Toro (NYSE:TTC) Releases Quarterly Earnings Results, Misses Expectations By $0.02 EPS

Toro (NYSE:TTC) posted its earnings results on Thursday. The company reported $0.64 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.66 by ($0.02), Briefing.com reports. The business had revenue of $1 billion during the quarter, compared to the consensus estimate of $1 billion. Toro had a return on equity of 26.66% and a net margin of 6.53%. The firm’s revenue for the quarter was down 12.8% compared to the same quarter last year. During the same period in the previous year, the business earned $0.98 earnings per share. Toro updated its FY24 guidance to $4.25-4.35 EPS and its FY 2024 guidance to 4.250-4.350 EPS.

Toro Stock Performance

Shares of TTC opened at $89.23 on Friday. The company has a quick ratio of 0.75, a current ratio of 2.13 and a debt-to-equity ratio of 0.76. The business’s 50 day moving average price is $92.98 and its 200-day moving average price is $89.10. Toro has a 52 week low of $78.35 and a 52 week high of $117.17. The stock has a market cap of $9.32 billion, a P/E ratio of 32.57 and a beta of 0.72.

Toro Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, January 11th. Stockholders of record on Wednesday, December 27th were given a $0.36 dividend. This is a boost from Toro’s previous quarterly dividend of $0.34. This represents a $1.44 dividend on an annualized basis and a dividend yield of 1.61%. The ex-dividend date was Tuesday, December 26th. Toro’s payout ratio is currently 52.55%.

Analyst Ratings Changes

Several analysts recently weighed in on TTC shares. Robert W. Baird lifted their price target on shares of Toro from $92.00 to $100.00 and gave the company a “neutral” rating in a report on Thursday, December 21st. DA Davidson cut Toro from a “buy” rating to a “neutral” rating and cut their price objective for the company from $110.00 to $87.00 in a research report on Tuesday, December 5th. Finally, TheStreet raised Toro from a “c+” rating to a “b-” rating in a research report on Thursday, February 15th. Four investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, Toro has a consensus rating of “Hold” and an average target price of $104.00.

Insider Transactions at Toro

In related news, Director Janet Katherine Cooper sold 1,660 shares of the company’s stock in a transaction dated Tuesday, December 26th. The shares were sold at an average price of $99.50, for a total value of $165,170.00. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, VP Kurt D. Svendsen sold 4,800 shares of the company’s stock in a transaction that occurred on Friday, December 22nd. The stock was sold at an average price of $98.27, for a total value of $471,696.00. Following the transaction, the vice president now directly owns 10,752 shares of the company’s stock, valued at approximately $1,056,599.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Janet Katherine Cooper sold 1,660 shares of the company’s stock in a transaction dated Tuesday, December 26th. The shares were sold at an average price of $99.50, for a total transaction of $165,170.00. The disclosure for this sale can be found here. Insiders have sold a total of 7,399 shares of company stock valued at $729,874 in the last ninety days. 1.62% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Toro

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its stake in Toro by 1.0% during the 4th quarter. Vanguard Group Inc. now owns 10,491,409 shares of the company’s stock valued at $1,007,070,000 after acquiring an additional 103,300 shares during the period. BlackRock Inc. raised its stake in shares of Toro by 9.7% in the first quarter. BlackRock Inc. now owns 10,234,812 shares of the company’s stock worth $1,137,702,000 after buying an additional 903,088 shares during the period. Price T Rowe Associates Inc. MD raised its stake in shares of Toro by 2.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 5,320,861 shares of the company’s stock worth $510,750,000 after buying an additional 151,811 shares during the period. Kayne Anderson Rudnick Investment Management LLC raised its position in shares of Toro by 1.9% during the 1st quarter. Kayne Anderson Rudnick Investment Management LLC now owns 3,402,222 shares of the company’s stock valued at $378,191,000 after purchasing an additional 64,265 shares during the period. Finally, State Street Corp raised its position in shares of Toro by 0.4% during the 2nd quarter. State Street Corp now owns 3,350,616 shares of the company’s stock valued at $341,733,000 after purchasing an additional 12,777 shares during the period. Institutional investors own 84.69% of the company’s stock.

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.