Mackay Shields LLC purchased a new position in shares of Toro Co (NYSE:TTC) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 37,145 shares of the company’s stock, valued at approximately $2,076,000.
Other institutional investors have also recently modified their holdings of the company. Riverview Trust Co bought a new position in shares of Toro during the fourth quarter valued at $35,000. Highwater Wealth Management LLC bought a new position in shares of Toro during the fourth quarter valued at $39,000. Parallel Advisors LLC increased its position in shares of Toro by 25.5% during the fourth quarter. Parallel Advisors LLC now owns 1,601 shares of the company’s stock worth $89,000 after buying an additional 325 shares during the period. ETF Managers Group LLC increased its position in shares of Toro by 18.5% during the fourth quarter. ETF Managers Group LLC now owns 2,135 shares of the company’s stock worth $119,000 after buying an additional 334 shares during the period. Finally, NEXT Financial Group Inc increased its position in shares of Toro by 79.6% during the fourth quarter. NEXT Financial Group Inc now owns 3,852 shares of the company’s stock worth $215,000 after buying an additional 1,707 shares during the period. 80.78% of the stock is owned by institutional investors.
Several equities research analysts have recently weighed in on the stock. Zacks Investment Research upgraded shares of Toro from a “hold” rating to a “buy” rating and set a $78.00 price objective for the company in a research report on Thursday. ValuEngine upgraded shares of Toro from a “hold” rating to a “buy” rating in a report on Friday, February 22nd. Finally, Robert W. Baird initiated coverage on shares of Toro in a report on Friday, January 18th. They issued a “neutral” rating and a $62.00 price target for the company. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Toro presently has an average rating of “Buy” and an average price target of $70.00.
Toro (NYSE:TTC) last released its quarterly earnings data on Thursday, February 21st. The company reported $0.51 earnings per share for the quarter, beating analysts’ consensus estimates of $0.50 by $0.01. Toro had a net margin of 11.55% and a return on equity of 44.47%. The firm had revenue of $603.00 million for the quarter, compared to analyst estimates of $575.05 million. During the same period last year, the firm earned $0.48 earnings per share. The business’s quarterly revenue was up 10.0% compared to the same quarter last year. On average, research analysts forecast that Toro Co will post 2.98 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, April 12th. Investors of record on Monday, April 1st were given a dividend of $0.225 per share. This represents a $0.90 dividend on an annualized basis and a dividend yield of 1.24%. The ex-dividend date was Friday, March 29th. Toro’s payout ratio is currently 33.71%.
In other Toro news, VP Darren L. Redetzke sold 16,000 shares of Toro stock in a transaction dated Tuesday, February 26th. The shares were sold at an average price of $68.95, for a total value of $1,103,200.00. Following the sale, the vice president now owns 16,013 shares of the company’s stock, valued at $1,104,096.35. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Janet Katherine Cooper sold 1,941 shares of Toro stock in a transaction dated Tuesday, March 26th. The stock was sold at an average price of $68.31, for a total transaction of $132,589.71. Following the completion of the transaction, the director now owns 1,268 shares of the company’s stock, valued at approximately $86,617.08. The disclosure for this sale can be found here. Insiders have sold 59,293 shares of company stock worth $4,048,661 over the last three months. 2.36% of the stock is owned by insiders.
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The Toro Company designs, manufactures, and markets professional and residential equipment worldwide. The company's Professional segment offers turf and landscape equipment products, including sports fields and grounds maintenance equipment, golf course mowing and maintenance equipment, landscape contractor mowing equipment, landscape creation and renovation equipment, rental and specialty construction equipment, and other maintenance equipment; and snow and ice management equipment, such as snowplows, 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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