Toro (NYSE:TTC) Downgraded to Sell at Zacks Investment Research

Toro (NYSE:TTC) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Friday, reports.

According to Zacks, “The Toro Company is a leading worldwide provider of innovative solutions for the outdoor environment, including turf, snow and ground engaging equipment and irrigation and outdoor lighting solutions. Toro’s global presence extends to more than 90 countries. Through constant innovation and caring relationships built on trust and integrity, Toro and its family of brands have built a legacy of excellence by helping customers care for golf courses, landscapes, sports fields, public green spaces, commercial and residential properties and agricultural fields. “

Separately, Sidoti set a $72.00 price target on Toro and gave the company a “hold” rating in a research note on Tuesday, June 11th.

Shares of NYSE TTC traded down $1.17 during trading on Friday, reaching $71.24. 27,304 shares of the company traded hands, compared to its average volume of 400,938. The firm’s fifty day simple moving average is $70.76 and its 200 day simple moving average is $69.12. The stock has a market cap of $7.57 billion, a P/E ratio of 26.67 and a beta of 0.80. Toro has a 12-month low of $52.97 and a 12-month high of $75.25. The company has a current ratio of 1.51, a quick ratio of 0.78 and a debt-to-equity ratio of 0.90.

Toro (NYSE:TTC) last announced its quarterly earnings results on Thursday, August 22nd. The company reported $0.83 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.73 by $0.10. Toro had a return on equity of 40.99% and a net margin of 10.62%. The firm had revenue of $838.71 million during the quarter, compared to analyst estimates of $876.33 million. During the same quarter in the previous year, the business earned $0.68 EPS. Toro’s revenue for the quarter was up 27.9% compared to the same quarter last year. As a group, research analysts expect that Toro will post 2.92 EPS for the current year.

In related news, VP Amy E. Dahl sold 2,900 shares of Toro stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $68.87, for a total value of $199,723.00. Following the sale, the vice president now directly owns 14,779 shares in the company, valued at approximately $1,017,829.73. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 2.36% of the company’s stock.

A number of hedge funds have recently bought and sold shares of TTC. Krane Funds Advisors LLC acquired a new position in shares of Toro during the 2nd quarter worth approximately $25,000. Trustcore Financial Services LLC acquired a new position in Toro in the first quarter valued at approximately $34,000. Nomura Asset Management Co. Ltd. acquired a new position in Toro in the second quarter valued at approximately $37,000. Transamerica Financial Advisors Inc. acquired a new position in Toro in the second quarter valued at approximately $37,000. Finally, Quadrant Capital Group LLC lifted its holdings in Toro by 2,058.8% in the first quarter. Quadrant Capital Group LLC now owns 734 shares of the company’s stock valued at $49,000 after acquiring an additional 700 shares during the last quarter. Institutional investors own 81.87% of the company’s stock.

Toro Company Profile

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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