Toro (NYSE:TTC) Declares Stock Repurchase Program

Toro (NYSE:TTC) declared that its board has approved a share buyback program on Tuesday, December 10th, RTT News reports. The company plans to repurchase 4,000,000 outstanding shares. This repurchase authorization allows the company to repurchase shares of its stock through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its shares are undervalued.

Toro Stock Down 0.8 %

Shares of NYSE TTC opened at $87.73 on Friday. The stock has a market capitalization of $9.00 billion, a price-to-earnings ratio of 23.03 and a beta of 0.70. Toro has a 12-month low of $77.15 and a 12-month high of $102.00. The company has a current ratio of 1.94, a quick ratio of 0.85 and a debt-to-equity ratio of 0.59. The firm’s 50-day moving average price is $84.09 and its 200-day moving average price is $87.86.

Toro Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, January 13th. Stockholders of record on Monday, December 23rd will be paid a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 1.73%. This is a positive change from Toro’s previous quarterly dividend of $0.36. The ex-dividend date of this dividend is Monday, December 23rd. Toro’s dividend payout ratio (DPR) is presently 39.90%.

Wall Street Analyst Weigh In

TTC has been the subject of a number of research reports. StockNews.com upgraded shares of Toro from a “hold” rating to a “buy” rating in a research report on Monday, September 9th. DA Davidson decreased their target price on Toro from $103.00 to $88.00 and set a “neutral” rating on the stock in a research report on Monday, September 9th. Robert W. Baird cut their price target on Toro from $102.00 to $92.00 and set a “neutral” rating for the company in a report on Friday, September 6th. Finally, Northland Securities reaffirmed a “market perform” rating and issued a $100.00 price objective on shares of Toro in a research note on Friday, September 6th. Three investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $93.33.

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.