The Toro Company (NYSE:TTC) Plans $0.38 Quarterly Dividend

The Toro Company (NYSE:TTC) declared a quarterly dividend on Tuesday, March 18th, RTT News reports. Stockholders of record on Monday, March 31st will be paid a dividend of 0.38 per share on Monday, April 14th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.07%. The ex-dividend date of this dividend is Monday, March 31st.

Toro has raised its dividend payment by an average of 10.3% annually over the last three years and has increased its dividend every year for the last 21 years. Toro has a payout ratio of 32.4% indicating that its dividend is sufficiently covered by earnings. Analysts expect Toro to earn $4.67 per share next year, which means the company should continue to be able to cover its $1.52 annual dividend with an expected future payout ratio of 32.5%.

Toro Trading Down 2.1 %

Shares of NYSE:TTC opened at $73.29 on Friday. The company has a 50 day moving average of $79.00 and a 200-day moving average of $81.98. 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 firm has a market cap of $7.32 billion, a P/E ratio of 18.28 and a beta of 0.70. Toro has a twelve month low of $71.23 and a twelve month high of $100.93.

Analysts Set New Price Targets

TTC has been the topic of a number of research reports. StockNews.com downgraded shares of Toro from a “buy” rating to a “hold” rating in a report on Tuesday, March 18th. Robert W. Baird reduced their target price on Toro from $88.00 to $84.00 and set a “neutral” rating for the company in a report on Friday, March 7th. Raymond James lowered 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. Northland Capmk raised shares of Toro from a “hold” rating to a “strong-buy” rating in a research note on Friday, February 21st. Finally, Northland Securities raised Toro from a “market perform” rating to an “outperform” rating and set a $100.00 price objective for the company in a research report on Monday, February 24th. Three research analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Toro currently has a consensus rating of “Moderate Buy” and a consensus price target of $89.75.

Toro declared that its Board of Directors has authorized a stock buyback plan on Tuesday, December 10th that permits the company to buyback 4,000,000 shares. This buyback authorization permits the company to reacquire shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.

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.