Impax Asset Management Group plc Trims Stake in The Toro Company (NYSE:TTC)

Impax Asset Management Group plc cut its holdings in shares of The Toro Company (NYSE:TTC) by 71.3% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 21,976 shares of the company’s stock after selling 54,547 shares during the quarter. Impax Asset Management Group plc’s holdings in Toro were worth $1,906,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of TTC. Arizona State Retirement System boosted its stake in Toro by 0.4% during the second quarter. Arizona State Retirement System now owns 28,680 shares of the company’s stock worth $2,682,000 after buying an additional 110 shares during the period. Nisa Investment Advisors LLC boosted its position in shares of Toro by 0.3% during the 2nd quarter. Nisa Investment Advisors LLC now owns 46,925 shares of the company’s stock worth $4,405,000 after purchasing an additional 123 shares during the period. Toronto Dominion Bank increased its holdings in Toro by 1.4% in the 2nd quarter. Toronto Dominion Bank now owns 10,060 shares of the company’s stock valued at $941,000 after purchasing an additional 136 shares during the last quarter. CWM LLC raised its position in Toro by 15.5% in the third quarter. CWM LLC now owns 1,063 shares of the company’s stock valued at $92,000 after purchasing an additional 143 shares during the period. Finally, Taylor Frigon Capital Management LLC lifted its stake in Toro by 1.0% during the third quarter. Taylor Frigon Capital Management LLC now owns 15,201 shares of the company’s stock worth $1,318,000 after purchasing an additional 146 shares in the last quarter. 87.95% of the stock is owned by institutional investors and hedge funds.

Toro Stock Performance

Shares of TTC opened at $83.24 on Wednesday. The stock has a 50-day simple moving average of $84.71 and a 200-day simple moving average of $88.31. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.85 and a current ratio of 1.94. The Toro Company has a 1 year low of $77.15 and a 1 year high of $102.00. The stock has a market capitalization of $8.54 billion, a PE ratio of 21.85 and a beta of 0.69.

Toro (NYSE:TTC) last posted its quarterly earnings results on Thursday, September 5th. The company reported $1.18 EPS for the quarter, missing the consensus estimate of $1.23 by ($0.05). Toro had a return on equity of 25.94% and a net margin of 8.89%. The firm had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.26 billion. During the same quarter last year, the firm earned $0.95 EPS. The company’s revenue was up 6.9% on a year-over-year basis. On average, analysts predict that The Toro Company will post 4.16 earnings per share for the current fiscal year.

Toro Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Monday, September 30th were given a dividend of $0.36 per share. The ex-dividend date was Monday, September 30th. This represents a $1.44 annualized dividend and a dividend yield of 1.73%. Toro’s dividend payout ratio is currently 37.80%.

Analysts Set New Price Targets

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

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.