MML Investors Services LLC Reduces Stock Holdings in The Toro Company (NYSE:TTC)

MML Investors Services LLC cut its holdings in The Toro Company (NYSE:TTC) by 34.6% in the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 22,935 shares of the company’s stock after selling 12,138 shares during the quarter. MML Investors Services LLC’s holdings in Toro were worth $1,989,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in TTC. Allspring Global Investments Holdings LLC raised its position in shares of Toro by 37,332.5% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 470,901 shares of the company’s stock valued at $44,034,000 after purchasing an additional 469,643 shares during the last quarter. Point72 Asset Management L.P. increased its stake in Toro by 682.7% during the 2nd quarter. Point72 Asset Management L.P. now owns 482,139 shares of the company’s stock valued at $45,085,000 after purchasing an additional 420,539 shares in the last quarter. Millennium Management LLC raised its holdings in shares of Toro by 11,970.3% in the second quarter. Millennium Management LLC now owns 393,008 shares of the company’s stock worth $36,750,000 after buying an additional 389,752 shares during the last quarter. Nuance Investments LLC acquired a new stake in shares of Toro during the third quarter worth $29,146,000. Finally, Marshall Wace LLP purchased a new stake in shares of Toro during the second quarter valued at $25,166,000. Institutional investors and hedge funds own 87.95% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the company. DA Davidson reduced 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. Robert W. Baird reduced their price objective on Toro from $102.00 to $92.00 and set a “neutral” rating for the company in a research note on Friday, September 6th. Northland Securities reiterated a “market perform” rating and issued a $100.00 target price on shares of Toro in a research report on Friday, September 6th. Finally, StockNews.com raised shares of Toro from a “hold” rating to a “buy” rating in a research report on Monday, September 9th. Three equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $93.33.

Toro Stock Performance

Shares of TTC stock opened at $86.38 on Tuesday. The Toro Company has a 52-week low of $77.15 and a 52-week high of $102.00. The company has a quick ratio of 0.85, a current ratio of 1.94 and a debt-to-equity ratio of 0.59. The stock has a market cap of $8.86 billion, a PE ratio of 22.67 and a beta of 0.70. The business has a 50-day simple moving average of $84.18 and a 200-day simple moving average of $88.02.

Toro declared that its board has initiated a stock repurchase plan on Tuesday, December 10th that permits the company to repurchase 4,000,000 shares. This repurchase authorization permits the company to repurchase shares of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Toro Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, January 13th. Shareholders of record on Monday, December 23rd will be given a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 1.76%. The ex-dividend date of this dividend is Monday, December 23rd. This is a positive change from Toro’s previous quarterly dividend of $0.36. Toro’s dividend payout ratio is currently 39.90%.

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.