Fifth Third Bancorp Trims Stake in Toro Company (The) (NYSE:TTC)

Fifth Third Bancorp lessened its stake in shares of Toro Company (The) (NYSE:TTC - Free Report) by 88.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 560 shares of the company's stock after selling 4,157 shares during the quarter. Fifth Third Bancorp's holdings in Toro were worth $41,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Kayne Anderson Rudnick Investment Management LLC lifted its stake in shares of Toro by 45.5% during the 4th quarter. Kayne Anderson Rudnick Investment Management LLC now owns 7,031,295 shares of the company's stock worth $563,207,000 after purchasing an additional 2,199,920 shares during the last quarter. Raymond James Financial Inc. bought a new position in Toro in the fourth quarter worth about $36,561,000. The Manufacturers Life Insurance Company lifted its position in shares of Toro by 411.3% during the fourth quarter. The Manufacturers Life Insurance Company now owns 464,609 shares of the company's stock valued at $37,215,000 after buying an additional 373,736 shares during the last quarter. Victory Capital Management Inc. lifted its position in shares of Toro by 693.0% during the fourth quarter. Victory Capital Management Inc. now owns 414,961 shares of the company's stock valued at $33,238,000 after buying an additional 362,634 shares during the last quarter. Finally, Northern Trust Corp boosted its holdings in shares of Toro by 36.9% in the 4th quarter. Northern Trust Corp now owns 1,081,782 shares of the company's stock valued at $86,651,000 after buying an additional 291,593 shares in the last quarter. Institutional investors own 87.95% of the company's stock.

Insiders Place Their Bets

In other news, Director Gary Lee Ellis sold 5,038 shares of the stock in a transaction 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 sale, the director now owns 34,062 shares in the company, valued at $2,411,930.22. This represents a 12.88% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.39% of the stock is currently owned by insiders.

Toro Stock Performance

Shares of NYSE:TTC traded down $0.23 on Wednesday, hitting $70.43. 748,392 shares of the company were exchanged, compared to its average volume of 941,045. The firm has a market capitalization of $6.95 billion, a P/E ratio of 18.06 and a beta of 0.83. 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 1-year low of $62.34 and a 1-year high of $100.93. The stock's 50 day moving average price is $71.66 and its 200 day moving average price is $75.97.

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

Toro Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Tuesday, June 17th will be issued a $0.38 dividend. The ex-dividend date is Tuesday, June 17th. This represents a $1.52 annualized dividend and a yield of 2.16%. Toro's dividend payout ratio (DPR) is presently 38.97%.

Analysts Set New Price Targets

Several research firms recently commented on TTC. DA Davidson set a $76.00 price objective on shares of Toro and gave the stock a "neutral" rating in a research note on Monday, June 9th. Robert W. Baird upped 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. Raymond James Financial decreased their price objective on Toro from $95.00 to $90.00 and set an "outperform" rating for the company in a report on Friday, June 6th. Northland Securities restated a "market perform" rating and set a $80.00 target price (down from $100.00) on shares of Toro in a research note on Friday, June 6th. Finally, Wall Street Zen cut Toro from a "buy" rating to a "hold" rating in a research note on Tuesday, March 18th. Five analysts have rated the stock with a hold rating and one has given a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $82.75.

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.