Amalgamated Bank Sells 662 Shares of The Toro Company (NYSE:TTC)

Amalgamated Bank cut its stake in The Toro Company (NYSE:TTC) by 1.3% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 48,891 shares of the company’s stock after selling 662 shares during the quarter. Amalgamated Bank’s holdings in Toro were worth $3,916,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the stock. Assenagon Asset Management S.A. raised its holdings in Toro by 13.1% in the third quarter. Assenagon Asset Management S.A. now owns 6,251 shares of the company’s stock worth $542,000 after purchasing an additional 723 shares in the last quarter. State of Alaska Department of Revenue grew its position in shares of Toro by 4.6% in the 3rd quarter. State of Alaska Department of Revenue now owns 18,646 shares of the company’s stock worth $1,616,000 after buying an additional 815 shares during the last quarter. abrdn plc raised its stake in shares of Toro by 5.8% during the 3rd quarter. abrdn plc now owns 2,874 shares of the company’s stock worth $249,000 after acquiring an additional 157 shares in the last quarter. Financial Advocates Investment Management lifted its position in Toro by 7.2% during the third quarter. Financial Advocates Investment Management now owns 3,196 shares of the company’s stock valued at $277,000 after acquiring an additional 214 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. acquired a new stake in Toro in the third quarter valued at approximately $666,000. 87.95% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

TTC has been the topic of a number of recent analyst reports. Northland Capmk raised Toro from a “hold” rating to a “strong-buy” rating in a research report on Friday, February 21st. Raymond James reduced their target price on Toro from $100.00 to $95.00 and set an “outperform” rating on the stock in a research report on Friday, December 20th. Finally, Northland Securities raised Toro from a “market perform” rating to an “outperform” rating and set a $100.00 price target for the company in a report on Monday, February 24th. Two analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $93.75.

Toro Price Performance

Shares of TTC opened at $80.06 on Friday. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.81 and a quick ratio of 0.74. The company’s fifty day moving average price is $81.48 and its 200-day moving average price is $84.10. The Toro Company has a 1-year low of $76.95 and a 1-year high of $100.93. The firm has a market capitalization of $8.06 billion, a PE ratio of 19.96 and a beta of 0.72.

Toro (NYSE:TTC) last posted its quarterly earnings results on Wednesday, December 18th. The company reported $0.95 earnings per share for the quarter, meeting the consensus estimate of $0.95. Toro had a return on equity of 27.25% and a net margin of 9.14%. The business had revenue of $1.08 billion for the quarter, compared to the consensus estimate of $1.09 billion. During the same quarter in the previous year, the business earned $0.71 EPS. The company’s quarterly revenue was up 9.4% compared to the same quarter last year. On average, equities research analysts predict 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. Shareholders of record on Monday, December 23rd were given a dividend of $0.38 per share. The ex-dividend date was Monday, December 23rd. This is a positive change from Toro’s previous quarterly dividend of $0.36. This represents a $1.52 dividend on an annualized basis and a yield of 1.90%. Toro’s dividend payout ratio (DPR) is currently 37.91%.

Toro announced that its board has approved a stock repurchase plan on Tuesday, December 10th that allows the company to repurchase 4,000,000 outstanding shares. This repurchase authorization allows the company to purchase shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors 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.