Jensen Investment Management Inc. Decreases Stock Position in Toro Company (The) (NYSE:TTC)

Key Points

• Jensen Investment Management Inc. reduced its stake in Toro Company (NYSE:TTC) by 13.3% during the first quarter, ending up with 39,470 shares worth $2.87 million.
• Toro reported a quarterly earnings per share of $1.42, surpassing analysts' expectations of $1.40, although revenue fell 2.3% compared to the previous year.
• The company also declared a $0.38 quarterly dividend, providing a 2.0% yield with a payout ratio of approximately 39%.

Jensen Investment Management Inc. trimmed its holdings in shares of Toro Company (The) (NYSE:TTC - Free Report) by 13.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 39,470 shares of the company's stock after selling 6,080 shares during the quarter. Jensen Investment Management Inc.'s holdings in Toro were worth $2,871,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in TTC. CIBC Private Wealth Group LLC grew its stake in Toro by 30.2% in the fourth quarter. CIBC Private Wealth Group LLC now owns 547 shares of the company's stock valued at $43,000 after purchasing an additional 127 shares during the last quarter. Cambridge Investment Research Advisors Inc. raised its stake in Toro by 1.2% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 14,199 shares of the company's stock worth $1,033,000 after acquiring an additional 173 shares during the last quarter. True Wealth Design LLC lifted its position in Toro by 127.2% during the 4th quarter. True Wealth Design LLC now owns 368 shares of the company's stock worth $29,000 after acquiring an additional 206 shares during the period. Baird Financial Group Inc. grew its stake in Toro by 5.3% during the 4th quarter. Baird Financial Group Inc. now owns 4,396 shares of the company's stock valued at $352,000 after purchasing an additional 220 shares during the last quarter. Finally, IHT Wealth Management LLC grew its stake in Toro by 7.9% during the 4th quarter. IHT Wealth Management LLC now owns 3,287 shares of the company's stock valued at $263,000 after purchasing an additional 240 shares during the last quarter. Institutional investors own 87.95% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the stock. Raymond James Financial lowered their price target on shares of Toro from $95.00 to $90.00 and set an "outperform" rating on the stock in a report on Friday, June 6th. Robert W. Baird upped their target price on Toro from $84.00 to $85.00 and gave the company a "neutral" rating in a report on Tuesday, June 3rd. Northland Securities reissued a "market perform" rating and issued a $80.00 price objective (down previously from $100.00) on shares of Toro in a report on Friday, June 6th. DA Davidson set a $76.00 target price on shares of Toro and gave the company a "neutral" rating in a report on Monday, June 9th. Finally, Northland Capmk downgraded Toro from a "strong-buy" rating to a "hold" rating in a research report on Friday, June 6th. Five analysts have rated the stock with a hold rating and one has assigned a buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $82.75.

Insiders Place Their Bets

In related news, VP Kurt D. Svendsen sold 6,000 shares of the firm's stock in a transaction dated Thursday, June 26th. The stock was sold at an average price of $70.99, for a total transaction of $425,940.00. Following the transaction, the vice president owned 11,646 shares of the company's stock, valued at $826,749.54. This trade represents a 34.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Gary Lee Ellis sold 5,038 shares of the business's stock in a transaction that occurred on Wednesday, June 11th. The shares were sold at an average price of $70.81, for a total value of $356,740.78. Following the completion of the transaction, the director directly owned 34,062 shares in the company, valued at approximately $2,411,930.22. The trade was a 12.88% decrease in their position. The disclosure for this sale can be found here. 0.39% of the stock is owned by corporate insiders.

Toro Stock Up 0.5%

TTC stock traded up $0.34 during trading on Friday, hitting $73.78. 558,467 shares of the company's stock were exchanged, compared to its average volume of 586,028. The company has a current ratio of 1.81, a quick ratio of 0.79 and a debt-to-equity ratio of 0.73. Toro Company has a 52-week low of $62.34 and a 52-week high of $93.00. The business has a 50-day moving average price of $72.84 and a two-hundred day moving average price of $74.13. The stock has a market capitalization of $7.28 billion, a price-to-earnings ratio of 18.92 and a beta of 0.80.

Toro (NYSE:TTC - Get Free Report) last posted its earnings results on Thursday, June 5th. The company reported $1.42 EPS for the quarter, topping analysts' consensus estimates of $1.40 by $0.02. The business had revenue of $1.32 billion for the quarter, compared to analysts' expectations of $1.35 billion. Toro had a return on equity of 27.99% and a net margin of 8.77%. The business's revenue was down 2.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.40 earnings per share. As a group, equities research analysts expect that Toro Company will post 4.41 EPS for the current year.

Toro Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, July 11th. Investors of record on Tuesday, June 17th were given a $0.38 dividend. The ex-dividend date was Tuesday, June 17th. This represents a $1.52 annualized dividend and a yield of 2.1%. Toro's dividend payout ratio is 38.97%.

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.