abrdn plc Grows Stake in The Toro Company (NYSE:TTC)

abrdn plc grew its holdings in shares of The Toro Company (NYSE:TTC) by 5.8% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 2,874 shares of the company’s stock after purchasing an additional 157 shares during the quarter. abrdn plc’s holdings in Toro were worth $249,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Price T Rowe Associates Inc. MD raised its stake in Toro by 25.0% in the first quarter. Price T Rowe Associates Inc. MD now owns 6,653,109 shares of the company’s stock valued at $609,626,000 after buying an additional 1,332,248 shares during the last quarter. Allspring Global Investments Holdings LLC increased its holdings in shares of Toro by 37,332.5% during the second quarter. Allspring Global Investments Holdings LLC now owns 470,901 shares of the company’s stock valued at $44,034,000 after acquiring an additional 469,643 shares in the last quarter. Point72 Asset Management L.P. raised its position in shares of Toro by 682.7% in the 2nd quarter. Point72 Asset Management L.P. now owns 482,139 shares of the company’s stock valued at $45,085,000 after purchasing an additional 420,539 shares during the last quarter. Millennium Management LLC boosted its stake in Toro by 11,970.3% in the 2nd quarter. Millennium Management LLC now owns 393,008 shares of the company’s stock worth $36,750,000 after purchasing an additional 389,752 shares in the last quarter. Finally, Champlain Investment Partners LLC grew its position in Toro by 11.5% during the 1st quarter. Champlain Investment Partners LLC now owns 2,725,651 shares of the company’s stock worth $249,751,000 after purchasing an additional 280,855 shares during the last quarter. Institutional investors and hedge funds own 87.95% of the company’s stock.

Toro Trading Up 3.2 %

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

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

Toro Announces Dividend

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

Analysts Set New Price Targets

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