Bryce Point Capital LLC Makes New Investment in The Toro Company (NYSE:TTC)

Bryce Point Capital LLC bought a new stake in The Toro Company (NYSE:TTC - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 8,639 shares of the company's stock, valued at approximately $692,000.

Several other hedge funds also recently added to or reduced their stakes in the stock. Asset Planning Inc purchased a new position in shares of Toro in the fourth quarter valued at $31,000. CIBC Private Wealth Group LLC increased its holdings in shares of Toro by 30.2% in the 4th quarter. CIBC Private Wealth Group LLC now owns 547 shares of the company's stock valued at $43,000 after acquiring an additional 127 shares during the last quarter. Venturi Wealth Management LLC boosted its holdings in Toro by 195.7% in the fourth quarter. Venturi Wealth Management LLC now owns 547 shares of the company's stock worth $44,000 after purchasing an additional 362 shares during the period. First Horizon Advisors Inc. boosted its holdings in shares of Toro by 54.6% in the 4th quarter. First Horizon Advisors Inc. now owns 807 shares of the company's stock valued at $65,000 after buying an additional 285 shares during the period. Finally, PrairieView Partners LLC lifted its holdings in shares of Toro by 14.7% in the 4th quarter. PrairieView Partners LLC now owns 1,547 shares of the company's stock worth $123,000 after purchasing an additional 198 shares during the last quarter. 87.95% of the stock is owned by hedge funds and other institutional investors.

Toro Stock Up 0.4 %

NYSE:TTC traded up $0.23 during trading hours on Tuesday, reaching $64.56. The company's stock had a trading volume of 305,464 shares, compared to its average volume of 959,048. The Toro Company has a one year low of $62.73 and a one year high of $100.93. The business's 50-day moving average is $77.10 and its 200-day moving average is $81.32. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.81 and a quick ratio of 0.74. The company has a market cap of $6.44 billion, a price-to-earnings ratio of 16.11 and a beta of 0.72.

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Toro Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 14th. Stockholders of record on Monday, March 31st will be paid a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.35%. The ex-dividend date of this dividend is Monday, March 31st. Toro's payout ratio is 38.87%.

Toro announced that its Board of Directors has initiated a stock buyback plan on Tuesday, December 10th that allows the company to repurchase 4,000,000 outstanding shares. This repurchase authorization allows the company to purchase shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company's board believes its stock is undervalued.

Analyst Ratings Changes

Several equities research analysts recently commented on the company. Robert W. Baird dropped their target price on Toro from $88.00 to $84.00 and set a "neutral" rating on the stock in a report on Friday, March 7th. Northland Securities raised Toro from a "market perform" rating to an "outperform" rating and set a $100.00 price objective for the company in a research note on Monday, February 24th. Raymond James reduced their price objective on shares of Toro from $100.00 to $95.00 and set an "outperform" rating for the company in a research note on Friday, December 20th. StockNews.com downgraded Toro from a "buy" rating to a "hold" rating in a report on Tuesday, March 18th. Finally, Northland Capmk raised shares of Toro from a "hold" rating to a "strong-buy" rating in a research note on Friday, February 21st. Three equities research analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, Toro has a consensus rating of "Moderate Buy" and an average price target of $89.75.

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.