Geode Capital Management LLC Raises Holdings in The Toro Company (NYSE:TTC)

Geode Capital Management LLC raised its position in shares of The Toro Company (NYSE:TTC - Free Report) by 1.5% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,959,875 shares of the company's stock after purchasing an additional 29,105 shares during the period. Geode Capital Management LLC owned 1.91% of Toro worth $169,639,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also bought and sold shares of the company. UMB Bank n.a. grew its stake in shares of Toro by 112.1% during the 3rd quarter. UMB Bank n.a. now owns 630 shares of the company's stock worth $55,000 after acquiring an additional 333 shares during the period. Whittier Trust Co. of Nevada Inc. boosted 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 worth $74,000 after purchasing an additional 765 shares during the period. Fifth Third Bancorp increased its stake in shares of Toro by 22.4% in the second quarter. Fifth Third Bancorp now owns 908 shares of the company's stock worth $85,000 after purchasing an additional 166 shares in the last quarter. Rothschild Investment LLC bought a new stake in shares of Toro in the second quarter valued at approximately $94,000. Finally, CWM LLC lifted its stake 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 buying an additional 143 shares in the last quarter. 87.95% of the stock is owned by hedge funds and other institutional investors.

Toro Price Performance

Shares of TTC stock traded down $1.96 during trading on Monday, hitting $86.36. The company had a trading volume of 1,010,060 shares, compared to its average volume of 850,221. The stock's 50-day moving average is $84.18 and its two-hundred day moving average is $88.02. The stock has a market capitalization of $8.86 billion, a price-to-earnings ratio of 22.67 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. The Toro Company has a 52 week low of $77.15 and a 52 week high of $102.00.

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

Toro Increases Dividend

The business 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 dividend of $0.38 per share. The ex-dividend date is Monday, December 23rd. This represents a $1.52 annualized dividend and a dividend yield of 1.76%. This is a boost from Toro's previous quarterly dividend of $0.36. Toro's dividend payout ratio (DPR) is 39.90%.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on TTC shares. Northland Securities restated a "market perform" rating and set a $100.00 target price on shares of Toro in a research report on Friday, September 6th. StockNews.com raised Toro from a "hold" rating to a "buy" rating in a report on Monday, September 9th. Robert W. Baird lowered their price target on shares of Toro from $102.00 to $92.00 and set a "neutral" rating on the stock in a report on Friday, September 6th. Finally, DA Davidson cut their price objective on shares of Toro from $103.00 to $88.00 and set a "neutral" rating for the company in a research report on Monday, September 9th. Three investment analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, Toro presently has an average rating of "Hold" and a consensus target price of $93.33.

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.