Robert W. Baird Cuts Toro (NYSE:TTC) Price Target to $84.00

Toro (NYSE:TTC - Get Free Report) had its target price cut by equities researchers at Robert W. Baird from $88.00 to $84.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm presently has a "neutral" rating on the stock. Robert W. Baird's price objective would indicate a potential upside of 14.39% from the stock's current price.

Several other research analysts also recently weighed in on the stock. Northland Capmk raised shares of Toro from a "hold" rating to a "strong-buy" rating in a report on Friday, February 21st. Raymond James reduced their price target on shares of Toro from $100.00 to $95.00 and set an "outperform" rating on the stock in a report on Friday, December 20th. Finally, Northland Securities raised shares of Toro from a "market perform" rating to an "outperform" rating and set a $100.00 price objective for the company in a report on Monday, February 24th. Three equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $91.75.

Toro Stock Performance

NYSE:TTC traded down $0.76 during mid-day trading on Friday, hitting $73.44. 2,111,966 shares of the company traded hands, compared to its average volume of 900,039. 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's fifty day moving average price is $80.94 and its 200-day moving average price is $83.55. The firm has a market cap of $7.39 billion, a price-to-earnings ratio of 18.31 and a beta of 0.70. Toro has a one year low of $72.18 and a one year high of $100.93.

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Toro (NYSE:TTC - Get Free Report) last released its earnings results on Wednesday, December 18th. The company reported $0.95 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.95. Toro had a net margin of 9.14% and a return on equity of 27.25%. The company had revenue of $1.08 billion during the quarter, compared to analyst estimates of $1.09 billion. During the same period in the prior year, the firm posted $0.71 EPS. The firm's quarterly revenue was up 9.4% compared to the same quarter last year. Research analysts anticipate that Toro will post 4.41 earnings per share for the current fiscal year.

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

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Kayne Anderson Rudnick Investment Management LLC raised its position in Toro by 45.5% during the fourth quarter. Kayne Anderson Rudnick Investment Management LLC now owns 7,031,295 shares of the company's stock valued at $563,207,000 after purchasing an additional 2,199,920 shares during the period. Allspring Global Investments Holdings LLC lifted its position in Toro by 996,664.0% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 498,382 shares of the company's stock worth $39,410,000 after buying an additional 498,332 shares during the last quarter. Raymond James Financial Inc. purchased a new position in Toro during the fourth quarter worth $36,561,000. The Manufacturers Life Insurance Company increased its position in Toro by 411.3% during the fourth quarter. The Manufacturers Life Insurance Company now owns 464,609 shares of the company's stock valued at $37,215,000 after acquiring an additional 373,736 shares during the last quarter. Finally, Victory Capital Management Inc. raised its stake in shares of Toro by 693.0% in the fourth quarter. Victory Capital Management Inc. now owns 414,961 shares of the company's stock valued at $33,238,000 after acquiring an additional 362,634 shares during the period. Institutional investors own 87.95% of the company's stock.

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.