Kingsview Wealth Management LLC Makes New Investment in The Toro Company (NYSE:TTC)

Kingsview Wealth Management LLC acquired a new position in The Toro Company (NYSE:TTC - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 22,208 shares of the company's stock, valued at approximately $1,779,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Geode Capital Management LLC increased its stake in Toro by 1.5% during the 3rd quarter. Geode Capital Management LLC now owns 1,959,875 shares of the company's stock valued at $169,639,000 after purchasing an additional 29,105 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Toro by 11.7% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 618,986 shares of the company's stock valued at $53,685,000 after acquiring an additional 64,660 shares during the period. Nuance Investments LLC purchased a new position in Toro in the 3rd quarter worth $29,146,000. Boston Trust Walden Corp lifted its position in Toro by 3.6% during the 4th quarter. Boston Trust Walden Corp now owns 334,132 shares of the company's stock worth $26,764,000 after acquiring an additional 11,549 shares during the period. Finally, Brown Brothers Harriman & Co. grew its stake in Toro by 31.5% during the 3rd quarter. Brown Brothers Harriman & Co. now owns 298,150 shares of the company's stock valued at $25,859,000 after purchasing an additional 71,431 shares during the last quarter. 87.95% of the stock is currently owned by hedge funds and other institutional investors.

Toro Stock Performance

Shares of TTC traded up $0.33 during mid-day trading on Friday, reaching $80.50. The company had a trading volume of 860,186 shares, compared to its average volume of 770,423. The stock has a 50 day moving average of $82.38 and a two-hundred day moving average of $84.75. The company has a quick ratio of 0.74, a current ratio of 1.81 and a debt-to-equity ratio of 0.59. The stock has a market capitalization of $8.10 billion, a P/E ratio of 20.07 and a beta of 0.72. The Toro Company has a 52-week low of $76.95 and a 52-week high of $100.93.

Toro (NYSE:TTC - Get Free Report) last issued its quarterly earnings data on Wednesday, December 18th. The company reported $0.95 EPS for the quarter, hitting analysts' consensus estimates of $0.95. Toro had a net margin of 9.14% and a return on equity of 27.25%. The business had revenue of $1.08 billion for the quarter, compared to analysts' expectations of $1.09 billion. During the same quarter last year, the company earned $0.71 EPS. The business's revenue was up 9.4% on a year-over-year basis. On average, analysts expect that The Toro Company will post 4.41 earnings per share for the current year.

Toro announced that its Board of Directors has approved 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 repurchase shares of its stock through open market purchases. Shares repurchase plans are usually an indication that the company's management believes its shares are undervalued.

Toro Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, January 13th. Investors of record on Monday, December 23rd were paid a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 1.89%. The ex-dividend date of this dividend was Monday, December 23rd. This is a positive change from Toro's previous quarterly dividend of $0.36. Toro's payout ratio is currently 37.91%.

Wall Street Analyst Weigh In

Separately, Raymond James dropped their target price on Toro from $100.00 to $95.00 and set an "outperform" rating on the stock in a research report on Friday, December 20th. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company's stock. According to MarketBeat.com, Toro has a consensus rating of "Hold" and an average target price of $93.75.

Toro 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.