The Toro Company (NYSE:TTC) to Issue $0.38 Quarterly Dividend

The Toro Company (NYSE:TTC - Get Free Report) declared a quarterly dividend on Tuesday, March 18th, RTT News reports. Shareholders of record on Monday, March 31st will be paid a dividend of 0.38 per share on Monday, April 14th. This represents a $1.52 annualized dividend and a yield of 2.08%. The ex-dividend date of this dividend is Monday, March 31st.

Toro has raised its dividend payment by an average of 10.3% annually over the last three years and has increased its dividend every year for the last 21 years. Toro has a dividend payout ratio of 32.4% meaning its dividend is sufficiently covered by earnings. Research analysts expect Toro to earn $4.67 per share next year, which means the company should continue to be able to cover its $1.52 annual dividend with an expected future payout ratio of 32.5%.

Toro Trading Up 0.0 %

Shares of NYSE:TTC traded up $0.03 during midday trading on Friday, reaching $73.09. The company's stock had a trading volume of 1,815,440 shares, compared to its average volume of 917,940. The business has a 50 day moving average price of $79.77 and a 200 day moving average price of $82.37. Toro has a 1 year low of $71.23 and a 1 year high of $100.93. The firm has a market cap of $7.30 billion, a price-to-earnings ratio of 18.23 and a beta of 0.70. The company has a quick ratio of 0.74, a current ratio of 1.81 and a debt-to-equity ratio of 0.59.

Toro (NYSE:TTC - Get Free Report) last announced its quarterly earnings data on Wednesday, December 18th. The company reported $0.95 earnings per share 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 business had revenue of $1.08 billion for 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 company's revenue was up 9.4% on a year-over-year basis. Research analysts forecast that Toro will post 4.41 EPS for the current year.

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Wall Street Analysts Forecast Growth

TTC has been the topic of a number of research analyst reports. Raymond James reduced 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. Northland Capmk upgraded Toro from a "hold" rating to a "strong-buy" rating in a report on Friday, February 21st. Northland Securities raised shares of Toro from a "market perform" rating to an "outperform" rating and set a $100.00 target price for the company in a research report on Monday, February 24th. StockNews.com cut shares of Toro from a "buy" rating to a "hold" rating in a research report on Tuesday. Finally, Robert W. Baird cut their target price on shares of Toro from $88.00 to $84.00 and set a "neutral" rating on the stock in a research note on Friday, March 7th. Three equities research analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Toro presently has an average rating of "Moderate Buy" and a consensus target price of $89.75.

Toro declared that its Board of Directors has authorized a share buyback plan 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. Stock repurchase plans are generally an indication that the company's leadership believes its shares are undervalued.

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.