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The Toro Company (NYSE:TTC) Sees Significant Drop in Short Interest

Last updated on Saturday, April 17, 2021 | 2021 MarketBeat

The Toro Company (NYSE:TTC) was the recipient of a large decrease in short interest in the month of March. As of March 31st, there was short interest totalling 793,200 shares, a decrease of 27.9% from the March 15th total of 1,100,000 shares. Based on an average daily trading volume, of 421,300 shares, the days-to-cover ratio is presently 1.9 days.

In other news, CEO Richard M. Olson sold 10,000 shares of the stock in a transaction on Thursday, March 25th. The shares were sold at an average price of $102.38, for a total transaction of $1,023,800.00. Following the transaction, the chief executive officer now owns 21,049 shares in the company, valued at approximately $2,154,996.62. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Blake M. Grams sold 16,100 shares of the stock in a transaction on Monday, March 8th. The stock was sold at an average price of $99.26, for a total transaction of $1,598,086.00. Following the transaction, the vice president now owns 10,600 shares in the company, valued at approximately $1,052,156. The disclosure for this sale can be found here. In the last quarter, insiders sold 33,660 shares of company stock worth $3,404,841. Company insiders own 1.77% of the company's stock.

A number of large investors have recently added to or reduced their stakes in TTC. Paces Ferry Wealth Advisors LLC bought a new position in shares of The Toro in the third quarter worth $28,000. Healthcare of Ontario Pension Plan Trust Fund boosted its stake in The Toro by 48.2% during the fourth quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 332 shares of the company's stock valued at $31,000 after buying an additional 108 shares during the period. Archer Investment Corp bought a new stake in The Toro during the fourth quarter valued at $39,000. Simon Quick Advisors LLC bought a new stake in The Toro during the fourth quarter valued at $44,000. Finally, Wolff Wiese Magana LLC bought a new stake in The Toro during the fourth quarter valued at $60,000. 80.54% of the stock is owned by institutional investors and hedge funds.

Several research analysts have recently commented on the stock. Zacks Investment Research lowered shares of The Toro from a "buy" rating to a "hold" rating in a research note on Saturday, March 6th. Bank of America began coverage on shares of The Toro in a research report on Monday, January 4th. They set a "neutral" rating and a $102.00 target price for the company. Five investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company. The company currently has a consensus rating of "Hold" and a consensus price target of $101.33.

Shares of The Toro stock traded up $4.58 during midday trading on Friday, hitting $112.80. The company had a trading volume of 1,940,565 shares, compared to its average volume of 433,987. The business's 50 day simple moving average is $102.89 and its two-hundred day simple moving average is $94.90. The stock has a market cap of $12.14 billion, a PE ratio of 37.11, a P/E/G ratio of 2.68 and a beta of 0.73. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.67 and a quick ratio of 0.91. The Toro has a 1-year low of $57.89 and a 1-year high of $109.39.

The Toro (NYSE:TTC) last announced its quarterly earnings results on Wednesday, March 3rd. The company reported $0.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.75 by $0.10. The Toro had a return on equity of 32.24% and a net margin of 9.76%. The business had revenue of $873.00 million for the quarter, compared to analyst estimates of $851.36 million. During the same quarter in the prior year, the company earned $0.64 earnings per share. The company's quarterly revenue was up 13.7% on a year-over-year basis. On average, sell-side analysts expect that The Toro will post 3.46 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 20th. Investors of record on Monday, April 5th will be given a dividend of $0.2625 per share. This represents a $1.05 dividend on an annualized basis and a dividend yield of 0.93%. The ex-dividend date is Thursday, April 1st. The Toro's payout ratio is 34.77%.

About The Toro

The Toro Company designs, manufactures, and markets professional and residential equipment worldwide. The company's Professional segment offers turf and landscape equipment products, including sports fields and grounds maintenance equipment, golf course mowing and maintenance equipment, landscape contractor mowing equipment, landscape creation and renovation equipment, rental and specialty construction equipment, and other maintenance equipment; and snow and ice management equipment, such as snowplows, 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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