Toro (NYSE:TTC) to Buyback 4,000,000 Shares

Toro (NYSE:TTC) declared that its board has authorized a stock buyback plan on Tuesday, December 10th, RTT News reports. The company plans to buyback 4,000,000 outstanding shares. This buyback authorization authorizes the company to repurchase shares of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board believes its shares are undervalued.

Toro Trading Down 0.3 %

Shares of NYSE TTC opened at $87.45 on Wednesday. The business’s 50 day moving average is $84.05 and its two-hundred day moving average is $87.86. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.94 and a quick ratio of 0.85. Toro has a 1-year low of $77.15 and a 1-year high of $102.00. The stock has a market capitalization of $8.97 billion, a P/E ratio of 22.95 and a beta of 0.70.

Toro Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, January 13th. Shareholders of record on Monday, December 23rd will be paid a dividend of $0.38 per share. This is a boost from Toro’s previous quarterly dividend of $0.36. This represents a $1.52 annualized dividend and a yield of 1.74%. Toro’s payout ratio is presently 37.80%.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on TTC shares. Northland Securities reiterated a “market perform” rating and set a $100.00 target price on shares of Toro in a research report on Friday, September 6th. StockNews.com upgraded Toro from a “hold” rating to a “buy” rating in a research report on Monday, September 9th. Robert W. Baird reduced their target price on Toro from $102.00 to $92.00 and set a “neutral” rating on the stock in a report on Friday, September 6th. Finally, DA Davidson reduced their target price on Toro from $103.00 to $88.00 and set a “neutral” rating on the stock in a report on Monday, September 9th. Three investment analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $93.33.

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.