Norges Bank Makes New Investment in The Toro Company (NYSE:TTC)

Norges Bank bought a new position in shares of The Toro Company (NYSE:TTC - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 154,544 shares of the company's stock, valued at approximately $12,379,000. Norges Bank owned about 0.15% of Toro at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Asset Planning Inc bought a new position in Toro in the fourth quarter valued at approximately $31,000. Venturi Wealth Management LLC grew its stake in shares of Toro by 195.7% in the fourth quarter. Venturi Wealth Management LLC now owns 547 shares of the company's stock valued at $44,000 after buying an additional 362 shares in the last quarter. First Horizon Advisors Inc. increased its holdings in Toro by 54.6% during the fourth quarter. First Horizon Advisors Inc. now owns 807 shares of the company's stock worth $65,000 after buying an additional 285 shares during the last quarter. PrairieView Partners LLC raised its position in Toro by 14.7% during the fourth quarter. PrairieView Partners LLC now owns 1,547 shares of the company's stock worth $123,000 after acquiring an additional 198 shares in the last quarter. Finally, Eagle Bay Advisors LLC lifted its stake in Toro by 87.2% in the fourth quarter. Eagle Bay Advisors LLC now owns 1,657 shares of the company's stock valued at $133,000 after acquiring an additional 772 shares during the last quarter. Institutional investors own 87.95% of the company's stock.

Toro Stock Performance

TTC stock traded up $1.39 during trading hours on Friday, hitting $68.01. 875,135 shares of the stock were exchanged, compared to its average volume of 971,770. The Toro Company has a 12 month low of $62.34 and a 12 month high of $100.93. The company has a current ratio of 1.81, a quick ratio of 0.74 and a debt-to-equity ratio of 0.59. The firm has a market capitalization of $6.79 billion, a P/E ratio of 16.96 and a beta of 0.72. The company has a 50-day simple moving average of $75.07 and a two-hundred day simple moving average of $80.58.

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Toro Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, April 14th. Investors of record on Monday, March 31st will be given a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 2.24%. The ex-dividend date of this dividend is Monday, March 31st. Toro's dividend payout ratio is 38.87%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on TTC shares. StockNews.com cut shares of Toro from a "buy" rating to a "hold" rating in a report on Tuesday, March 18th. Northland Securities upgraded Toro from a "market perform" rating to an "outperform" rating and set a $100.00 price objective on the stock in a research note on Monday, February 24th. DA Davidson cut their price objective on Toro from $86.00 to $80.00 and set a "neutral" rating for the company in a research report on Tuesday, March 11th. Raymond James decreased their target price on Toro from $100.00 to $95.00 and set an "outperform" rating on the stock in a report on Friday, December 20th. Finally, Northland Capmk raised Toro from a "hold" rating to a "strong-buy" rating in a report on Friday, February 21st. Three investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price 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.