King Luther Capital Management Corp Has $78.41 Million Stock Holdings in Toro Company (The) (NYSE:TTC)

Key Points

• King Luther Capital Management Corp has increased its stake in Toro Company to over $78.41 million, acquiring an additional 33,920 shares during the first quarter.
• Recently, several hedge funds adjusted their holdings, with institutional investors now owning 87.95% of the company's stock.
• Toro reported earnings of $1.42 per share for the last quarter, slightly above analyst expectations, but its revenue saw a decline of 2.3% compared to the previous year.

King Luther Capital Management Corp raised its position in shares of Toro Company (The) (NYSE:TTC - Free Report) by 3.2% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,077,753 shares of the company's stock after buying an additional 33,920 shares during the period. King Luther Capital Management Corp owned about 1.08% of Toro worth $78,407,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of the company. Cambridge Investment Research Advisors Inc. increased its holdings in shares of Toro by 1.2% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 14,199 shares of the company's stock worth $1,033,000 after buying an additional 173 shares in the last quarter. True Wealth Design LLC increased its holdings in shares of Toro by 127.2% during the fourth quarter. True Wealth Design LLC now owns 368 shares of the company's stock worth $29,000 after buying an additional 206 shares in the last quarter. Baird Financial Group Inc. increased its holdings in shares of Toro by 5.3% during the fourth quarter. Baird Financial Group Inc. now owns 4,396 shares of the company's stock worth $352,000 after buying an additional 220 shares in the last quarter. IHT Wealth Management LLC increased its holdings in shares of Toro by 7.9% during the fourth quarter. IHT Wealth Management LLC now owns 3,287 shares of the company's stock worth $263,000 after buying an additional 240 shares in the last quarter. Finally, Cornerstone Wealth Management LLC increased its holdings in shares of Toro by 9.1% during the first quarter. Cornerstone Wealth Management LLC now owns 2,866 shares of the company's stock worth $209,000 after buying an additional 240 shares in the last quarter. Institutional investors and hedge funds own 87.95% of the company's stock.

Wall Street Analyst Weigh In

TTC has been the subject of several recent analyst reports. Northland Capmk lowered shares of Toro from a "strong-buy" rating to a "hold" rating in a report on Friday, June 6th. Northland Securities reissued a "market perform" rating and issued a $80.00 price target (down previously from $100.00) on shares of Toro in a report on Friday, June 6th. Robert W. Baird raised their price target on shares of Toro from $84.00 to $85.00 and gave the company a "neutral" rating in a report on Tuesday, June 3rd. DA Davidson set a $76.00 price target on shares of Toro and gave the company a "neutral" rating in a report on Monday, June 9th. Finally, Raymond James Financial lowered their price target on shares of Toro from $95.00 to $90.00 and set an "outperform" rating for the company in a report on Friday, June 6th. Five analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $82.75.

Insider Buying and Selling

In other news, Director Gary Lee Ellis sold 5,038 shares of Toro stock in a transaction on Wednesday, June 11th. The shares were sold at an average price of $70.81, for a total transaction of $356,740.78. Following the transaction, the director directly owned 34,062 shares of the company's stock, valued at $2,411,930.22. This trade represents a 12.88% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Kurt D. Svendsen sold 6,000 shares of Toro stock in a transaction on 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 directly owned 11,646 shares in the company, valued at approximately $826,749.54. This represents a 34.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.39% of the stock is currently owned by company insiders.

Toro Price Performance

Shares of TTC stock opened at $73.78 on Friday. Toro Company has a 52-week low of $62.34 and a 52-week high of $93.00. The stock has a market cap of $7.28 billion, a PE ratio of 18.92 and a beta of 0.80. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.79 and a current ratio of 1.81. The firm's 50 day moving average price is $72.84 and its two-hundred day moving average price is $74.06.

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

Toro Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 11th. Shareholders of record on Tuesday, June 17th were paid a $0.38 dividend. The ex-dividend date of this dividend was Tuesday, June 17th. This represents a $1.52 dividend on an annualized basis and a yield of 2.1%. Toro's dividend payout ratio (DPR) is presently 38.97%.

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.

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