The Toro Company (NYSE:TTC) to Issue Quarterly Dividend of $0.36

by · The Markets Daily

The Toro Company (NYSE:TTC – Get Free Report) announced a quarterly dividend on Tuesday, September 17th, NASDAQ reports. Shareholders of record on Monday, September 30th will be paid a dividend of 0.36 per share on Friday, October 11th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 1.66%. The ex-dividend date is Monday, September 30th.

Toro has increased its dividend payment by an average of 10.9% per year over the last three years and has increased its dividend annually for the last 20 consecutive years. Toro has a dividend payout ratio of 31.4% meaning 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 Stock Performance

NYSE:TTC opened at $86.65 on Friday. The stock has a market capitalization of $8.89 billion, a P/E ratio of 34.25 and a beta of 0.69. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.85 and a current ratio of 1.94. Toro has a fifty-two week low of $77.15 and a fifty-two week high of $102.00. The company has a 50 day moving average price of $89.25 and a 200 day moving average price of $89.21.

Toro (NYSE:TTC – Get Free Report) last posted its quarterly earnings data on Thursday, September 5th. The company reported $1.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.23 by ($0.05). Toro had a net margin of 8.89% and a return on equity of 25.94%. The firm had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.26 billion. During the same quarter in the prior year, the firm posted $0.95 EPS. Toro’s quarterly revenue was up 6.9% compared to the same quarter last year. Equities research analysts forecast that Toro will post 4.16 EPS for the current year.

Analyst Upgrades and Downgrades

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

View Our Latest Research Report on TTC

About Toro

(Get Free Report)

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.

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