Toro hikes dividend by 14.3%

The Toro Company (TTC) will raise its quarterly dividend by 14.3 percent to 30 cents in 2021. This follows a dividend hike of 5.0 percent to $0.2625 per share in 2020 and will mark the company's 13th consecutive year of annual dividend increases.

The next TTC dividend is payable on January 11, 2022, to shareholders of record on December 28, 2021. A new annualized dividend rate of $1.20 per share yields 1.2% at a stock price of $98 for Toro. 

The Toro Company is a provider of solutions for the outdoor environment including turf and landscape maintenance, snow and ice management, underground utility construction, rental and specialty construction, and irrigation and outdoor lighting solutions. Toro's products help customers care for golf courses, sports fields, construction sites, public green spaces, commercial and residential properties and agricultural operations. The company’s brands include Toro, Ditch Witch, Exmark, BOSS Snowplow, American Augers, Subsite Electronics, HammerHead, Trencor, Unique Lighting Systems, Irritrol, Hayter, Pope, Lawn-Boy and Radius HDD. The Toro Motor Company was founded on July 10, 1914 to build engines for the #1 brand of farm tractors in the United States – The Bull Tractor Company. The name “Toro” is chosen because of the company’s association with Bull.