Mirae Asset Global Investments Co. Ltd. Trims Stock Position in The Toro Company (NYSE:TTC)

Mirae Asset Global Investments Co. Ltd. trimmed its stake in The Toro Company (NYSE:TTC) by 9.9% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,846 shares of the company’s stock after selling 202 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Toro were worth $148,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. E. Ohman J or Asset Management AB raised its position in Toro by 45.5% in the 4th quarter. E. Ohman J or Asset Management AB now owns 6,400 shares of the company’s stock valued at $513,000 after purchasing an additional 2,000 shares during the last quarter. abrdn plc increased its stake in Toro by 12.0% in the fourth quarter. abrdn plc now owns 3,220 shares of the company’s stock valued at $258,000 after purchasing an additional 346 shares during the period. Boston Trust Walden Corp raised its holdings in shares of Toro by 3.6% in the fourth quarter. Boston Trust Walden Corp now owns 334,132 shares of the company’s stock valued at $26,764,000 after buying an additional 11,549 shares during the last quarter. Willis Investment Counsel boosted its stake in shares of Toro by 10.8% during the fourth quarter. Willis Investment Counsel now owns 4,548 shares of the company’s stock worth $364,000 after buying an additional 445 shares during the period. Finally, Northwest Financial Advisors grew its holdings in shares of Toro by 2.0% during the fourth quarter. Northwest Financial Advisors now owns 6,945 shares of the company’s stock worth $556,000 after buying an additional 139 shares during the last quarter. 87.95% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Separately, Raymond James reduced their price objective on Toro from $100.00 to $95.00 and set an “outperform” rating for the company in a research note on Friday, December 20th. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $93.75.

Toro Stock Up 1.2 %

TTC stock opened at $80.18 on Friday. The Toro Company has a one year low of $76.95 and a one year high of $100.93. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.74 and a current ratio of 1.81. The company has a fifty day moving average of $82.62 and a 200-day moving average of $84.90. The stock has a market capitalization of $8.07 billion, a PE ratio of 19.99 and a beta of 0.72.

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

Toro Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, January 13th. Investors of record on Monday, December 23rd were paid a $0.38 dividend. The ex-dividend date of this dividend was Monday, December 23rd. This is an increase from Toro’s previous quarterly dividend of $0.36. This represents a $1.52 dividend on an annualized basis and a dividend yield of 1.90%. Toro’s payout ratio is 37.91%.

Toro announced that its board has approved a share repurchase plan on Tuesday, December 10th that allows the company to repurchase 4,000,000 shares. This repurchase authorization allows the company to buy shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its shares are undervalued.

About Toro

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.