Quarry LP Reduces Position in The Toro Company (NYSE:TTC)

Quarry LP lowered its position in The Toro Company (NYSE:TTC) by 80.4% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 350 shares of the company’s stock after selling 1,440 shares during the quarter. Quarry LP’s holdings in Toro were worth $30,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of the company. Arizona State Retirement System increased its position in Toro by 0.4% in the 2nd quarter. Arizona State Retirement System now owns 28,680 shares of the company’s stock valued at $2,682,000 after acquiring an additional 110 shares during the period. Nisa Investment Advisors LLC increased its holdings in shares of Toro by 0.3% in the second quarter. Nisa Investment Advisors LLC now owns 46,925 shares of the company’s stock valued at $4,405,000 after purchasing an additional 123 shares during the period. Lindenwold Advisors INC raised its stake in shares of Toro by 2.8% during the third quarter. Lindenwold Advisors INC now owns 4,612 shares of the company’s stock worth $400,000 after purchasing an additional 125 shares during the last quarter. Toronto Dominion Bank lifted its holdings in shares of Toro by 1.4% during the second quarter. Toronto Dominion Bank now owns 10,060 shares of the company’s stock worth $941,000 after purchasing an additional 136 shares during the period. Finally, CWM LLC grew its position in Toro by 15.5% in the 3rd quarter. CWM LLC now owns 1,063 shares of the company’s stock valued at $92,000 after buying an additional 143 shares during the last quarter. 87.95% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on TTC shares. Northland Securities restated a “market perform” rating and issued a $100.00 target price on shares of Toro in a research note on Friday, September 6th. Robert W. Baird lowered their price objective on Toro from $102.00 to $92.00 and set a “neutral” rating on the stock in a report on Friday, September 6th. DA Davidson cut their target price on Toro from $103.00 to $88.00 and set a “neutral” rating for the company in a research note on Monday, September 9th. Finally, StockNews.com upgraded Toro from a “hold” rating to a “buy” rating in a research note on Monday, September 9th. Three research analysts have rated the stock with a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $93.33.

Toro Price Performance

TTC stock opened at $87.73 on Friday. The firm has a 50 day moving average of $84.09 and a 200-day moving average of $87.86. The company has a market cap of $9.00 billion, a price-to-earnings ratio of 23.03 and a beta of 0.70. The company has a current ratio of 1.94, a quick ratio of 0.85 and a debt-to-equity ratio of 0.59. The Toro Company has a 12-month low of $77.15 and a 12-month high of $102.00.

Toro Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, January 13th. Shareholders of record on Monday, December 23rd will be issued a $0.38 dividend. This is a positive change from Toro’s previous quarterly dividend of $0.36. The ex-dividend date of this dividend is Monday, December 23rd. This represents a $1.52 annualized dividend and a yield of 1.73%. Toro’s dividend payout ratio is 39.90%.

Toro announced that its board has approved a stock repurchase program on Tuesday, December 10th that allows the company to repurchase 4,000,000 outstanding shares. This repurchase authorization allows the company to repurchase shares of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

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.