Toro (NYSE:TTC) Hits New 52-Week Low – Here’s What Happened

The Toro Company (NYSE:TTC) hit a new 52-week low on Thursday . The stock traded as low as $67.94 and last traded at $68.52, with a volume of 264749 shares changing hands. The stock had previously closed at $73.85.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. Raymond James lowered their target price on shares of Toro from $100.00 to $95.00 and set an “outperform” rating for the company in a report on Friday, December 20th. Northland Securities upgraded shares of Toro from a “market perform” rating to an “outperform” rating and set a $100.00 target price on the stock in a report on Monday, February 24th. DA Davidson decreased their price target on shares of Toro from $86.00 to $80.00 and set a “neutral” rating for the company in a report on Tuesday, March 11th. Northland Capmk raised Toro from a “hold” rating to a “strong-buy” rating in a research note on Friday, February 21st. Finally, Robert W. Baird lowered their price target on Toro from $88.00 to $84.00 and set a “neutral” rating for the company in a report on Friday, March 7th. Three analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $89.75.

Toro Stock Performance

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 market capitalization of $6.55 billion, a P/E ratio of 16.37 and a beta of 0.72. The stock’s fifty day moving average price is $77.56 and its 200-day moving average price is $81.53.

Toro Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, April 14th. Stockholders of record on Monday, March 31st will be paid a dividend of $0.38 per share. The ex-dividend date is Monday, March 31st. This represents a $1.52 annualized dividend and a dividend yield of 2.32%. Toro’s dividend payout ratio is currently 38.87%.

Toro announced that its Board of Directors has initiated a stock repurchase plan on Tuesday, December 10th that allows the company to buyback 4,000,000 shares. This buyback authorization allows the company to buy shares of its stock through open market purchases. Shares buyback plans are generally a sign that the company’s board of directors believes its stock is undervalued.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of TTC. Versant Capital Management Inc grew its holdings in Toro by 81.2% in the 1st quarter. Versant Capital Management Inc now owns 868 shares of the company’s stock valued at $63,000 after buying an additional 389 shares in the last quarter. Central Pacific Bank Trust Division acquired a new position in shares of Toro in the first quarter valued at about $127,000. Wealth Enhancement Advisory Services LLC increased its position in Toro by 29.8% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 24,235 shares of the company’s stock worth $1,941,000 after acquiring an additional 5,570 shares during the period. Siemens Fonds Invest GmbH acquired a new stake in Toro in the 4th quarter worth about $138,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in Toro in the 4th quarter valued at about $4,919,000. Institutional investors and hedge funds own 87.95% 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.