Raub Brock Capital Management LP Takes Position in Toro Co. (TTC)
Raub Brock Capital Management LP bought a new stake in Toro Co. (NYSE:TTC) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 149,678 shares of the company’s stock, valued at approximately $13,202,000. Toro accounts for approximately 4.0% of Raub Brock Capital Management LP’s investment portfolio, making the stock its 10th largest position. Raub Brock Capital Management LP owned approximately 0.27% of Toro as of its most recent filing with the SEC.
Several other hedge funds have also added to or reduced their stakes in TTC. Goldman Sachs Group Inc. increased its stake in Toro by 33.4% in the first quarter. Goldman Sachs Group Inc. now owns 97,758 shares of the company’s stock valued at $8,418,000 after buying an additional 24,462 shares during the period. State Street Corp increased its stake in Toro by 0.8% in the first quarter. State Street Corp now owns 1,492,939 shares of the company’s stock valued at $128,575,000 after buying an additional 12,436 shares during the period. BlackRock Group LTD increased its stake in Toro by 25.4% in the first quarter. BlackRock Group LTD now owns 41,592 shares of the company’s stock valued at $3,582,000 after buying an additional 8,413 shares during the period. Ngam Advisors L.P. increased its stake in Toro by 3.2% in the first quarter. Ngam Advisors L.P. now owns 16,623 shares of the company’s stock valued at $1,432,000 after buying an additional 521 shares during the period. Finally, Riverhead Capital Management LLC increased its stake in Toro by 24.1% in the first quarter. Riverhead Capital Management LLC now owns 11,172 shares of the company’s stock valued at $962,000 after buying an additional 2,172 shares during the period. Institutional investors and hedge funds own 37.47% of the company’s stock.
Toro Co. (NYSE:TTC) traded down 0.96% during mid-day trading on Monday, hitting $46.39. The company had a trading volume of 447,370 shares. The company has a market capitalization of $5.07 billion, a P/E ratio of 23.24 and a beta of 0.49. The company has a 50-day moving average price of $47.79 and a 200 day moving average price of $45.04. Toro Co. has a 52-week low of $32.35 and a 52-week high of $49.50.
Toro (NYSE:TTC) last posted its quarterly earnings data on Thursday, August 18th. The company reported $1.00 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.99 by $0.01. Toro had a return on equity of 43.50% and a net margin of 9.33%. The firm earned $601 million during the quarter, compared to the consensus estimate of $623.79 million. During the same period in the prior year, the company earned $0.94 EPS. The firm’s revenue was down 1.4% compared to the same quarter last year. On average, analysts forecast that Toro Co. will post $2.01 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, October 14th. Shareholders of record on Monday, October 3rd will be issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.29%. The ex-dividend date is Thursday, September 29th. Toro’s payout ratio is currently 29.93%.
TTC has been the subject of several research analyst reports. Zacks Investment Research upgraded Toro from a “sell” rating to a “hold” rating in a research report on Friday, September 16th. Northcoast Research reiterated a “neutral” rating on shares of Toro in a research report on Thursday, June 30th. Finally, Sidoti downgraded Toro from a “buy” rating to a “neutral” rating and set a $49.00 target price for the company. in a research report on Friday, June 10th. Five research analysts have rated the stock with a hold rating, Toro presently has a consensus rating of “Hold” and an average target price of C$45.67.
In other Toro news, VP William E. Brown, Jr. sold 6,000 shares of the company’s stock in a transaction on Monday, August 29th. The stock was sold at an average price of C$98.34, for a total value of C$590,040.00. Following the completion of the sale, the vice president now directly owns 93,469 shares in the company, valued at approximately C$9,191,741.46. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 5.94% of the stock is owned by company insiders.
The Toro Company designs, manufactures and markets professional turf maintenance equipment and services, turf irrigation systems, landscaping equipment and lighting, agricultural micro-irrigation systems, rental and specialty construction equipment, and residential yard and snow thrower products. The Company operates through three segments: Professional, Residential and Distribution.
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