Toro (NYSE:TTC) Announces Quarterly Earnings Results

Toro (NYSE:TTC) announced its quarterly earnings data on Thursday. The company reported $1.18 earnings per share for the quarter, missing the consensus estimate of $1.23 by ($0.05), Briefing.com reports. The company had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.26 billion. Toro had a net margin of 6.00% and a return on equity of 25.04%. Toro’s revenue for the quarter was up 6.9% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.95 EPS. Toro updated its FY24 guidance to $4.15-4.20 EPS and its FY 2024 guidance to 4.150-4.200 EPS.

Toro Price Performance

Shares of NYSE TTC opened at $82.04 on Friday. The stock has a market cap of $8.52 billion, a price-to-earnings ratio of 32.43 and a beta of 0.69. Toro has a fifty-two week low of $77.15 and a fifty-two week high of $102.00. The firm’s 50-day simple moving average is $91.78 and its 200 day simple moving average is $90.06. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.87 and a current ratio of 1.93.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on TTC. Robert W. Baird cut their price target on Toro from $102.00 to $92.00 and set a “neutral” rating on the stock in a report on Friday. Northland Securities reaffirmed a “market perform” rating and set a $100.00 target price on shares of Toro in a research report on Friday. One analyst has rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $98.00.

Insider Activity

In related news, CEO Richard M. Olson sold 20,000 shares of the stock in a transaction on Friday, June 21st. The stock was sold at an average price of $95.19, for a total value of $1,903,800.00. Following the completion of the sale, the chief executive officer now directly owns 17,913 shares of the company’s stock, valued at approximately $1,705,138.47. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 1.62% of the company’s stock.

Toro Company Profile

The Toro Company designs, manufactures, markets, and sells professional turf maintenance equipment and services. It operates through two segments: Professional and Residential. The Professional segment offers turf and landscape equipment products, including sports fields and grounds mowing and maintenance equipment, golf course mowing and maintenance equipment, landscape contractor mowing equipment, landscape creation and renovation equipment, and other maintenance equipment; rental, specialty, and underground construction equipment, such as horizontal directional drills, walk and ride trenchers, stand-on skid steers, vacuum excavators, stump grinders, turf renovation products, asset locators, pipe rehabilitation solutions, materials handling equipment, and other after-market tools; and snow and ice management equipment, such as snowplows, as well as stand-on snow and ice removal equipment, such as snowplow, snow brush, and snow thrower attachments, salt and sand spreaders, and related parts and accessories for light and medium duty trucks, utility task vehicles, skid steers, and front-end loaders.