Modern Wealth Management LLC Raises Stock Position in The Toro Company (NYSE:TTC)

Modern Wealth Management LLC grew its holdings in The Toro Company (NYSE:TTC) by 5.1% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 25,168 shares of the company’s stock after purchasing an additional 1,214 shares during the quarter. Modern Wealth Management LLC’s holdings in Toro were worth $2,015,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the business. Empowered Funds LLC boosted its position in Toro by 7.1% in the 3rd quarter. Empowered Funds LLC now owns 2,366 shares of the company’s stock valued at $205,000 after buying an additional 156 shares during the period. Quest Partners LLC raised its stake in shares of Toro by 62,750.0% in the third quarter. Quest Partners LLC now owns 3,771 shares of the company’s stock valued at $327,000 after acquiring an additional 3,765 shares in the last quarter. PNC Financial Services Group Inc. boosted its holdings in Toro by 2.5% in the third quarter. PNC Financial Services Group Inc. now owns 19,492 shares of the company’s stock valued at $1,691,000 after purchasing an additional 478 shares during the period. Eagle Asset Management Inc. acquired a new position in Toro during the 3rd quarter worth $1,261,000. Finally, Citigroup Inc. increased its holdings in Toro by 27.1% during the 3rd quarter. Citigroup Inc. now owns 69,580 shares of the company’s stock worth $6,035,000 after purchasing an additional 14,826 shares during the period. Institutional investors and hedge funds own 87.95% of the company’s stock.

Toro Stock Performance

Shares of Toro stock opened at $74.55 on Wednesday. The company has a quick ratio of 0.74, a current ratio of 1.81 and a debt-to-equity ratio of 0.59. The Toro Company has a 52 week low of $71.23 and a 52 week high of $100.93. The firm’s 50 day moving average is $79.50 and its two-hundred day moving average is $82.14. The firm has a market capitalization of $7.44 billion, a P/E ratio of 18.59 and a beta of 0.70.

Toro announced that its Board of Directors has authorized a share repurchase plan on Tuesday, December 10th that authorizes the company to repurchase 4,000,000 shares. This repurchase authorization authorizes the company to purchase shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company’s board of directors believes its shares are undervalued.

Toro Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, April 14th. Investors of record on Monday, March 31st will be given a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.04%. The ex-dividend date is Monday, March 31st. Toro’s dividend payout ratio (DPR) is 38.87%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. StockNews.com cut Toro from a “buy” rating to a “hold” rating in a research note on Tuesday, March 18th. Robert W. Baird decreased their price target on shares of Toro from $88.00 to $84.00 and set a “neutral” rating for the company in a research note on Friday, March 7th. Northland Securities raised shares of Toro from a “market perform” rating to an “outperform” rating and set a $100.00 price objective on the stock in a research report on Monday, February 24th. Northland Capmk raised shares of Toro from a “hold” rating to a “strong-buy” rating in a research report on Friday, February 21st. Finally, Raymond James dropped their target price on Toro from $100.00 to $95.00 and set an “outperform” rating on the stock in a report on Friday, December 20th. Three analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $89.75.

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.