Toro (NYSE:TTC) Stock Price Down 3.2% Following Analyst Downgrade

The Toro Company (NYSE:TTC) traded down 3.2% during trading on Friday after Northland Capmk downgraded the stock from a strong-buy rating to a hold rating. The stock traded as low as $71.76 and last traded at $70.93. 208,893 shares were traded during mid-day trading, a decline of 78% from the average session volume of 953,905 shares. The stock had previously closed at $73.30.

A number of other equities research analysts have also recently commented on the stock. Raymond James decreased their target price on shares of Toro from $95.00 to $90.00 and set an “outperform” rating on the stock in a research note on Friday. Wall Street Zen downgraded shares of Toro from a “buy” rating to a “hold” rating in a research report on Tuesday, March 18th. Northland Securities restated a “market perform” rating and set a $80.00 price objective (down from $100.00) on shares of Toro in a research report on Friday. DA Davidson decreased their price target on Toro from $86.00 to $80.00 and set a “neutral” rating on the stock in a report on Tuesday, March 11th. Finally, Robert W. Baird raised their price target on Toro from $84.00 to $85.00 and gave the company a “neutral” rating in a report on Tuesday, June 3rd. Five research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $83.75.

Institutional Investors Weigh In On Toro

Several institutional investors and hedge funds have recently modified their holdings of TTC. True Wealth Design LLC raised its position in shares of Toro by 127.2% during the fourth quarter. True Wealth Design LLC now owns 368 shares of the company’s stock valued at $29,000 after buying an additional 206 shares during the last quarter. Asset Planning Inc bought a new stake in Toro in the 4th quarter valued at $31,000. Brooklyn Investment Group increased its holdings in Toro by 94.1% in the 1st quarter. Brooklyn Investment Group now owns 495 shares of the company’s stock valued at $36,000 after acquiring an additional 240 shares during the last quarter. Financial Harvest LLC bought a new stake in shares of Toro in the first quarter worth about $42,000. Finally, CIBC Private Wealth Group LLC increased its holdings in shares of Toro by 30.2% in the fourth quarter. CIBC Private Wealth Group LLC now owns 547 shares of the company’s stock worth $43,000 after purchasing an additional 127 shares during the last quarter. Institutional investors own 87.95% of the company’s stock.

Toro Stock Down 6.6%

The company has a quick ratio of 0.74, a current ratio of 1.81 and a debt-to-equity ratio of 0.59. The company has a fifty day moving average price of $70.96 and a 200-day moving average price of $77.38. The stock has a market capitalization of $6.83 billion, a P/E ratio of 17.06 and a beta of 0.83.

Toro (NYSE:TTC) last released its quarterly earnings data on Thursday, June 5th. The company reported $1.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.38 by $0.04. Toro had a return on equity of 27.25% and a net margin of 9.14%. The business had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.35 billion. During the same quarter in the previous year, the company posted $1.40 EPS. The company’s revenue was down 2.3% compared to the same quarter last year. As a group, research analysts forecast that The Toro Company will post 4.41 EPS for the current fiscal year.

Toro Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Tuesday, June 17th will be given a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 2.22%. The ex-dividend date of this dividend is Tuesday, June 17th. Toro’s dividend payout ratio is presently 38.97%.

Toro Company Profile

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.