On September 22, Katherine J. Harless, a member of the board of directors of The Toro Company (NYSE: TTC), sold 1,780 common shares of the company. The stock was sold for a total value of $156,640.00, with an average price per share of $88. This resulted in the sale of a total of 156,000 shares. Following the closing of the sale, the director now owns 53,364 shares of the company, the total value of which is $4,696,032. If you click on the link, you will be redirected to a legal filing sent to the SEC. you can find out more about the transaction.
Toro (NYSE: TTC) released its latest quarterly earnings report on Thursday, September 1. This report was made public the same day. The company reported earnings per share of $1.19 for the quarter, $0.06 higher than the $1.13 per share that industry analysts had expected. Toro achieved a return on equity of 32.35%, while the company’s net margin was 8.97%. Despite analysts’ forecast that the company would generate $1.17 billion in revenue during the quarter, actual revenue was only $1.16 billion. In the same period as the previous year, the company earned $0.92 per common share. On an annualized basis, the company’s quarterly revenue increased 18.9% over the prior year. Sell-side analysts believe that each common stock of Toro Company will earn one cent in profit in the current fiscal year.
Additionally, the company announced that it will distribute a quarterly dividend on October 18, as it previously announced. Therefore, on Wednesday, October 5, registered shareholders will be eligible to receive a dividend payment of $0.30. This corresponds to a dividend payment of $1.20 per share and a yield of 1.39% when calculated annually. Finally, on Tuesday, October 4, these shareholders will receive their dividends if their accounts are in good standing to date. Currently, Toro’s dividend payout ratio is at a current level of 32.88%.
On Friday, the cost of a Toro share fell $1.35, bringing the total share price to $86.40. Only 7,727 shares of the company have been traded, a volume of activity significantly lower than the typical daily trading volume of 436,693. The market value of the company is estimated at $9 billion, its price/price ratio earnings is estimated at 23.70 and the company’s beta value is estimated at 0.76. The stock price reached an average moving price of $86.68 over the past 50 days, while the price reached an average moving price of $83.41 over the past 200 days. In the prior calendar year, The Toro Company’s stock price fell to a yearly low of $71.86 while hitting an all-time high of $106.31. Currently, the debt ratio stands at 0.77, the quick ratio at 0.66 and the current ratio at 1.59.
Recently, several large investors have changed the amount of TTC shares they hold as a result of these changes. First, Durable Capital Partners LPLP bought a new position in Toro for about $150,798,000 in the first three months of the year. First Trust Advisors LP’s holdings in Toro saw an aggregate increase of 336.6% in the first three months of 2018 due to the investment firm’s continued bullish sentiment. First Trust Advisors LPLP now owns a total of 932,866 shares of the company, which are currently valued at $79,751,000 following the purchase of an additional 719,203 shares during the period in question. Finally, JPMorgan Chase & Co.’s stake in Toro rose 31.6% in the first three months of 2018 due to the investment company’s purchases. Following the acquisition of 661,588 shares of the company during the quarter, JPMorgan Chase & Co. now owns a total stake of 2,754,367 shares. The price at which these shares are currently trading in the market is $235,470.00. Finally, a 13.9% increase in Toro’s holdings was achieved by Select Equity Group LPLP in the first three months of 2018. Select Equity Group LPLP now owns a total of 5,269,614 shares of the company following the purchase of 642,703 additional shares during the question period. The value of all the company’s shares is currently equal to $450,499,000. And finally, during the period covered by this report, Victory Capital Management Inc. increased the amount of Toro stock held to 15.9%, which brings us to our final point. Victory Capital Management Inc. now owns 4,198,678 shares of the company, which has a value of $318,218,000 following the purchase of an additional 575,429 shares during the period in question. Currently, institutional investors such as hedge funds and other financial organizations own 85.24% of the company’s shares.
Several stock analysts have recently published studies on the company that they compiled themselves. In a report released Tuesday, May 31, Baird cut Toro’s price target from $108.00 to $94.00. The report has been distributed to investors. Additionally, the company received a “neutral” rating from the investment firm that assessed it. A report by StockNews.com on September 16 indicated that the company had lowered its previous recommendation for Toro from a “buy” rating to a “hold” rating. Finally, in a report released Sept. 6, Northcoast Research changed its rating of Toro from “neutral” to “buy.”