Resona Asset Management Co. Ltd. Makes New Investment in The Toro Company (NYSE:TTC)

Resona Asset Management Co. Ltd. purchased a new position in The Toro Company (NYSE:TTC) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 30,140 shares of the company’s stock, valued at approximately $2,418,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Pacer Advisors Inc. increased its position in Toro by 0.8% in the fourth quarter. Pacer Advisors Inc. now owns 15,298 shares of the company’s stock worth $1,225,000 after buying an additional 120 shares in the last quarter. Lowe Brockenbrough & Co. Inc. increased its position in Toro by 1.1% in the fourth quarter. Lowe Brockenbrough & Co. Inc. now owns 11,473 shares of the company’s stock worth $923,000 after buying an additional 127 shares in the last quarter. CIBC Private Wealth Group LLC increased its position in Toro by 30.2% in the fourth quarter. CIBC Private Wealth Group LLC now owns 547 shares of the company’s stock worth $43,000 after buying an additional 127 shares in the last quarter. Northwest Financial Advisors increased its position in Toro by 2.0% in the fourth quarter. Northwest Financial Advisors now owns 6,945 shares of the company’s stock worth $556,000 after buying an additional 139 shares in the last quarter. Finally, Savant Capital LLC increased its position in Toro by 5.0% in the fourth quarter. Savant Capital LLC now owns 3,293 shares of the company’s stock worth $264,000 after buying an additional 158 shares in the last quarter. Hedge funds and other institutional investors own 87.95% of the company’s stock.

Analyst Ratings Changes

Several analysts recently issued reports on the company. StockNews.com cut Toro from a “buy” rating to a “hold” rating in a research report on Tuesday, March 18th. DA Davidson cut their target price on Toro from $86.00 to $80.00 and set a “neutral” rating for the company in a research report on Tuesday, March 11th. Raymond James cut their target price on Toro from $100.00 to $95.00 and set an “outperform” rating for the company in a research report on Friday, December 20th. Northland Securities upgraded Toro from a “market perform” rating to an “outperform” rating and set a $100.00 target price for the company in a research report on Monday, February 24th. Finally, Robert W. Baird cut their target price on Toro from $88.00 to $84.00 and set a “neutral” rating for the company in a research report on Friday, March 7th. Three research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $89.75.

Toro Stock Performance

NYSE TTC opened at $68.97 on Thursday. The stock has a market capitalization of $6.88 billion, a PE ratio of 17.20 and a beta of 0.72. The business has a 50 day simple moving average of $75.61 and a two-hundred day simple moving average of $80.85. 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 Toro Company has a 1-year low of $62.34 and a 1-year high of $100.93.

Toro Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, April 14th. Shareholders of record on Monday, March 31st will be issued a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 2.20%. The ex-dividend date is Monday, March 31st. Toro’s dividend payout ratio is presently 38.87%.

Toro 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.