Caisse de depot et placement du Quebec Purchases New Holdings in Toro Corp. $TORO

Key Points

• Caisse de dépôt et placement du Québec acquired 383,769 Toro shares worth approximately $37.4 million, representing about 1.79% of the company. Several other institutional investors also initiated positions during the second quarter.
• Analyst sentiment remains cautious: Toro has an average “Hold” rating, with Weiss Ratings recently downgrading the stock while Wall Street Zen upgraded it to Hold.
• Toro reported a quarterly loss of $0.02 per share on $5.96 million in revenue. Its stock opened at $6.23, compared with a 52-week range of $2.64 to $8.50, and the company operates a six-vessel tanker and LPG carrier fleet.

Caisse de depot et placement du Quebec purchased a new stake in Toro Corp. (NASDAQ:TORO - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 383,769 shares of the company's stock, valued at approximately $37,387,000. Caisse de depot et placement du Quebec owned approximately 1.79% of Toro as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of TORO. BlackRock Inc. acquired a new stake in shares of Toro during the 2nd quarter worth approximately $874,436,000. Bank of New York Mellon Corp bought a new stake in shares of Toro during the second quarter valued at approximately $94,442,000. The Manufacturers Life Insurance Company acquired a new position in shares of Toro in the second quarter valued at $37,971,000. Man Group plc acquired a new position in shares of Toro in the second quarter valued at $25,173,000. Finally, Diamond Hill Capital Management LLC Investment Advisor bought a new position in Toro in the second quarter worth $23,721,000. Institutional investors own 1.74% of the company's stock.

Wall Street Analyst Weigh In

TORO has been the topic of a number of recent research reports. Weiss Ratings downgraded shares of Toro from a "hold (c)" rating to a "hold (c-)" rating in a research note on Thursday, July 30th. Wall Street Zen upgraded shares of Toro to a "hold" rating in a research note on Saturday, June 20th. One research analyst has rated the stock with a Hold rating, According to data from MarketBeat, the company has an average rating of "Hold".

Toro Stock Performance

NASDAQ TORO opened at $6.23 on Friday. The stock's 50 day moving average is $5.31 and its two-hundred day moving average is $4.81. The company has a market capitalization of $133.76 million, a price-to-earnings ratio of 155.79 and a beta of 2.53. Toro Corp. has a 1-year low of $2.64 and a 1-year high of $8.50.

Toro (NASDAQ:TORO - Get Free Report) last released its quarterly earnings data on Thursday, May 28th. The company reported ($0.02) earnings per share for the quarter. The company had revenue of $5.96 million during the quarter. Toro had a net margin of 22.67% and a return on equity of 2.49%.

Toro Company Profile

Toro Corp., a shipping company, acquires, owns, charters, and operates oceangoing tanker vessels and provides seaborne transportation services for crude oil LPG, and refined petroleum products worldwide. The company operates in three segments: Aframax/LR2 Tanker, Handysize Tanker, and LPG Carrier. As of December 31, 2023, it operated a fleet of one Handysize tanker vessel; one Aframax/LR2 vessel; and four LPG carrier vessels with an aggregate cargo carrying capacity of 0.1 million deadweight ton.

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