Toro Co (TTC) Announces Earnings Results
Toro Co (NYSE:TTC) announced its quarterly earnings data on Thursday. The company reported $1.08 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.03 by $0.05. The company had revenue of $872.77 million for the quarter, compared to the consensus estimate of $863.17 million. Toro had a return on equity of 42.97% and a net margin of 9.66%. Toro’s quarterly revenue was up 4.3% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.89 EPS. Toro updated its Q3 guidance to approx $0.56 EPS and its FY17 guidance to approx $2.35 EPS.
Toro (NYSE:TTC) traded down 1.79% during trading on Thursday, hitting $65.75. The stock had a trading volume of 592,058 shares. The firm has a 50 day moving average of $64.62 and a 200-day moving average of $59.30. Toro has a one year low of $41.49 and a one year high of $69.31. The company has a market cap of $7.07 billion, a P/E ratio of 30.98 and a beta of 0.48.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 12th. Stockholders of record on Friday, June 23rd will be given a dividend of $0.175 per share. This represents a $0.70 dividend on an annualized basis and a dividend yield of 1.05%. The ex-dividend date of this dividend is Wednesday, June 21st. Toro’s payout ratio is 33.90%.
Several brokerages have commented on TTC. Longbow Research raised Toro from an “underperform” rating to a “neutral” rating in a research report on Monday. Cleveland Research raised Toro from a “neutral” rating to a “buy” rating in a research report on Thursday, March 30th. Dougherty & Co reaffirmed a “buy” rating and issued a $65.00 price objective (up previously from $60.00) on shares of Toro in a research report on Friday, February 24th. Finally, Zacks Investment Research downgraded Toro from a “buy” rating to a “hold” rating in a research report on Tuesday, February 28th. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Toro currently has a consensus rating of “Hold” and a consensus target price of $56.60.
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In related news, Chairman Michael J. Hoffman sold 225,223 shares of the business’s stock in a transaction on Thursday, March 2nd. The stock was sold at an average price of $61.00, for a total value of $13,738,603.00. Following the sale, the chairman now owns 1,383,889 shares in the company, valued at approximately $84,417,229. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director James Calvin O’rourke sold 6,842 shares of the business’s stock in a transaction on Thursday, March 23rd. The shares were sold at an average price of $61.43, for a total value of $420,304.06. Following the completion of the sale, the director now owns 15,326 shares in the company, valued at approximately $941,476.18. The disclosure for this sale can be found here. Insiders sold a total of 268,413 shares of company stock worth $16,421,500 in the last quarter. Company insiders own 5.69% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in TTC. Greenleaf Trust bought a new position in Toro during the first quarter valued at approximately $214,000. Elkfork Partners LLC bought a new position in Toro during the fourth quarter valued at approximately $1,415,000. Chilton Investment Co. LLC boosted its position in Toro by 86.3% in the third quarter. Chilton Investment Co. LLC now owns 169,382 shares of the company’s stock valued at $7,934,000 after buying an additional 78,461 shares during the last quarter. Creative Planning boosted its position in Toro by 11.0% in the first quarter. Creative Planning now owns 3,384 shares of the company’s stock valued at $211,000 after buying an additional 335 shares during the last quarter. Finally, Carderock Capital Management Inc. boosted its position in Toro by 98.8% in the third quarter. Carderock Capital Management Inc. now owns 98,347 shares of the company’s stock valued at $4,607,000 after buying an additional 48,887 shares during the last quarter. 77.81% of the stock is owned by hedge funds and other institutional investors.
The Toro Company (Toro) is engaged in the designing, manufacturing, and marketing of professional turf maintenance equipment and services, turf irrigation systems, landscaping equipment and lighting products, snow and ice management products, agricultural micro-irrigation systems, rental and specialty construction equipment, and residential yard and snow thrower products.
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