JPMorgan Chase & Co. Sells 7,364 Shares of The Toro Company (NYSE:TTC)

JPMorgan Chase & Co. trimmed its stake in shares of The Toro Company (NYSE:TTC - Free Report) by 0.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,111,145 shares of the company's stock after selling 7,364 shares during the quarter. JPMorgan Chase & Co. owned 1.10% of Toro worth $89,003,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently modified their holdings of TTC. Pacer Advisors Inc. boosted its stake in Toro by 0.8% in the 4th quarter. Pacer Advisors Inc. now owns 15,298 shares of the company's stock valued at $1,225,000 after buying an additional 120 shares in the last quarter. Lowe Brockenbrough & Co. Inc. lifted its holdings in shares of Toro by 1.1% during the fourth quarter. Lowe Brockenbrough & Co. Inc. now owns 11,473 shares of the company's stock valued at $923,000 after acquiring an additional 127 shares during the period. Northwest Financial Advisors boosted its stake in shares of Toro by 2.0% in the 4th quarter. Northwest Financial Advisors now owns 6,945 shares of the company's stock valued at $556,000 after purchasing an additional 139 shares in the last quarter. Savant Capital LLC grew its holdings in shares of Toro by 5.0% in the 4th quarter. Savant Capital LLC now owns 3,293 shares of the company's stock worth $264,000 after purchasing an additional 158 shares during the last quarter. Finally, CIBC Asset Management Inc increased its position in shares of Toro by 5.4% during the 4th quarter. CIBC Asset Management Inc now owns 3,216 shares of the company's stock worth $258,000 after purchasing an additional 164 shares in the last quarter. 87.95% of the stock is currently owned by institutional investors.

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Toro Trading Down 1.5 %

NYSE:TTC traded down $0.97 during trading hours on Tuesday, hitting $63.36. 1,473,811 shares of the stock were exchanged, compared to its average volume of 966,303. The company's 50 day moving average is $76.21 and its two-hundred day moving average is $81.05. The company has a market capitalization of $6.32 billion, a P/E ratio of 15.80 and a beta of 0.72. The Toro Company has a twelve month low of $62.34 and a twelve month high of $100.93. The company has a quick ratio of 0.74, a current ratio of 1.81 and a debt-to-equity ratio of 0.59.

Toro declared that its Board of Directors has initiated a stock repurchase plan on Tuesday, December 10th that allows the company to repurchase 4,000,000 outstanding shares. This repurchase authorization allows the company to buy shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company's management believes its shares are undervalued.

Toro Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, April 14th. Investors of record on Monday, March 31st will be issued a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 2.40%. The ex-dividend date is Monday, March 31st. Toro's dividend payout ratio is 38.87%.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. StockNews.com lowered shares of Toro from a "buy" rating to a "hold" rating in a research report on Tuesday, March 18th. Northland Capmk raised Toro from a "hold" rating to a "strong-buy" rating in a report on Friday, February 21st. Robert W. Baird dropped their price target on Toro from $88.00 to $84.00 and set a "neutral" rating for the company in a report on Friday, March 7th. DA Davidson reduced their price objective on Toro from $86.00 to $80.00 and set a "neutral" rating on the stock in a research note on Tuesday, March 11th. Finally, Raymond James lowered their target price on Toro from $100.00 to $95.00 and set an "outperform" rating for the company in a research note on Friday, December 20th. Three 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 stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $89.75.

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.