Northwest Bancshares Inc. bought a new position in Toro Co (NYSE:TTC) in the 3rd quarter, HoldingsChannel.com reports. The firm bought 3,037 shares of the company’s stock, valued at approximately $223,000.
A number of other hedge funds have also recently modified their holdings of TTC. Krane Funds Advisors LLC acquired a new position in Toro during the second quarter worth $25,000. Cerebellum GP LLC acquired a new stake in shares of Toro in the third quarter valued at $31,000. Transamerica Financial Advisors Inc. acquired a new stake in shares of Toro in the second quarter valued at $37,000. Nomura Asset Management Co. Ltd. acquired a new stake in shares of Toro in the second quarter valued at $37,000. Finally, NumerixS Investment Technologies Inc acquired a new stake in shares of Toro in the second quarter valued at $87,000. 82.28% of the stock is owned by hedge funds and other institutional investors.
TTC stock traded up $0.61 during midday trading on Wednesday, reaching $71.16. The stock had a trading volume of 7,045 shares, compared to its average volume of 447,802. The business has a fifty day simple moving average of $72.69 and a two-hundred day simple moving average of $70.74. The company has a quick ratio of 0.67, a current ratio of 1.49 and a debt-to-equity ratio of 0.74. The firm has a market cap of $7.80 billion, a price-to-earnings ratio of 26.65, a PEG ratio of 2.47 and a beta of 0.79. Toro Co has a twelve month low of $52.97 and a twelve month high of $75.27.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Monday, September 30th will be given a $0.225 dividend. The ex-dividend date is Friday, September 27th. This represents a $0.90 dividend on an annualized basis and a yield of 1.26%. Toro’s payout ratio is 33.71%.
In related news, VP Bradley A. Hamilton sold 6,680 shares of Toro stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $72.00, for a total value of $480,960.00. Following the completion of the sale, the vice president now directly owns 5,191 shares in the company, valued at $373,752. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Renee J. Peterson sold 78,000 shares of Toro stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $74.05, for a total value of $5,775,900.00. Following the completion of the sale, the chief financial officer now owns 9,682 shares of the company’s stock, valued at $716,952.10. The disclosure for this sale can be found here. Over the last quarter, insiders sold 92,420 shares of company stock valued at $6,825,905. Corporate insiders own 2.36% of the company’s stock.
TTC has been the subject of a number of research reports. Dougherty & Co initiated coverage on Toro in a research note on Wednesday, August 28th. They issued a “neutral” rating for the company. ValuEngine lowered Toro from a “buy” rating to a “hold” rating in a research note on Monday, August 26th. Sidoti set a $72.00 price objective on Toro and gave the stock a “hold” rating in a research report on Tuesday, June 11th. Finally, Zacks Investment Research lowered Toro from a “buy” rating to a “hold” rating in a research report on Thursday, August 29th. Five equities research analysts have rated the stock with a hold rating, The stock presently has a consensus rating of “Hold” and a consensus price target of $71.00.
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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