Toro Company (The) (NYSE:TTC) Rating Lowered to Hold at Zacks Investment Research

Zacks Investment Research cut shares of Toro Company (The) (NYSE:TTC) from a buy rating to a hold rating in a research note issued to investors on Wednesday, August 2nd.

According to Zacks, “Toro Company designs, manufactures and markets consumer and professional turf maintenance equipment, snow removal products and irrigation systems and provides landscaping and turf maintenance services. The company manufactures walk-behind power mowers and snowblowers and riding lawn mowers and lawn and garden tractors. The company designs and markets electrical and gas products, professional turf maintenance equipment and turf irrigation products. “

Other research analysts also recently issued research reports about the stock. BidaskClub downgraded shares of Toro Company (The) from a strong-buy rating to a buy rating in a report on Friday, June 23rd. Longbow Research upgraded shares of Toro Company (The) from an underperform rating to a neutral rating in a report on Monday, May 22nd. Two analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The company currently has an average rating of Buy and an average target price of $62.75.

Toro Company (NYSE:TTC) opened at 72.37 on Wednesday. The stock has a market capitalization of $7.81 billion, a price-to-earnings ratio of 32.19 and a beta of 0.56. The company has a 50-day moving average price of $71.07 and a 200-day moving average price of $65.51. Toro Company has a 12-month low of $44.90 and a 12-month high of $73.86.

Toro Company (The) (NYSE:TTC) last announced its earnings results on Thursday, May 25th. The company reported $1.08 EPS for the quarter, topping the consensus estimate of $1.03 by $0.05. The firm had revenue of $872.77 million for the quarter, compared to the consensus estimate of $863.17 million. Toro Company (The) had a net margin of 10.23% and a return on equity of 44.74%. The business’s quarterly revenue was up 4.3% on a year-over-year basis. During the same quarter last year, the firm posted $1.89 EPS. On average, equities research analysts forecast that Toro Company will post $2.37 earnings per share for the current year.

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In other news, VP Thomas J. Larson sold 6,600 shares of the company’s stock in a transaction that occurred on Friday, June 30th. The shares were sold at an average price of $69.04, for a total transaction of $455,664.00. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Christopher A. Twomey sold 15,108 shares of the company’s stock in a transaction that occurred on Wednesday, June 14th. The stock was sold at an average price of $71.75, for a total transaction of $1,083,999.00. Following the transaction, the director now owns 15,108 shares in the company, valued at $1,083,999. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 72,872 shares of company stock worth $5,119,937. Company insiders own 5.69% of the company’s stock.

A number of institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. raised its position in shares of Toro Company (The) by 8.0% in the first quarter. Vanguard Group Inc. now owns 9,687,572 shares of the company’s stock valued at $605,086,000 after buying an additional 718,121 shares in the last quarter. BlackRock Inc. raised its position in shares of Toro Company (The) by 9,353.5% in the first quarter. BlackRock Inc. now owns 8,765,260 shares of the company’s stock valued at $547,480,000 after buying an additional 8,672,540 shares in the last quarter. JPMorgan Chase & Co. raised its position in shares of Toro Company (The) by 6.4% in the first quarter. JPMorgan Chase & Co. now owns 4,664,168 shares of the company’s stock valued at $291,324,000 after buying an additional 279,198 shares in the last quarter. State Street Corp raised its position in shares of Toro Company (The) by 2.4% in the first quarter. State Street Corp now owns 2,864,010 shares of the company’s stock valued at $178,886,000 after buying an additional 67,410 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its position in shares of Toro Company (The) by 2.5% in the first quarter. Bank of New York Mellon Corp now owns 1,814,392 shares of the company’s stock valued at $113,327,000 after buying an additional 44,048 shares in the last quarter. Institutional investors and hedge funds own 76.01% of the company’s stock.

About Toro Company (The)

The Toro Company (Toro) is engaged in the designing, manufacturing, and marketing of professional turf maintenance equipment and services, turf irrigation systems, landscaping equipment and lighting products, snow and ice management products, agricultural micro-irrigation systems, rental and specialty construction equipment, and residential yard and snow thrower products.

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