Toro (NYSE:TTC) Shares Down 4.6% - What's Next?

Key Points

• Toro shares fell 4.6% to approximately $94.59, with trading volume down 74% from its average. The stock’s current consensus rating is “Hold,” with an average analyst price target of $102.33.
• Toro’s latest quarterly results exceeded expectations, with earnings of $1.33 per share versus the $1.31 estimate and revenue of $1.23 billion, up 8.4% year over year.
• Insiders sold 12,934 shares worth approximately $1.2 million over the past three months, while institutional investors and hedge funds own a substantial 87.95% of the company.

Shares of Toro Company (The) (NYSE:TTC - Get Free Report) were down 4.6% during trading on Thursday . The company traded as low as $93.83 and last traded at $94.5870. Approximately 210,731 shares traded hands during mid-day trading, a decline of 74% from the average daily volume of 818,020 shares. The stock had previously closed at $99.15.

Analysts Set New Price Targets

Several brokerages have recently commented on TTC. Weiss Ratings raised shares of Toro from a "hold (c)" rating to a "hold (c+)" rating in a research report on Tuesday, August 4th. Robert W. Baird decreased their target price on shares of Toro from $105.00 to $100.00 and set a "neutral" rating for the company in a research report on Friday, June 5th. One equities research analyst has rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, Toro presently has a consensus rating of "Hold" and an average price target of $102.33.

Toro Price Performance

The company has a current ratio of 1.56, a quick ratio of 0.74 and a debt-to-equity ratio of 0.74. The company has a market cap of $8.82 billion, a price-to-earnings ratio of 26.69 and a beta of 0.70. The business has a 50-day moving average price of $96.36 and a 200 day moving average price of $95.04.

Toro (NYSE:TTC - Get Free Report) last issued its quarterly earnings results on Thursday, September 3rd. The company reported $1.33 earnings per share for the quarter, topping analysts' consensus estimates of $1.31 by $0.02. Toro had a return on equity of 31.13% and a net margin of 7.29%.The firm had revenue of $1.23 billion for the quarter, compared to analysts' expectations of $1.19 billion. During the same quarter last year, the business posted $1.24 EPS. Toro's revenue was up 8.4% on a year-over-year basis. As a group, research analysts expect that Toro Company will post 4.6 earnings per share for the current fiscal year.

Insider Transactions at Toro

In related news, Director Gary Lee Ellis sold 4,951 shares of the business's stock in a transaction that occurred on Tuesday, June 9th. The shares were sold at an average price of $91.91, for a total transaction of $455,046.41. Following the transaction, the director directly owned 35,297 shares of the company's stock, valued at approximately $3,244,147.27. The trade was a 12.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Kurt D. Svendsen sold 6,600 shares of the company's stock in a transaction on Tuesday, June 23rd. The stock was sold at an average price of $93.09, for a total transaction of $614,394.00. Following the completion of the transaction, the vice president directly owned 12,166 shares in the company, valued at $1,132,532.94. This trade represents a 35.17% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 12,934 shares of company stock valued at $1,204,933 over the last three months. 1.88% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Toro

Several large investors have recently made changes to their positions in the business. California State Teachers Retirement System grew its position in Toro by 9,394.1% during the 2nd quarter. California State Teachers Retirement System now owns 10,923,412 shares of the company's stock worth $1,064,159,000 after acquiring an additional 10,808,357 shares during the last quarter. Corient Private Wealth LP grew its holdings in Toro by 1,063.5% during the 2nd quarter. Corient Private Wealth LP now owns 187,982 shares of the company's stock worth $18,314,000 after acquiring an additional 171,826 shares during the period. Goldman Sachs Group Inc. increased its holdings in Toro by 37.4% in the first quarter. Goldman Sachs Group Inc. now owns 456,861 shares of the company's stock valued at $33,237,000 after purchasing an additional 124,373 shares during the last quarter. SG Americas Securities LLC increased its stake in Toro by 416.7% in the first quarter. SG Americas Securities LLC now owns 68,455 shares of the company's stock valued at $6,396,000 after purchasing an additional 55,206 shares in the last quarter. Finally, Campbell & CO Investment Adviser LLC lifted its holdings in Toro by 425.6% during the fourth quarter. Campbell & CO Investment Adviser LLC now owns 64,783 shares of the company's stock worth $5,100,000 after acquiring an additional 52,457 shares in the last quarter. Institutional investors and hedge funds own 87.95% of the company's stock.

Toro Company Profile

The Toro Company NYSE: TTC specializes in the design, manufacture and marketing of a broad range of outdoor environment equipment for residential, commercial and professional markets. Its product portfolio includes lawn mowers, utility vehicles, snow throwers, irrigation systems and landscape maintenance equipment. Toro's offerings span walk-behind and ride-on mowers, zero-turn radius mowers, snow blowers, sprinklers, drip irrigation products, spreaders and specialty turf maintenance machines tailored to golf courses, sports fields and municipal parks.

Founded in 1914 and headquartered in Bloomington, Minnesota, Toro has built a century-long legacy of innovation in the grounds-care industry.

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