Short Interest in Toro Co (NYSE:TTC) Decreases By 15.3%

Toro Co (NYSE:TTC) saw a large decrease in short interest during the month of December. As of December 31st, there was short interest totalling 2,710,000 shares, a decrease of 15.3% from the December 15th total of 3,200,000 shares. Currently, 2.6% of the company’s shares are sold short. Based on an average daily trading volume, of 381,100 shares, the days-to-cover ratio is presently 7.1 days.

Toro stock traded up $0.20 during mid-day trading on Tuesday, reaching $83.11. 320,285 shares of the company traded hands, compared to its average volume of 424,765. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.48 and a quick ratio of 0.62. The firm’s 50 day moving average price is $79.74 and its 200 day moving average price is $74.45. The firm has a market capitalization of $8.86 billion, a price-to-earnings ratio of 27.70, a P/E/G ratio of 2.44 and a beta of 0.77. Toro has a 52-week low of $58.12 and a 52-week high of $83.30.

Toro (NYSE:TTC) last issued its quarterly earnings data on Wednesday, December 18th. The company reported $0.48 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.46 by $0.02. The business had revenue of $734.38 million for the quarter, compared to the consensus estimate of $745.03 million. Toro had a net margin of 8.73% and a return on equity of 40.31%. The company’s quarterly revenue was up 36.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.32 EPS. On average, sell-side analysts anticipate that Toro will post 3.36 EPS for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Thursday, January 9th. Shareholders of record on Thursday, December 26th were given a dividend of $0.25 per share. This is an increase from Toro’s previous quarterly dividend of $0.23. This represents a $1.00 dividend on an annualized basis and a yield of 1.20%. The ex-dividend date was Tuesday, December 24th. Toro’s payout ratio is presently 33.33%.

Institutional investors have recently modified their holdings of the business. Public Employees Retirement System of Ohio increased its position in Toro by 8.3% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 39,974 shares of the company’s stock valued at $2,930,000 after purchasing an additional 3,066 shares during the period. California State Teachers Retirement System increased its position in Toro by 1.2% during the 3rd quarter. California State Teachers Retirement System now owns 172,127 shares of the company’s stock valued at $12,617,000 after purchasing an additional 2,011 shares during the period. Creative Planning increased its position in Toro by 13.2% during the 3rd quarter. Creative Planning now owns 8,376 shares of the company’s stock valued at $614,000 after purchasing an additional 975 shares during the period. Tocqueville Asset Management L.P. purchased a new position in Toro during the 3rd quarter valued at $220,000. Finally, Carlson Capital Management purchased a new position in Toro during the 3rd quarter valued at $206,000. 82.15% of the stock is currently owned by institutional investors and hedge funds.

TTC has been the subject of a number of recent analyst reports. Zacks Investment Research upgraded shares of Toro from a “hold” rating to a “buy” rating and set a $90.00 price target for the company in a report on Friday. Robert W. Baird boosted their price objective on shares of Toro from $72.00 to $78.00 and gave the company a “neutral” rating in a research report on Monday, December 16th. Four equities research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $80.00.

About Toro

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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