Toro Co (NYSE:TTC) has reported a recent transaction by Group VP, Golf, Grounds & Irrigation, Edric C. Funk, who sold shares in the company. According to the latest SEC filing, Funk sold a total of $55,078 worth of common stock at prices ranging from $89.54 to $89.61.
The sale, which took place on March 15, 2024, involved multiple transactions. Funk sold 0.924 shares at $89.54, followed by a larger sale of 500 shares at $89.56. The executive completed the sale with 114 shares at $89.61. Following these transactions, Funk no longer holds any shares of Toro Co's common stock directly.
In addition to the sales, the filing showed an indirect acquisition of 1,255 shares at a price of $89.85, totaling $112,761. These shares are associated with The Toro Company (NYSE:TTC) Retirement Plan, as noted in the footnotes of the SEC filing. This transaction reflects a net increase in shares held indirectly by Funk, considering reinvested dividends and administrative fees related to the retirement plan.
Investors often monitor insider transactions as they can provide insights into executives' perspectives on the company's current valuation and future prospects. Toro Co, known for its lawn and garden equipment, has its shares publicly traded under the ticker TTC on the New York Stock Exchange.
The details of these transactions are publicly disclosed as per regulatory requirements, and it's common for executives to buy or sell shares for reasons that may not necessarily reflect their outlook on the company's future performance.
InvestingPro Insights
Toro Co (NYSE:TTC) has been a subject of interest following the recent insider transactions by Group VP, Edric C. Funk. While insider sales and acquisitions can offer a glimpse into the company's health and executive sentiment, investors should also consider the broader financial picture. According to InvestingPro data, Toro Co has a market capitalization of approximately $9.29 billion, with a P/E ratio of 32.26. This high earnings multiple suggests that investors are expecting higher earnings growth in the future compared to the company's current earnings.
However, the adjusted P/E ratio for the last twelve months as of Q1 2024 stands at a lower 22.39, indicating a potential normalization of earnings expectations. This is reinforced by an InvestingPro Tip that highlights Toro Co's profitability over the last twelve months, which aligns with analysts' predictions that the company will remain profitable this year. Additionally, with a Price to Book ratio of 6.0, the company is trading at a premium relative to its book value, which could be a point of consideration for value-oriented investors.
An InvestingPro Tip also notes that Toro Co has raised its dividend for 20 consecutive years, demonstrating a strong commitment to returning value to shareholders. The dividend yield as of the latest data is 1.61%, with a growth of 5.88% over the last twelve months. For investors seeking additional insights, there are more InvestingPro Tips available, and using the coupon code PRONEWS24, they can get an extra 10% off a yearly or biyearly Pro and Pro+ subscription. This includes access to a comprehensive list of tips, with 6 additional tips currently available for Toro Co at: https://www.investing.com/pro/TTC.
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