Toro Co (NYSE:TTC) announced a quarterly dividend on Tuesday, May 19th, Zacks reports. Investors of record on Monday, June 22nd will be given a dividend of 0.25 per share on Thursday, July 9th. This represents a $1.00 annualized dividend and a yield of 1.47%. The ex-dividend date is Friday, June 19th.
Toro has raised its dividend by an average of 11.3% per year over the last three years and has increased its dividend every year for the last 2 years. Toro has a payout ratio of 29.7% indicating that its dividend is sufficiently covered by earnings. Analysts expect Toro to earn $3.71 per share next year, which means the company should continue to be able to cover its $1.00 annual dividend with an expected future payout ratio of 27.0%.
TTC stock traded up $0.38 during midday trading on Thursday, hitting $68.03. 127,084 shares of the stock traded hands, compared to its average volume of 749,620. The firm has a market cap of $7.04 billion, a P/E ratio of 25.70, a PEG ratio of 1.95 and a beta of 0.70. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.48 and a quick ratio of 0.58. The stock’s fifty day simple moving average is $63.62 and its 200-day simple moving average is $73.89. Toro has a 1-year low of $52.07 and a 1-year high of $84.26.
Separately, Zacks Investment Research upgraded shares of Toro from a “hold” rating to a “buy” rating and set a $67.00 price target for the company in a research report on Saturday, May 16th. Four research analysts have rated the stock with a hold rating and one has given a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $72.33.
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.
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