Published On: Fri, Sep 9th, 2016

Toro Co. (TTC) Upgraded to “Hold” by Zacks Investment Research

Toro Co. (NYSE:TTC) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Friday.
According to Zacks, “Toro Company designs, manufactures and markets consumer and professional turf maintenance equipment, snow removal products and irrigation systems and provides landscaping and turf maintenance services. The company manufactures walk-behind power mowers and snowblowers and riding lawn mowers and lawn and garden tractors. The company designs and markets electrical and gas products, professional turf maintenance equipment and turf irrigation products. “
A number of other research firms also recently issued reports on TTC. Seaport Global Securities started coverage on Toro in a research report on Tuesday, May 24th. They set a “neutral” rating and a $87.00 price target for the company. Sidoti downgraded Toro from a “buy” rating to a “neutral” rating and set a $98.00 price target for the company. in a research report on Friday, June 10th. Finally, Northcoast Research reissued a “neutral” rating on shares of Toro in a research report on Thursday, June 30th. Five investment analysts have rated the stock with a hold rating, The stock has a consensus rating of “Hold” and a consensus price target of C$91.33.

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Shares of Toro (NYSE:TTC) opened at 97.41 on Friday. The stock’s 50 day moving average price is $94.69 and its 200 day moving average price is $88.62. Toro has a 12 month low of $64.71 and a 12 month high of $99.00. The firm has a market cap of $5.32 billion, a price-to-earnings ratio of 24.40 and a beta of 0.57. Toro shares are set to split on the morning of Monday, September 19th. The 2-1 split was announced on Thursday, August 18th. The newly minted shares will be issued to shareholders after the market closes on Friday, September 16th.

Toro (NYSE:TTC) last posted its quarterly earnings results on Thursday, August 18th. The company reported $1.00 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.99 by $0.01. During the same period last year, the firm posted $0.94 EPS. The firm had revenue of $601 million for the quarter, compared to analysts’ expectations of $623.79 million. Toro’s revenue was down 1.4% on a year-over-year basis. Equities research analysts predict that Toro will post $4.02 earnings per share for the current fiscal year.
In other news, Director Christopher A. Twomey sold 5,246 shares of the company’s stock in a transaction dated Monday, June 20th. The stock was sold at an average price of C$87.60, for a total value of C$459,549.60. Following the completion of the sale, the director now owns 5,246 shares of the company’s stock, valued at C$459,549.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP William E. Brown, Jr. sold 6,000 shares of the company’s stock in a transaction dated Monday, August 29th. The stock was sold at an average price of C$98.34, for a total value of C$590,040.00. Following the completion of the sale, the vice president now directly owns 93,469 shares of the company’s stock, valued at approximately C$9,191,741.46. The disclosure for this sale can be found here. 5.94% of the stock is owned by insiders.
Several large investors recently modified their holdings of the company. Highbridge Capital Management LLC acquired a new position in Toro during the fourth quarter valued at approximately $4,475,000. Susquehanna International Group LLP boosted its position in Toro by 14.1% in the fourth quarter. Susquehanna International Group LLP now owns 59,588 shares of the company’s stock valued at $4,354,000 after buying an additional 7,373 shares during the period. Stifel Financial Corp boosted its position in Toro by 6.7% in the fourth quarter. Stifel Financial Corp now owns 23,774 shares of the company’s stock valued at $1,737,000 after buying an additional 1,484 shares during the period. Norges Bank acquired a new position in Toro during the fourth quarter valued at approximately $34,407,000. Finally, Denali Advisors LLC boosted its position in Toro by 149.1% in the first quarter. Denali Advisors LLC now owns 39,600 shares of the company’s stock valued at $3,410,000 after buying an additional 23,700 shares during the period. 74.70% of the stock is owned by institutional investors.
About Toro
The Toro Company designs, manufactures and markets professional turf maintenance equipment and services, turf irrigation systems, landscaping equipment and lighting, agricultural micro-irrigation systems, rental and specialty construction equipment, and residential yard and snow thrower products. The Company operates through three segments: Professional, Residential and Distribution.

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