Point72 Asset Management L.P. Sells 298,085 Shares of The Toro Company (NYSE:TTC)

Point72 Asset Management L.P. decreased its position in shares of The Toro Company (NYSE:TTC) by 90.5% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 31,315 shares of the company’s stock after selling 298,085 shares during the period. Point72 Asset Management L.P.’s holdings in Toro were worth $2,508,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Assenagon Asset Management S.A. raised its position in Toro by 294.4% in the 4th quarter. Assenagon Asset Management S.A. now owns 24,652 shares of the company’s stock worth $1,975,000 after purchasing an additional 18,401 shares during the period. Park Avenue Securities LLC grew its stake in shares of Toro by 13.7% during the fourth quarter. Park Avenue Securities LLC now owns 9,268 shares of the company’s stock valued at $742,000 after buying an additional 1,117 shares during the last quarter. Merit Financial Group LLC purchased a new stake in shares of Toro in the fourth quarter worth approximately $250,000. HB Wealth Management LLC bought a new stake in shares of Toro during the 4th quarter worth approximately $283,000. Finally, Wesbanco Bank Inc. boosted its holdings in Toro by 40.2% during the 4th quarter. Wesbanco Bank Inc. now owns 8,616 shares of the company’s stock valued at $690,000 after acquiring an additional 2,469 shares during the period. Hedge funds and other institutional investors own 87.95% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on TTC. DA Davidson decreased their target price on Toro from $86.00 to $80.00 and set a “neutral” rating for the company in a research report on Tuesday, March 11th. Robert W. Baird lowered their price objective on shares of Toro from $88.00 to $84.00 and set a “neutral” rating for the company in a research report on Friday, March 7th. Northland Securities raised shares of Toro from a “market perform” rating to an “outperform” rating and set a $100.00 target price on the stock in a research report on Monday, February 24th. Northland Capmk raised shares of Toro from a “hold” rating to a “strong-buy” rating in a research note on Friday, February 21st. Finally, StockNews.com cut Toro from a “buy” rating to a “hold” rating in a research note on Tuesday, March 18th. Three research analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Toro has a consensus rating of “Moderate Buy” and a consensus price target of $89.75.

Toro Stock Down 0.1%

NYSE:TTC opened at $76.78 on Wednesday. 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 Toro Company has a 1-year low of $62.34 and a 1-year high of $100.93. The company has a 50-day moving average of $70.69 and a 200 day moving average of $78.16. The firm has a market cap of $7.66 billion, a PE ratio of 19.15 and a beta of 0.83.

Toro Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Tuesday, June 17th will be paid a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a dividend yield of 1.98%. Toro’s dividend payout ratio is presently 38.87%.

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.