Raymond James Cuts Toro (NYSE:TTC) Price Target to $95.00

Toro (NYSE:TTC) had its price objective trimmed by Raymond James from $100.00 to $95.00 in a report published on Friday,Benzinga reports. The firm currently has an outperform rating on the stock.

Several other equities research analysts have also recently weighed in on the company. DA Davidson cut their target price on Toro from $103.00 to $88.00 and set a “neutral” rating for the company in a research note on Monday, September 9th. Robert W. Baird decreased their target price on Toro from $102.00 to $92.00 and set a “neutral” rating on the stock in a research report on Friday, September 6th. StockNews.com raised shares of Toro from a “hold” rating to a “buy” rating in a report on Monday, September 9th. Finally, Northland Securities reaffirmed a “market perform” rating and set a $100.00 price target on shares of Toro in a report on Friday, September 6th. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, Toro has a consensus rating of “Hold” and an average target price of $93.75.

Toro Stock Performance

NYSE TTC opened at $81.48 on Friday. The firm has a 50-day moving average price of $84.13 and a two-hundred day moving average price of $88.15. Toro has a 12-month low of $77.15 and a 12-month high of $100.93. The company has a market capitalization of $8.36 billion, a P/E ratio of 21.39 and a beta of 0.70. The company has a quick ratio of 0.85, a current ratio of 1.94 and a debt-to-equity ratio of 0.59.

Toro (NYSE:TTC) last announced its quarterly earnings data on Wednesday, December 18th. The company reported $0.95 earnings per share for the quarter, meeting the consensus estimate of $0.95. The firm had revenue of $1.08 billion during 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 company’s quarterly revenue was up 9.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.71 EPS. Analysts anticipate that Toro will post 4.16 earnings per share for the current year.

Toro Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, January 13th. Stockholders of record on Monday, December 23rd will be issued a dividend of $0.38 per share. This is a boost from Toro’s previous quarterly dividend of $0.36. This represents a $1.52 annualized dividend and a dividend yield of 1.87%. The ex-dividend date of this dividend is Monday, December 23rd. Toro’s payout ratio is 37.91%.

Toro announced that its board has authorized a share buyback plan on Tuesday, December 10th that authorizes the company to repurchase 4,000,000 shares. This repurchase authorization authorizes the company to repurchase shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its stock is undervalued.

Hedge Funds Weigh In On Toro

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Arizona State Retirement System raised its position in shares of Toro by 0.4% in the 2nd quarter. Arizona State Retirement System now owns 28,680 shares of the company’s stock worth $2,682,000 after acquiring an additional 110 shares in the last quarter. Lindenwold Advisors INC grew its stake in Toro by 2.8% during the third quarter. Lindenwold Advisors INC now owns 4,612 shares of the company’s stock worth $400,000 after purchasing an additional 125 shares during the period. Toronto Dominion Bank increased its holdings in Toro by 1.4% in the second 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 lifted its stake in Toro by 15.5% in the third quarter. CWM LLC now owns 1,063 shares of the company’s stock valued at $92,000 after buying an additional 143 shares during the period. Finally, Taylor Frigon Capital Management LLC boosted its holdings in shares of Toro by 1.0% during the 3rd quarter. Taylor Frigon Capital Management LLC now owns 15,201 shares of the company’s stock worth $1,318,000 after buying an additional 146 shares in the last quarter. 87.95% of the stock is owned by institutional investors and hedge funds.

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.