Allspring Global Investments Holdings LLC Has $39.41 Million Stock Position in The Toro Company (NYSE:TTC)

Allspring Global Investments Holdings LLC boosted its position in The Toro Company (NYSE:TTC) by 996,664.0% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 498,382 shares of the company’s stock after buying an additional 498,332 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 0.49% of Toro worth $39,410,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of TTC. Pacer Advisors Inc. grew its position in shares of Toro by 0.8% in the fourth quarter. Pacer Advisors Inc. now owns 15,298 shares of the company’s stock valued at $1,225,000 after purchasing an additional 120 shares during the last quarter. Lindenwold Advisors INC grew its holdings in Toro by 2.8% in the 3rd quarter. Lindenwold Advisors INC now owns 4,612 shares of the company’s stock valued at $400,000 after buying an additional 125 shares during the last quarter. Northwest Financial Advisors increased its position in Toro by 2.0% in the 4th quarter. Northwest Financial Advisors now owns 6,945 shares of the company’s stock worth $556,000 after buying an additional 139 shares during the period. CWM LLC lifted its holdings in shares of Toro by 15.5% during the third quarter. CWM LLC now owns 1,063 shares of the company’s stock worth $92,000 after buying an additional 143 shares during the last quarter. Finally, Taylor Frigon Capital Management LLC grew its stake in shares of Toro by 1.0% in the third quarter. Taylor Frigon Capital Management LLC now owns 15,201 shares of the company’s stock worth $1,318,000 after acquiring an additional 146 shares during the last quarter. Institutional investors own 87.95% of the company’s stock.

Toro Price Performance

Shares of NYSE:TTC opened at $80.50 on Friday. The firm has a market capitalization of $8.10 billion, a PE ratio of 20.07 and a beta of 0.72. The company has a current ratio of 1.81, a quick ratio of 0.74 and a debt-to-equity ratio of 0.59. The Toro Company has a 1-year low of $76.95 and a 1-year high of $100.93. The business’s 50 day moving average is $82.38 and its 200-day moving average is $84.75.

Toro (NYSE:TTC) last announced its quarterly earnings results on Wednesday, December 18th. The company reported $0.95 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.95. The firm had revenue of $1.08 billion for the quarter, compared to analyst estimates of $1.09 billion. Toro had a net margin of 9.14% and a return on equity of 27.25%. The business’s revenue for the quarter was up 9.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.71 EPS. Sell-side analysts predict that The Toro Company will post 4.41 earnings per share for the current year.

Toro Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, January 13th. Shareholders of record on Monday, December 23rd were paid a dividend of $0.38 per share. This is a boost from Toro’s previous quarterly dividend of $0.36. The ex-dividend date of this dividend was Monday, December 23rd. This represents a $1.52 dividend on an annualized basis and a yield of 1.89%. Toro’s dividend payout ratio (DPR) is currently 37.91%.

Toro declared that its Board of Directors has initiated a share buyback program on Tuesday, December 10th that authorizes the company to repurchase 4,000,000 shares. This repurchase authorization authorizes the company to purchase shares of its stock through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its stock is undervalued.

Analysts Set New Price Targets

Separately, Raymond James cut their target price on shares of Toro from $100.00 to $95.00 and set an “outperform” rating for the company in a research note on Friday, December 20th. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, Toro has a consensus rating of “Hold” and a consensus price target of $93.75.

Toro 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.