Quantinno Capital Management LP Increases Position in The Toro Company (NYSE:TTC)

Quantinno Capital Management LP lifted its stake in The Toro Company (NYSE:TTC - Free Report) by 153.4% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 28,627 shares of the company's stock after purchasing an additional 17,330 shares during the period. Quantinno Capital Management LP's holdings in Toro were worth $2,483,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of TTC. Allspring Global Investments Holdings LLC lifted its holdings in shares of Toro by 37,332.5% during the second quarter. Allspring Global Investments Holdings LLC now owns 470,901 shares of the company's stock worth $44,034,000 after buying an additional 469,643 shares in the last quarter. Point72 Asset Management L.P. increased its holdings in Toro by 682.7% in the 2nd quarter. Point72 Asset Management L.P. now owns 482,139 shares of the company's stock valued at $45,085,000 after buying an additional 420,539 shares during the period. Millennium Management LLC raised its position in shares of Toro by 11,970.3% in the 2nd quarter. Millennium Management LLC now owns 393,008 shares of the company's stock valued at $36,750,000 after buying an additional 389,752 shares in the last quarter. Nuance Investments LLC acquired a new position in Toro during the third quarter valued at approximately $29,146,000. Finally, Marshall Wace LLP bought a new stake in Toro during the second quarter worth $25,166,000. 87.95% of the stock is currently owned by institutional investors and hedge funds.

Toro Stock Up 1.3 %

Shares of Toro stock traded up $1.18 during midday trading on Wednesday, hitting $88.64. The company had a trading volume of 451,073 shares, compared to its average volume of 847,551. The Toro Company has a 52-week low of $77.15 and a 52-week high of $102.00. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.85 and a current ratio of 1.94. The company has a 50 day moving average of $84.05 and a 200 day moving average of $87.86. The stock has a market capitalization of $9.10 billion, a P/E ratio of 23.29 and a beta of 0.70.

Toro declared that its board has approved a stock repurchase program on Tuesday, December 10th that authorizes the company to repurchase 4,000,000 outstanding shares. This repurchase authorization authorizes the company to buy shares of its stock through open market purchases. Shares repurchase programs are typically a sign that the company's leadership believes its shares are undervalued.

Toro Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, January 13th. Stockholders of record on Monday, December 23rd will be paid a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 1.71%. This is a boost from Toro's previous quarterly dividend of $0.36. Toro's dividend payout ratio is 37.80%.

Analysts Set New Price Targets

A number of analysts have weighed in on TTC shares. Robert W. Baird decreased their target price on shares of Toro from $102.00 to $92.00 and set a "neutral" rating on the stock in a research note on Friday, September 6th. StockNews.com upgraded shares of Toro from a "hold" rating to a "buy" rating in a report on Monday, September 9th. Northland Securities reissued a "market perform" rating and set a $100.00 target price on shares of Toro in a research report on Friday, September 6th. Finally, DA Davidson reduced their target price on Toro from $103.00 to $88.00 and set a "neutral" rating for the company in a report on Monday, September 9th. Three research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $93.33.

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.