Toro hikes dividend by 5.6% to $0.38 quarterly
The Toro Company (TTC) will raise its quarterly dividend by 5.6 percent to 38 cents in 2024. This follows a dividend hike of 5.9 percent in 2023 and will mark the company's 16th consecutive year of annual dividend increases.
On December 10, 2024, the Toro Company announced that its Board of Directors has declared a regular quarterly cash dividend of $0.38 per share of TTC’s common stock, an increase over the previous quarter’s cash dividend of $0.36 per share of TTC’s common stock. This marks the 16th consecutive year that the company has increased its dividend. The dividend is payable on January 13, 2025, to shareholders of record at the close of business on December 23, 2024.
Additionally, the Board of Directors authorized the repurchase of up to an additional 4 million shares of TTC’s common stock through open-market or in privately negotiated transactions from time to time and in such amounts as management deems appropriate.
A new annualized dividend rate of $1.52 per share yields 1.74% at a stock price of $87.46 for Toro. Another industrial company announcing a dividend hike recently is dividend hero Snap-on (SNA).
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.
