Harbour Investments Inc. Purchases 1,057 Shares of The Toro Company (NYSE:TTC)

Harbour Investments Inc. grew its position in shares of The Toro Company (NYSE:TTC) by 75.5% in the fourth quarter, Holdings Channel reports. The fund owned 2,457 shares of the company’s stock after buying an additional 1,057 shares during the quarter. Harbour Investments Inc.’s holdings in Toro were worth $197,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Allspring Global Investments Holdings LLC lifted its position in Toro by 996,664.0% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 498,382 shares of the company’s stock worth $39,410,000 after buying an additional 498,332 shares during the last quarter. Raymond James Financial Inc. bought a new stake in Toro in the fourth quarter worth $36,561,000. Victory Capital Management Inc. lifted its position in Toro by 693.0% in the fourth quarter. Victory Capital Management Inc. now owns 414,961 shares of the company’s stock worth $33,238,000 after buying an additional 362,634 shares during the last quarter. Amundi lifted its position in Toro by 30.3% in the fourth quarter. Amundi now owns 1,121,116 shares of the company’s stock worth $89,701,000 after buying an additional 260,746 shares during the last quarter. Finally, Worldquant Millennium Advisors LLC lifted its position in Toro by 71.2% in the third quarter. Worldquant Millennium Advisors LLC now owns 217,739 shares of the company’s stock worth $18,885,000 after buying an additional 90,538 shares during the last quarter. 87.95% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

TTC has been the topic of a number of recent analyst reports. StockNews.com lowered Toro from a “buy” rating to a “hold” rating in a research note on Tuesday, March 18th. Northland Securities upgraded Toro from a “market perform” rating to an “outperform” rating and set a $100.00 target price on the stock in a research note on Monday, February 24th. Raymond James reduced their target price on Toro from $100.00 to $95.00 and set an “outperform” rating on the stock in a research note on Friday, December 20th. DA Davidson reduced their target price on Toro from $86.00 to $80.00 and set a “neutral” rating on the stock in a research note on Tuesday, March 11th. Finally, Robert W. Baird reduced their target price on Toro from $88.00 to $84.00 and set a “neutral” rating on the stock in a research note on Friday, March 7th. Three investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Toro has an average rating of “Moderate Buy” and an average price target of $89.75.

Toro Stock Performance

Shares of Toro stock opened at $73.09 on Friday. The firm has a market cap of $7.30 billion, a P/E ratio of 18.23 and a beta of 0.70. The company has a current ratio of 1.81, a quick ratio of 0.74 and a debt-to-equity ratio of 0.59. The Toro Company has a 12 month low of $71.23 and a 12 month high of $100.93. The stock’s fifty day moving average price is $79.77 and its 200-day moving average price is $82.31.

Toro (NYSE:TTC) last announced its quarterly earnings results on Wednesday, December 18th. The company reported $0.95 EPS for the quarter, meeting the consensus estimate of $0.95. The firm had revenue of $1.08 billion for the quarter, compared to analyst estimates of $1.09 billion. Toro had a return on equity of 27.25% and a net margin of 9.14%. The business’s revenue for the quarter was up 9.4% on a year-over-year basis. During the same quarter last year, the firm posted $0.71 earnings per share. On average, equities research analysts expect that The Toro Company will post 4.41 earnings per share for the current fiscal year.

Toro announced that its Board of Directors has authorized a share repurchase plan on Tuesday, December 10th that authorizes the company to buyback 4,000,000 outstanding shares. This buyback authorization authorizes the company to buy shares of its stock through open market purchases. Shares buyback plans are usually an indication that the company’s board of directors believes its shares are undervalued.

Toro Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, April 14th. Stockholders of record on Monday, March 31st will be paid a dividend of $0.38 per share. The ex-dividend date of this dividend is Monday, March 31st. This represents a $1.52 annualized dividend and a dividend yield of 2.08%. Toro’s dividend payout ratio is currently 38.87%.

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.