Toro (TTC) Issues Quarterly Earnings Results, Misses Expectations By $0.02 EPS

Toro (NYSE:TTC) posted its earnings results on Thursday. The company reported $0.32 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.34 by ($0.02), MarketWatch Earnings reports. Toro had a return on equity of 46.93% and a net margin of 10.39%. The company had revenue of $539.30 million during the quarter, compared to analyst estimates of $516.60 million. During the same quarter last year, the firm posted $0.30 earnings per share. The firm’s revenue for the quarter was up 10.4% compared to the same quarter last year. Toro updated its Q1 guidance to $0.48-0.50 EPS and its FY19 guidance to $2.90-2.95 EPS.

Shares of TTC stock opened at $58.53 on Friday. Toro has a 12 month low of $53.80 and a 12 month high of $67.81. The company has a market cap of $6.12 billion, a PE ratio of 21.70 and a beta of 0.63. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.71 and a quick ratio of 0.99.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 9th. Stockholders of record on Thursday, December 20th will be issued a dividend of $0.225 per share. The ex-dividend date is Wednesday, December 19th. This is a positive change from Toro’s previous quarterly dividend of $0.20. This represents a $0.90 dividend on an annualized basis and a dividend yield of 1.54%. Toro’s payout ratio is 29.96%.

In other news, VP William E. Brown, Jr. sold 5,768 shares of the company’s stock in a transaction that occurred on Thursday, September 20th. The stock was sold at an average price of $62.51, for a total transaction of $360,557.68. Following the completion of the transaction, the vice president now directly owns 185,817 shares in the company, valued at $11,615,420.67. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Christopher A. Twomey sold 19,292 shares of the company’s stock in a transaction that occurred on Wednesday, September 26th. The stock was sold at an average price of $60.03, for a total value of $1,158,098.76. Following the transaction, the director now owns 9,244 shares of the company’s stock, valued at $554,917.32. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 31,240 shares of company stock valued at $1,892,855. Corporate insiders own 5.69% of the company’s stock.

Several hedge funds have recently modified their holdings of the company. First Republic Investment Management Inc. bought a new stake in shares of Toro during the second quarter valued at approximately $2,329,000. Epoch Investment Partners Inc. increased its position in shares of Toro by 277.5% during the second quarter. Epoch Investment Partners Inc. now owns 409,645 shares of the company’s stock valued at $24,681,000 after purchasing an additional 301,120 shares during the period. Meristem LLP bought a new stake in shares of Toro during the second quarter valued at approximately $3,465,000. Gamco Investors INC. ET AL increased its position in shares of Toro by 6.8% during the second quarter. Gamco Investors INC. ET AL now owns 78,050 shares of the company’s stock valued at $4,703,000 after purchasing an additional 5,000 shares during the period. Finally, Alps Advisors Inc. bought a new stake in shares of Toro during the second quarter valued at approximately $608,000. Institutional investors own 77.52% of the company’s stock.

Several research firms recently weighed in on TTC. Zacks Investment Research upgraded Toro from a “sell” rating to a “hold” rating in a report on Wednesday, September 12th. ValuEngine upgraded Toro from a “sell” rating to a “hold” rating in a report on Tuesday, August 28th. Finally, Dougherty & Co reiterated a “buy” rating on shares of Toro in a report on Monday, August 13th.

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Toro Company Profile

The Toro Company manufactures and markets turf maintenance equipment and services, turf irrigation systems, landscaping equipment and lighting products, snow and ice management products, agricultural micro-irrigation systems, and residential yard and snow thrower products worldwide. Its Professional segment offers turf and landscape equipment products, such as sports fields and grounds maintenance equipment, golf course mowing and maintenance equipment, landscape contractor mowing equipment, landscape creation and renovation equipment, rental and construction equipment, and other maintenance equipment; snowplows, salt and sand spreaders, and related parts and accessories; and sprinkler heads, electric and hydraulic valves, controllers, computer irrigation central control systems, and micro-irrigation drip tape and hose products, as well as professionally installed lighting products.

Further Reading: Diversification Important in Investing

Earnings History for Toro (NYSE:TTC)

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