Meiji Yasuda Asset Management Co Ltd. increased its stake in shares of The Toro Company (NYSE:TTC - Free Report) by 8.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 58,323 shares of the company's stock after buying an additional 4,636 shares during the quarter. Meiji Yasuda Asset Management Co Ltd. owned about 0.06% of Toro worth $4,672,000 at the end of the most recent quarter.
A number of other institutional investors have also modified their holdings of the stock. Asset Planning Inc purchased a new position in Toro in the 4th quarter valued at $31,000. Venturi Wealth Management LLC raised its holdings in Toro by 195.7% during the fourth quarter. Venturi Wealth Management LLC now owns 547 shares of the company's stock worth $44,000 after purchasing an additional 362 shares in the last quarter. First Horizon Advisors Inc. lifted its position in Toro by 54.6% in the fourth quarter. First Horizon Advisors Inc. now owns 807 shares of the company's stock valued at $65,000 after purchasing an additional 285 shares during the period. PrairieView Partners LLC boosted its holdings in Toro by 14.7% in the 4th quarter. PrairieView Partners LLC now owns 1,547 shares of the company's stock valued at $123,000 after purchasing an additional 198 shares in the last quarter. Finally, Eagle Bay Advisors LLC increased its position in Toro by 87.2% during the 4th quarter. Eagle Bay Advisors LLC now owns 1,657 shares of the company's stock worth $133,000 after purchasing an additional 772 shares during the period. Institutional investors and hedge funds own 87.95% of the company's stock.
Analyst Ratings Changes
A number of brokerages recently weighed in on TTC. Robert W. Baird dropped their price objective on Toro from $88.00 to $84.00 and set a "neutral" rating on the stock in a report on Friday, March 7th. Northland Securities upgraded shares of Toro from a "market perform" rating to an "outperform" rating and set a $100.00 price target for the company in a report on Monday, February 24th. Northland Capmk raised shares of Toro from a "hold" rating to a "strong-buy" rating in a report on Friday, February 21st. DA Davidson reduced their price objective on Toro from $86.00 to $80.00 and set a "neutral" rating for the company in a report on Tuesday, March 11th. Finally, StockNews.com lowered Toro from a "buy" rating to a "hold" rating in a report on Tuesday, March 18th. Three investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, Toro presently has a consensus rating of "Moderate Buy" and a consensus price target of $89.75.
Read Our Latest Report on TTC
Toro Price Performance
Shares of NYSE:TTC traded down $1.56 on Friday, hitting $73.29. The company had a trading volume of 821,667 shares, compared to its average volume of 947,186. The business has a 50 day moving average of $79.00 and a 200 day moving average of $81.97. The Toro Company has a 52-week low of $71.23 and a 52-week high of $100.93. The company has a market cap of $7.32 billion, a PE ratio of 18.28 and a beta of 0.70. The company has a current ratio of 1.81, a quick ratio of 0.74 and a debt-to-equity ratio of 0.59.
Toro Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 14th. Stockholders of record on Monday, March 31st will be issued a dividend of $0.38 per share. The ex-dividend date of this dividend is Monday, March 31st. This represents a $1.52 annualized dividend and a dividend yield of 2.07%. Toro's payout ratio is currently 38.87%.
Toro announced that its Board of Directors has initiated a stock buyback plan on Tuesday, December 10th that authorizes the company to buyback 4,000,000 shares. This buyback authorization authorizes the company to purchase shares of its stock through open market purchases. Shares buyback plans are often a sign that the company's leadership believes its shares are undervalued.
Toro Profile
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Free Report)
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.
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