KLP Kapitalforvaltning AS Raises Stake in Toro Company (The) $TTC

Key Points

• KLP Kapitalforvaltning AS increased its stake in Toro Company by 66.8%, owning 32,700 shares valued at approximately $2.3 million after purchasing an additional 13,100 shares in Q2.
• Wall Street analysts are optimistic about Toro's stock, with price targets ranging from $86 to $100 and a general rating of either "buy" or "neutral."
• Toro recently declared a quarterly dividend of $0.38 per share, with an annualized dividend yield of 2.1%, to be paid on October 21st.

KLP Kapitalforvaltning AS grew its stake in shares of Toro Company (The) (NYSE:TTC - Free Report) by 66.8% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 32,700 shares of the company's stock after purchasing an additional 13,100 shares during the quarter. KLP Kapitalforvaltning AS's holdings in Toro were worth $2,322,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the stock. Vanguard Group Inc. boosted its stake in shares of Toro by 1.6% during the first quarter. Vanguard Group Inc. now owns 10,495,037 shares of the company's stock valued at $763,514,000 after purchasing an additional 169,865 shares during the period. Kayne Anderson Rudnick Investment Management LLC boosted its stake in shares of Toro by 16.4% during the first quarter. Kayne Anderson Rudnick Investment Management LLC now owns 8,187,609 shares of the company's stock valued at $595,649,000 after purchasing an additional 1,156,314 shares during the period. AQR Capital Management LLC boosted its stake in shares of Toro by 1,184.6% during the first quarter. AQR Capital Management LLC now owns 1,963,253 shares of the company's stock valued at $142,827,000 after purchasing an additional 1,810,429 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of Toro by 39.5% during the first quarter. Dimensional Fund Advisors LP now owns 1,534,760 shares of the company's stock valued at $111,654,000 after purchasing an additional 434,257 shares during the period. Finally, King Luther Capital Management Corp boosted its stake in shares of Toro by 3.2% during the first quarter. King Luther Capital Management Corp now owns 1,077,753 shares of the company's stock valued at $78,407,000 after purchasing an additional 33,920 shares during the period. 87.95% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Robert W. Baird boosted their target price on shares of Toro from $82.00 to $86.00 and gave the company a "neutral" rating in a research note on Friday, September 5th. Longbow Research upgraded Toro from a "neutral" rating to a "buy" rating and set a $100.00 price objective for the company in a report on Monday, August 25th. Northland Securities lifted their price objective on Toro from $80.00 to $90.00 and gave the company a "market perform" rating in a report on Tuesday, September 9th. DA Davidson lifted their price objective on Toro from $93.00 to $97.00 and gave the company a "buy" rating in a report on Friday, September 5th. Finally, Weiss Ratings restated a "hold (c-)" rating on shares of Toro in a report on Wednesday. Three investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $92.60.

Toro Stock Performance

TTC stock opened at $72.75 on Friday. The company has a market capitalization of $7.12 billion, a P/E ratio of 22.05 and a beta of 0.85. The business has a 50-day moving average price of $77.77 and a 200 day moving average price of $73.84. Toro Company has a 1-year low of $62.34 and a 1-year high of $89.50. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.88 and a quick ratio of 0.79.

Toro (NYSE:TTC - Get Free Report) last released its quarterly earnings results on Thursday, September 4th. The company reported $1.24 EPS for the quarter, beating the consensus estimate of $1.22 by $0.02. The business had revenue of $1.13 billion during the quarter, compared to analyst estimates of $1.16 billion. Toro had a net margin of 7.37% and a return on equity of 28.98%. The company's quarterly revenue was down 2.2% on a year-over-year basis. During the same period in the prior year, the firm posted $1.18 earnings per share. Toro has set its FY 2025 guidance at 4.150-4.150 EPS. As a group, equities research analysts forecast that Toro Company will post 4.41 EPS for the current fiscal year.

Toro Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 21st. Shareholders of record on Tuesday, October 7th will be given a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 2.1%. The ex-dividend date of this dividend is Tuesday, October 7th. Toro's dividend payout ratio is presently 46.06%.

About Toro

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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