Toro (NYSE:TTC) Posts Earnings Results, Misses Estimates By $0.05 EPS

Toro (NYSE:TTC) issued its quarterly earnings data on Thursday. The company reported $1.18 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.23 by ($0.05), Briefing.com reports. The business 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%. The firm’s quarterly revenue was up 6.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.95 earnings per share. 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

NYSE:TTC traded up $0.22 during mid-day trading on Friday, hitting $82.04. 1,762,698 shares of the stock traded hands, compared to its average volume of 644,747. The business’s 50-day moving average price is $91.78 and its 200 day moving average price is $90.06. The company has a market cap of $8.52 billion, a PE ratio of 32.43 and a beta of 0.69. Toro has a 12-month low of $77.15 and a 12-month high of $102.00. The company has a quick ratio of 0.87, a current ratio of 1.93 and a debt-to-equity ratio of 0.61.

Insider Activity at Toro

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

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. Robert W. Baird dropped their price target on shares of Toro from $102.00 to $92.00 and set a “neutral” rating on the stock in a research report on Friday. Northland Securities reaffirmed a “market perform” rating and issued a $100.00 price objective on shares of Toro in a research report on Friday. One analyst has rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, Toro currently has a consensus rating of “Hold” and a consensus price target of $98.00.

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.