Toro (TTC) Upgraded by Zacks Investment Research to “Buy”

Toro (NYSE:TTC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Thursday, Zacks.com reports. The brokerage currently has a $78.00 price objective on the stock. Zacks Investment Research‘s price objective suggests a potential upside of 9.35% from the company’s previous close.

According to Zacks, “The Toro Company is a leading worldwide provider of innovative solutions for the outdoor environment, including turf, snow and ground engaging equipment and irrigation and outdoor lighting solutions. Toro’s global presence extends to more than 90 countries. Through constant innovation and caring relationships built on trust and integrity, Toro and its family of brands have built a legacy of excellence by helping customers care for golf courses, landscapes, sports fields, public green spaces, commercial and residential properties and agricultural fields. “

Several other brokerages have also weighed in on TTC. ValuEngine upgraded Toro from a “hold” rating to a “buy” rating in a report on Friday, February 22nd. Robert W. Baird started coverage on Toro in a report on Friday, January 18th. They issued a “neutral” rating and a $62.00 price objective for the company. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $70.00.

TTC traded up $0.56 during trading on Thursday, reaching $71.33. 11,381 shares of the company were exchanged, compared to its average volume of 473,465. The company has a market cap of $7.43 billion, a P/E ratio of 26.72 and a beta of 0.75. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.65 and a quick ratio of 0.92. Toro has a 52 week low of $52.97 and a 52 week high of $70.98.

Toro (NYSE:TTC) last released its quarterly earnings results on Thursday, February 21st. The company reported $0.51 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.50 by $0.01. Toro had a return on equity of 44.47% and a net margin of 11.55%. The company had revenue of $603.00 million during the quarter, compared to analysts’ expectations of $575.05 million. During the same quarter in the prior year, the business posted $0.48 earnings per share. The company’s revenue for the quarter was up 10.0% compared to the same quarter last year. As a group, research analysts anticipate that Toro will post 2.98 earnings per share for the current year.

In related news, Director Robert C. Buhrmaster sold 2,000 shares of the company’s stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $67.95, for a total value of $135,900.00. Following the completion of the sale, the director now owns 21,091 shares of the company’s stock, valued at $1,433,133.45. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Janet Katherine Cooper sold 1,941 shares of the company’s stock in a transaction dated Tuesday, March 26th. The shares were sold at an average price of $68.31, for a total transaction of $132,589.71. Following the completion of the sale, the director now directly owns 1,268 shares of the company’s stock, valued at approximately $86,617.08. The disclosure for this sale can be found here. In the last 90 days, insiders sold 59,293 shares of company stock valued at $4,048,661. Insiders own 2.36% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in the stock. BOKF NA raised its holdings in Toro by 2.9% in the fourth quarter. BOKF NA now owns 11,259 shares of the company’s stock valued at $630,000 after acquiring an additional 318 shares in the last quarter. Parallel Advisors LLC increased its stake in Toro by 25.5% in the fourth quarter. Parallel Advisors LLC now owns 1,601 shares of the company’s stock valued at $89,000 after purchasing an additional 325 shares during the last quarter. ETF Managers Group LLC increased its stake in Toro by 18.5% in the fourth quarter. ETF Managers Group LLC now owns 2,135 shares of the company’s stock valued at $119,000 after purchasing an additional 334 shares during the last quarter. Oppenheimer Asset Management Inc. increased its stake in Toro by 2.2% in the fourth quarter. Oppenheimer Asset Management Inc. now owns 16,796 shares of the company’s stock valued at $939,000 after purchasing an additional 368 shares during the last quarter. Finally, Virginia Retirement Systems ET AL increased its stake in Toro by 2.2% in the fourth quarter. Virginia Retirement Systems ET AL now owns 18,800 shares of the company’s stock valued at $1,051,000 after purchasing an additional 400 shares during the last quarter. 80.78% of the stock is owned by hedge funds and other institutional investors.

Toro Company Profile

The Toro Company designs, manufactures, and markets professional and residential equipment worldwide. The company's Professional segment offers turf and landscape equipment products, including sports fields and grounds maintenance equipment, golf course mowing and maintenance equipment, landscape contractor mowing equipment, landscape creation and renovation equipment, rental and specialty construction equipment, and other maintenance equipment; and snow and ice management equipment, such as snowplows, salt and sand spreaders, and related parts and accessories for light and medium duty trucks, utility task vehicles, skid steers, and front-end loaders.

Further Reading: Cash Flow Analysis in Stock Selection

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