shares of Toro by 15.5% during the 3rd quarter. CWM LLC now owns 1,063 shares of the company's stock valued at $92,000 after purchasing an additional 143 shares during the last quarter. Finally, Taylor Frigon Capital Management LLC grew its position in shares of Toro by 1.0% during the third quarter. Taylor Frigon Capital Management LLC now owns 15,201 shares of the company's stock valued at $1,318,000 after purchasing an additional 146 shares in the last quarter. Hedge funds and other institutional investors own 87.95% of the company's stock.
NYSE TTC opened at $80.85 on Thursday. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.85 and a current ratio of 1.94. The company's 50-day simple moving average is $84.01 and its two-hundred day simple moving average is $87.97. The Toro Company has a one year low of $77.15 and a one year high of $100.93. The company has a market capitalization of $8.18 billion, a price-to-earnings ratio of 21.22 and a beta of 0.70.
Toro (NYSE:TTC - Get Free Report) last announced its earnings results on Wednesday, December 18th. The company reported $0.95 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.95. The business had revenue of $1.08 billion for the quarter, compared to analysts' expectations of $1.09 billion. Toro had a return on equity of 25.94% and a net margin of 8.89%. The business's revenue for the quarter was up 9.4% on a year-over-year basis. During the same quarter last year, the firm earned $0.71 EPS. Equities analysts forecast that The Toro Company will post 4.16 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, January 13th. Stockholders of record on Monday, December 23rd will be given a $0.38 dividend. The ex-dividend date of this dividend is Monday, December 23rd. This represents a $1.52 dividend on an annualized basis and a dividend yield of 1.88%. This is an increase from Toro's previous quarterly dividend of $0.36. Toro's payout ratio is presently 37.91%.
Toro declared that its Board of Directors has initiated a share buyback program on Tuesday, December 10th that permits the company to repurchase 4,000,000 shares. This repurchase authorization permits the company to reacquire shares of its stock through open market purchases. Stock repurchase programs are generally a sign that the company's board of directors believes its stock is undervalued.
A number of research firms have recently commented on TTC. Northland Securities reiterated a "market perform" rating and set a $100.00 target price on shares of Toro in a research report on Friday, September 6th. DA Davidson dropped their target price on Toro from $103.00 to $88.00 and set a "neutral" rating for the company in a report on Monday, September 9th. Robert W. Baird reduced their target price on shares of Toro from $102.00 to $92.00 and set a "neutral" rating on the stock in a research note on Friday, September 6th. StockNews.com upgraded shares of Toro from a "hold" rating to a "buy" rating in a report on Monday, September 9th. Finally, Raymond James reduced their price target on Toro from $100.00 to $95.00 and set an "outperform" rating on the stock in a report on Friday, December 20th. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, Toro currently has an average rating of "Hold" and an average price target of $93.75.
Get Our Latest Stock Report on 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.
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