Toro (NYSE:TTC) Releases Quarterly Earnings Results, Beats Expectations By $0.02 EPS

Key Points

• Toro beat quarterly expectations: The company reported earnings of $1.33 per share versus the $1.31 consensus estimate, while revenue reached $1.23 billion, ahead of expectations of $1.19 billion.
• Shares remain near their 12-month high: Toro opened at $99.26, compared with a 12-month range of $67.64 to $105.18. Analysts maintain a consensus “Hold” rating with an average price target of $102.33.
• Insiders have been selling shares: Company insiders sold 12,934 shares worth approximately $1.2 million over the past three months, while institutional investors and hedge funds own 87.95% of the stock.

Toro (NYSE:TTC - Get Free Report) released its quarterly earnings results on Thursday. The company reported $1.33 earnings per share for the quarter, topping analysts' consensus estimates of $1.31 by $0.02, FiscalAI reports. The firm had revenue of $1.23 billion during the quarter, compared to analysts' expectations of $1.19 billion. Toro had a return on equity of 31.13% and a net margin of 7.29%.

Toro Price Performance

Shares of NYSE TTC opened at $99.26 on Thursday. The firm has a 50-day moving average of $96.36 and a two-hundred day moving average of $95.04. The company has a market capitalization of $9.45 billion, a price-to-earnings ratio of 28.60 and a beta of 0.70. The company has a current ratio of 1.56, a quick ratio of 0.74 and a debt-to-equity ratio of 0.74. Toro has a twelve month low of $67.64 and a twelve month high of $105.18.

Insider Buying and Selling

In other Toro news, VP Kurt D. Svendsen sold 6,600 shares of the company's stock in a transaction that occurred on Tuesday, June 23rd. The shares were sold at an average price of $93.09, for a total value of $614,394.00. Following the transaction, the vice president owned 12,166 shares in the company, valued at approximately $1,132,532.94. This represents a 35.17% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Gary Lee Ellis sold 4,951 shares of the business's stock in a transaction on Tuesday, June 9th. The shares were sold at an average price of $91.91, for a total transaction of $455,046.41. Following the transaction, the director owned 35,297 shares in the company, valued at approximately $3,244,147.27. This represents a 12.30% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 12,934 shares of company stock worth $1,204,933. 1.88% of the stock is owned by company insiders.

Institutional Trading of Toro

A number of institutional investors have recently added to or reduced their stakes in TTC. Danske Bank A S bought a new position in shares of Toro during the 3rd quarter valued at $46,000. Harvest Fund Management Co. Ltd acquired a new stake in shares of Toro in the third quarter worth about $119,000. Caxton Associates LLP bought a new stake in shares of Toro during the 1st quarter worth about $285,000. Integrated Wealth Concepts LLC raised its stake in shares of Toro by 10.6% in the 1st quarter. Integrated Wealth Concepts LLC now owns 6,136 shares of the company's stock valued at $446,000 after acquiring an additional 586 shares in the last quarter. Finally, Focus Partners Wealth lifted its holdings in Toro by 191.5% in the 1st quarter. Focus Partners Wealth now owns 7,586 shares of the company's stock worth $552,000 after purchasing an additional 4,984 shares during the last quarter. 87.95% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have issued reports on TTC. Weiss Ratings upgraded Toro from a "hold (c)" rating to a "hold (c+)" rating in a research note on Tuesday, August 4th. Robert W. Baird reduced their target price on shares of Toro from $105.00 to $100.00 and set a "neutral" rating for the company in a research note on Friday, June 5th. One analyst has rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to MarketBeat, Toro currently has a consensus rating of "Hold" and an average target price of $102.33.

About Toro

The Toro Company NYSE: TTC specializes in the design, manufacture and marketing of a broad range of outdoor environment equipment for residential, commercial and professional markets. Its product portfolio includes lawn mowers, utility vehicles, snow throwers, irrigation systems and landscape maintenance equipment. Toro's offerings span walk-behind and ride-on mowers, zero-turn radius mowers, snow blowers, sprinklers, drip irrigation products, spreaders and specialty turf maintenance machines tailored to golf courses, sports fields and municipal parks.

Founded in 1914 and headquartered in Bloomington, Minnesota, Toro has built a century-long legacy of innovation in the grounds-care industry.

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