The Toro Company (NYSE:TTC) Announces Quarterly Dividend of $0.38

The Toro Company (NYSE:TTC) announced a quarterly dividend on Tuesday, December 10th,RTT News reports. Investors of record on Monday, December 23rd will be given a dividend of 0.38 per share on Monday, January 13th. This represents a $1.52 annualized dividend and a yield of 1.74%. This is an increase from Toro’s previous quarterly dividend of $0.36.

Toro has raised its dividend by an average of 10.9% per year over the last three years and has raised its dividend every year for the last 20 years. Toro has a payout ratio of 31.4% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Toro to earn $4.59 per share next year, which means the company should continue to be able to cover its $1.44 annual dividend with an expected future payout ratio of 31.4%.

Toro Trading Down 0.3 %

NYSE:TTC traded down $0.22 during trading hours on Tuesday, hitting $87.46. The company had a trading volume of 658,491 shares, compared to its average volume of 849,264. The company has a market capitalization of $8.97 billion, a PE ratio of 23.01 and a beta of 0.70. The stock has a 50-day moving average price of $84.02 and a 200 day moving average price of $87.83. Toro has a 52 week low of $77.15 and a 52 week high of $102.00. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.94 and a quick ratio of 0.85.

Wall Street Analyst Weigh In

Several research firms recently weighed in on TTC. StockNews.com upgraded shares of Toro from a “hold” rating to a “buy” rating in a report on Monday, September 9th. Northland Securities restated a “market perform” rating and set a $100.00 target price on shares of Toro in a report on Friday, September 6th. DA Davidson dropped their target price on shares of Toro from $103.00 to $88.00 and set a “neutral” rating on the stock in a report on Monday, September 9th. Finally, Robert W. Baird dropped their target price on shares of Toro from $102.00 to $92.00 and set a “neutral” rating on the stock in a report on Friday, September 6th. Three research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $93.33.

About Toro

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.