Toro (NYSE:TTC) Cut to Hold at StockNews.com

Toro (NYSE:TTC - Get Free Report) was downgraded by investment analysts at StockNews.com from a "buy" rating to a "hold" rating in a report released on Friday.

TTC has been the topic of a number of other research reports. Northland Capmk upgraded shares of Toro from a "hold" rating to a "strong-buy" rating in a report on Friday, February 21st. Robert W. Baird reduced their price objective on Toro from $88.00 to $84.00 and set a "neutral" rating for the company in a research report on Friday. Northland Securities raised Toro from a "market perform" rating to an "outperform" rating and set a $100.00 target price on the stock in a report on Monday, February 24th. Finally, Raymond James cut their target price on Toro from $100.00 to $95.00 and set an "outperform" rating on the stock in a research note on Friday, December 20th. 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 company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $91.75.

Toro Stock Down 1.0 %

TTC traded down $0.76 on Friday, hitting $73.44. The company had a trading volume of 2,111,966 shares, compared to its average volume of 900,342. Toro has a 52-week low of $72.18 and a 52-week high of $100.93. The stock has a fifty day simple moving average of $80.94 and a 200-day simple moving average of $83.59. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.81 and a quick ratio of 0.74. The firm has a market capitalization of $7.39 billion, a P/E ratio of 18.31 and a beta of 0.72.

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

Toro declared that its Board of Directors has initiated a share repurchase plan on Tuesday, December 10th that allows the company to buyback 4,000,000 outstanding shares. This buyback authorization allows the company to purchase shares of its stock through open market purchases. Shares buyback plans are typically an indication that the company's board of directors believes its stock is undervalued.

Institutional Investors Weigh In On Toro

Large investors have recently bought and sold shares of the business. Kayne Anderson Rudnick Investment Management LLC boosted its holdings in shares of Toro by 45.5% during the 4th quarter. Kayne Anderson Rudnick Investment Management LLC now owns 7,031,295 shares of the company's stock valued at $563,207,000 after acquiring an additional 2,199,920 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its holdings 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 purchasing an additional 498,332 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in Toro during the 4th quarter valued at $36,561,000. The Manufacturers Life Insurance Company lifted its holdings in shares of Toro by 411.3% during the 4th quarter. The Manufacturers Life Insurance Company now owns 464,609 shares of the company's stock valued at $37,215,000 after buying an additional 373,736 shares during the period. Finally, Victory Capital Management Inc. boosted its stake in shares of Toro by 693.0% in the 4th quarter. Victory Capital Management Inc. now owns 414,961 shares of the company's stock worth $33,238,000 after buying an additional 362,634 shares during the last quarter. 87.95% of the stock is currently owned by institutional investors.

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.

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