State of Alaska Department of Revenue Boosts Holdings in The Toro Company (NYSE:TTC)

State of Alaska Department of Revenue raised its stake in shares of The Toro Company (NYSE:TTC) by 4.6% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 18,646 shares of the company’s stock after acquiring an additional 815 shares during the period. State of Alaska Department of Revenue’s holdings in Toro were worth $1,616,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of the stock. Forsta AP Fonden raised its position in Toro by 9.0% during the third quarter. Forsta AP Fonden now owns 23,100 shares of the company’s stock valued at $2,003,000 after acquiring an additional 1,900 shares in the last quarter. Assenagon Asset Management S.A. increased its holdings in shares of Toro by 13.1% during the 3rd quarter. Assenagon Asset Management S.A. now owns 6,251 shares of the company’s stock valued at $542,000 after purchasing an additional 723 shares in the last quarter. Taylor Frigon Capital Management LLC lifted its stake in shares of Toro by 1.0% in the 3rd 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 during the period. Lecap Asset Management Ltd. boosted its holdings in Toro by 231.6% during the third quarter. Lecap Asset Management Ltd. now owns 25,068 shares of the company’s stock worth $2,174,000 after buying an additional 17,509 shares in the last quarter. Finally, Whittier Trust Co. of Nevada Inc. grew its position in Toro by 850.0% during the third quarter. Whittier Trust Co. of Nevada Inc. now owns 855 shares of the company’s stock valued at $74,000 after buying an additional 765 shares during the period. Hedge funds and other institutional investors own 87.95% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. Robert W. Baird decreased their price objective on shares of Toro from $102.00 to $92.00 and set a “neutral” rating for the company in a research report on Friday, September 6th. Northland Securities reiterated a “market perform” rating and set a $100.00 price target on shares of Toro in a research report on Friday, September 6th. DA Davidson cut their price objective on Toro from $103.00 to $88.00 and set a “neutral” rating for the company in a research report on Monday, September 9th. Finally, StockNews.com upgraded Toro from a “hold” rating to a “buy” rating in a research report on Monday, September 9th. Three investment analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to MarketBeat, Toro has an average rating of “Hold” and a consensus price target of $93.33.

Toro Price Performance

Shares of Toro stock opened at $81.50 on Friday. The stock has a market capitalization of $8.36 billion, a P/E ratio of 21.39 and a beta of 0.69. The business has a 50 day simple moving average of $85.05 and a two-hundred day simple moving average of $88.31. The Toro Company has a 12 month low of $77.15 and a 12 month high of $102.00. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.94 and a quick ratio of 0.85.

Toro (NYSE:TTC) last announced its quarterly earnings data on Thursday, September 5th. The company reported $1.18 earnings per share for the quarter, missing analysts’ consensus estimates of $1.23 by ($0.05). Toro had a net margin of 8.89% and a return on equity of 25.94%. The firm had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.26 billion. During the same quarter in the previous year, the business posted $0.95 EPS. The company’s revenue for the quarter was up 6.9% on a year-over-year basis. As a group, analysts predict that The Toro Company will post 4.16 EPS for the current fiscal year.

Toro Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Monday, September 30th were issued a $0.36 dividend. The ex-dividend date was Monday, September 30th. This represents a $1.44 dividend on an annualized basis and a yield of 1.77%. Toro’s payout ratio is 37.80%.

Toro Company Profile

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.