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

Quarry LP trimmed its holdings in shares of The Toro Company (NYSE:TTC) by 80.4% in the third quarter, according to its most recent 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 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Point72 DIFC Ltd raised its stake in shares of Toro by 101.6% in the 3rd quarter. Point72 DIFC Ltd now owns 13,000 shares of the company’s stock valued at $1,127,000 after acquiring an additional 6,550 shares during the period. IHT Wealth Management LLC raised its position in Toro by 40.9% in the third quarter. IHT Wealth Management LLC now owns 3,047 shares of the company’s stock valued at $264,000 after purchasing an additional 885 shares during the period. Investment Management Corp of Ontario lifted its stake in Toro by 46.0% during the third quarter. Investment Management Corp of Ontario now owns 3,490 shares of the company’s stock worth $303,000 after purchasing an additional 1,100 shares in the last quarter. HighTower Advisors LLC boosted its position in shares of Toro by 8.2% during the third quarter. HighTower Advisors LLC now owns 8,447 shares of the company’s stock worth $726,000 after buying an additional 641 shares during the period. Finally, Holocene Advisors LP grew its stake in shares of Toro by 66.4% in the third quarter. Holocene Advisors LP now owns 57,891 shares of the company’s stock valued at $5,021,000 after buying an additional 23,094 shares in the last quarter. 87.95% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

Toro Stock Down 0.8 %

Shares of NYSE:TTC opened at $87.73 on Friday. The Toro Company has a fifty-two week low of $77.15 and a fifty-two week high of $102.00. The firm’s 50 day moving average price is $84.09 and its 200 day moving average price is $87.86. 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 $9.00 billion, a price-to-earnings ratio of 23.03 and a beta of 0.70.

Toro Increases Dividend

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

Toro announced that its Board of Directors has initiated a share buyback program on Tuesday, December 10th that allows the company to buyback 4,000,000 shares. This buyback authorization allows the company to purchase shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Toro 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.