KLP Kapitalforvaltning AS Has $1.43 Million Stake in Toro Company (The) (NYSE:TTC)

Key Points

• KLP Kapitalforvaltning AS reduced its stake in Toro Company by 59.9%, leaving it with 19,600 shares valued at approximately $1.43 million, as per its Form 13F filing.
• The company reported quarterly earnings of $1.42 per share, surpassing analyst estimates but experienced a 2.3% decline in year-over-year revenue.
• Toro recently declared a quarterly dividend of $0.38 per share, which equates to an annualized yield of 2.02%.

KLP Kapitalforvaltning AS lowered its holdings in shares of Toro Company (The) (NYSE:TTC - Free Report) by 59.9% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 19,600 shares of the company's stock after selling 29,300 shares during the quarter. KLP Kapitalforvaltning AS's holdings in Toro were worth $1,432,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Corient Private Wealth LLC bought a new stake in Toro in the fourth quarter worth $271,000. American Century Companies Inc. grew its stake in shares of Toro by 10.0% during the fourth quarter. American Century Companies Inc. now owns 30,998 shares of the company's stock worth $2,483,000 after acquiring an additional 2,813 shares during the last quarter. LPL Financial LLC grew its stake in shares of Toro by 33.6% during the fourth quarter. LPL Financial LLC now owns 57,435 shares of the company's stock worth $4,601,000 after acquiring an additional 14,433 shares during the last quarter. Prudential Financial Inc. lifted its holdings in shares of Toro by 211.7% during the fourth quarter. Prudential Financial Inc. now owns 105,202 shares of the company's stock worth $8,517,000 after purchasing an additional 71,452 shares during the period. Finally, Korea Investment CORP increased its position in shares of Toro by 217.2% in the fourth quarter. Korea Investment CORP now owns 90,259 shares of the company's stock valued at $7,230,000 after buying an additional 61,800 shares in the last quarter. 87.95% of the stock is owned by hedge funds and other institutional investors.

Toro Price Performance

Shares of NYSE:TTC traded up $0.89 on Thursday, hitting $74.39. The company had a trading volume of 89,268 shares, compared to its average volume of 980,400. 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 $96.88. The business has a 50 day moving average of $73.00 and a 200 day moving average of $74.55. The company has a market cap of $7.34 billion, a PE ratio of 19.05 and a beta of 0.81.

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

Toro Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, July 11th. Stockholders of record on Tuesday, June 17th were given a $0.38 dividend. The ex-dividend date of this dividend was Tuesday, June 17th. This represents a $1.52 annualized dividend and a dividend yield of 2.04%. Toro's dividend payout ratio (DPR) is presently 38.97%.

Analyst Upgrades and Downgrades

TTC has been the subject of several research reports. Robert W. Baird boosted their price target on Toro from $84.00 to $85.00 and gave the stock a "neutral" rating in a research report on Tuesday, June 3rd. Northland Securities restated a "market perform" rating and issued a $80.00 target price (down from $100.00) on shares of Toro in a report on Friday, June 6th. Raymond James Financial decreased their target price on Toro from $95.00 to $90.00 and set an "outperform" rating on the stock in a research note on Friday, June 6th. Northland Capmk cut Toro from a "strong-buy" rating to a "hold" rating in a report on Friday, June 6th. Finally, DA Davidson set a $76.00 price target on Toro and gave the company a "neutral" rating in a research report on Monday, June 9th. Five investment 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 company presently has a consensus rating of "Hold" and an average target price of $82.75.

Insider Buying and Selling at Toro

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

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.