Toro Co (TTC) is Initiated by Seaport Global Securities to Neutral, Price Target at $87

Toro Co (TTC) was Initiated by Seaport Global Securities to “Neutral” and the brokerage firm has set the Price Target at $87. Seaport Global Securities advised their investors in a research report released on May 24, 2016.

On the company’s financial health, Toro Co reported $1.89 EPS for the quarter, beating the analyst consensus estimate by $ 0.09 according to the earnings call on May 19, 2016. Analyst had a consensus of $1.80. The company had revenue of $836.40 million for the quarter, compared to analysts expectations of $853.87 million. The company’s revenue was up 1.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.64 EPS.

Toro Co opened for trading at $83.43 and hit $85.24 on the upside on Friday, eventually ending the session at $84.72, with a gain of 1.86% or 1.55 points. The heightened volatility saw the trading volume jump to 9,42,219 shares. Company has a market cap of $4,613,173 M.

Investors should note that on May 17, 2016, Toro Co announced a cash dividend of $0.3000. The company’s management has announced Jun 17, 2016 as the ex-dividend date and fixed the record date on Jun 21, 2016. The payable date has been fixed on Jul 12, 2016.

In a different news, on Mar 29, 2016, William E Jr Brown (Group VP, Res & Cont) sold 8,800 shares at $87.33 per share price. According to the SEC, on Mar 24, 2016, Darren L Redetzke (VP, International Business) sold 9,600 shares at $86.50 per share price. On Mar 23, 2016, Philip A Burkart (VP, Irrig. & Lighting Business) sold 2,200 shares at $85.50 per share price, according to the Form-4 filing with the securities and exchange commission.

The Toro Company (Toro) designs manufactures and markets professional turf maintenance equipment and services turf irrigation systems landscaping equipment and lighting agricultural micro-irrigation systems rental and construction equipment and residential yard and snow removal products. The Company sells its products across the world through a network of distributors dealers hardware retailers home centers mass retailers and over the Internet under the names of Toro Exmark Irritrol Hayter Pope Unique Lighting Systems Lawn-Boy and Lawn Genie. The Company operates in three business segments: Professional through which the Company designs professional turf landscape and agricultural products and markets them across the world; Residential which markets its residential products to homeowners and Distribution which consists of the Company’s owned domestic distributorships.

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