Toro Co (NYSE:TTC) announced a quarterly dividend on Thursday, December 7th, RTT News reports. Stockholders of record on Friday, December 22nd will be paid a dividend of 0.20 per share on Wednesday, January 10th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.19%. The ex-dividend date of this dividend is Thursday, December 21st. This is a positive change from Toro’s previous quarterly dividend of $0.18.
Toro has raised its dividend payment by an average of 20.5% annually over the last three years and has increased its dividend annually for the last 8 consecutive years. Toro has a payout ratio of 30.5% meaning its dividend is sufficiently covered by earnings. Research analysts expect Toro to earn $2.89 per share next year, which means the company should continue to be able to cover its $0.80 annual dividend with an expected future payout ratio of 27.7%.
Shares of Toro (NYSE TTC) traded up $0.79 during midday trading on Thursday, reaching $67.15. 432,000 shares of the company’s stock traded hands, compared to its average volume of 551,804. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.02 and a current ratio of 1.65. Toro has a 1 year low of $55.77 and a 1 year high of $73.86. The firm has a market cap of $7,160.00, a PE ratio of 27.86, a P/E/G ratio of 2.55 and a beta of 0.61.
Toro (NYSE:TTC) last announced its quarterly earnings results on Thursday, December 7th. The company reported $0.31 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.29 by $0.02. Toro had a net margin of 10.69% and a return on equity of 44.66%. The firm had revenue of $488.60 million during the quarter, compared to analysts’ expectations of $491.55 million. During the same period in the prior year, the company posted $0.27 EPS. The company’s revenue was up 4.3% on a year-over-year basis. analysts expect that Toro will post 2.62 EPS for the current year.
Separately, Zacks Investment Research cut shares of Toro from a “buy” rating to a “hold” rating and set a $73.00 price objective for the company. in a research report on Saturday, January 6th. Five investment analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $68.33.
In other Toro news, VP Bradley A. Hamilton sold 2,000 shares of the firm’s stock in a transaction on Thursday, December 28th. The shares were sold at an average price of $65.33, for a total value of $130,660.00. Following the completion of the sale, the vice president now directly owns 3,851 shares in the company, valued at $251,585.83. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Timothy P. Dordell sold 46,000 shares of the firm’s stock in a transaction on Friday, January 5th. The stock was sold at an average price of $66.07, for a total transaction of $3,039,220.00. Following the completion of the sale, the vice president now owns 24,225 shares of the company’s stock, valued at $1,600,545.75. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 73,000 shares of company stock valued at $4,814,630. 5.69% of the stock is currently owned by corporate insiders.
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Toro Company Profile
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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