SEC Form SC 13G filed by Toro Company

$TTC
Tools/Hardware
Consumer Discretionary
Get the next $TTC alert in real time by email
SC 13G 1 t020823a.htm SCHEDULE 13G



SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549



SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. )*




The Toro Company

(Name of Issuer)


Common Stock

(Title of Class of Securities)


891092108

(CUSIP Number)


December 31, 2022

(Date of Event Which Requires Filing of This Statement)





Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)


*The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).




CUSIP No. 891092108
SCHEDULE 13G
Page 2 of 6 Pages




1
NAMES OF REPORTING PERSONS
 
Select Equity Group, L.P.
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) 
(b) 
3
SEC USE ONLY
4
CITIZENSHIP OR PLACE OF ORGANIZATION
 
Delaware
 
 
 
 
NUMBER OF
SHARES
BENEFICIALLY
OWNED
BY EACH
REPORTING
PERSON WITH
5
SOLE VOTING POWER
 
0
6
SHARED VOTING POWER
 
5,839,470
7
SOLE DISPOSITIVE POWER
 
0
8
SHARED DISPOSITIVE POWER
 
5,839,470
9
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
 
5,839,470
10
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
 
11
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
 
5.6%*
12
TYPE OF REPORTING PERSON
 
IA
* Beneficial ownership based on 104,008,480 shares of Common Stock outstanding as of December 15, 2022, as reported on the Issuer’s Annual Report on Form 10-K filed with the Securities Exchange Commission on December 22, 2022.




CUSIP No. 891092108
SCHEDULE 13G
Page 3 of 6 Pages




1
NAMES OF REPORTING PERSONS
 
George S. Loening
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) 
(b) 
3
SEC USE ONLY
4
CITIZENSHIP OR PLACE OF ORGANIZATION
 
USA
 
 
 
 
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
5
SOLE VOTING POWER
 
0
6
SHARED VOTING POWER
 
5,839,470
7
SOLE DISPOSITIVE POWER
 
0
8
SHARED DISPOSITIVE POWER
 
5,839,470
9
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
 
5,839,470
10
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
 
11
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
 
5.6%*
12
TYPE OF REPORTING PERSON
 
IN/HC
* Beneficial ownership based on 104,008,480 shares of Common Stock outstanding as of December 15, 2022, as reported on the Issuer’s Annual Report on Form 10-K filed with the Securities Exchange Commission on December 22, 2022.






Item 1(a) Name of Issuer:

The Toro Company


Item 1(b)
Address of Issuer’s Principal Executive Offices:

8111 Lyndale Avenue South
Bloomington, Minnesota 55420-1196


Items 2(a) Name of Person Filing:

This Schedule 13G is being filed jointly by Select Equity Group, L.P., a Delaware limited partnership (“Select LP”) and George S. Loening (“Loening”), who is the majority owner of Select LP and managing member of its general partner. Select LP and Loening are sometimes jointly referred to herein as the “Select Reporting Persons.”

Item 2(b) Address of Principal Business Office:
The business address of each of the Select Reporting Persons is: 380 Lafayette Street, 6th Floor
New York, New York 10003

Item 2(c) Citizenship:

George S. Loening is a United States citizen.

Item 2(d) Title of Class of Securities:

Common Stock

Item 2(e) CUSIP Number:

891092108


Item 3 If this statement is filed pursuant to Rules 13d-1(b), or 13d-2(b) or (c), check whether the person filing is:


(a)
☐ Broker or dealer registered under Section 15 of the Act;
(b)
☐ Bank as defined in Section 3(a)(6) of the Act;
(c)
☐ Insurance company as defined in Section 3(a)(19) of the Act;
(d)
☐ Investment company registered under Section 8 of the Investment Company Act of 1940;
(e)
☒ An investment adviser in accordance with Rule 13d-1(b)(1)(ii)(E);
(f)
☐ An employee benefit plan or endowment fund in accordance with Rule 13d-1(b)(1)(ii)(F);
(g)
☒ A parent holding company or control person in accordance with Rule 13d-1(b)(1)(ii)(G);
(h)
☐ A savings association as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
☐ A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940;
(j)
☐ A non-U.S. institution in accordance with Rule 240.13d-1(b)(1)(ii)(J);
(k)
☐ Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).


4





Item 4 Ownership:

The information required by Items 4(a)-(c), as of the date hereof, is set forth in Rows 5-11 of the cover page hereto for each Select Reporting Person and is incorporated herein by reference for each such Select Reporting Person.



Item 5 Ownership of Five Percent or Less of a Class:

If this statement is being filed to report the fact that as of the date hereof a reporting person has ceased to be the beneficial owner of more than 5 percent of the class of securities, check the following .


Item 6 Ownership of More than Five Percent on Behalf of Another Person:

N/A



Item 7
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company:

See Exhibit 99.1


Item 8 Identification and Classification of Members of the Group:

N/A


Item 9 Notice of Dissolution of Group:

N/A


Item 10 Certification:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.


5



SIGNATURES

After reasonable inquiry and to the best of my knowledge and belief, the undersigned certify that the information set forth in this statement is true, complete and correct.

SELECT EQUITY GROUP, L.P.
By: Select Equity GP, LLC, its General Partner
By:  /s/ George S. Loening                
Name: George S. Loening
Title: Managing Member




/s/ George S. Loening                      
George S. Loening, an individual


Dated: February 14, 2023


6



Get the next $TTC alert in real time by email

Chat with this insight

Save time and jump to the most important pieces.

Recent Analyst Ratings for
$TTC

DatePrice TargetRatingAnalyst
2/24/2025$100.00Market Perform → Outperform
Northland Capital
12/5/2023$110.00 → $87.00Buy → Neutral
DA Davidson
6/22/2023$117.00Buy
DA Davidson
5/19/2023$133.00Buy
CL King
4/17/2023$110.00Market Perform
Northland Capital
12/23/2022$130.00Mkt Perform → Outperform
Raymond James
9/6/2022Neutral → Buy
Northcoast
10/27/2021$85.00Neutral → Underperform
B of A Securities
More analyst ratings

$TTC
Press Releases

Fastest customizable press release news feed in the world

See more
  • The Toro Company Partners with Call2Recycle on Battery Recycling Program

    Collaborative initiative aims to advance battery recycling and drive waste reduction The Toro Company (NYSE:TTC), a leading global provider of solutions for the outdoor environment, announced a new recycling partnership with Call2Recycle, the nation's largest consumer battery stewardship and collection program. Along with the Outdoor Power Equipment Institute, the Power Tool Institute and other participating manufacturers, the initiative will ensure the safe collection and responsible recycling of high-energy batteries used to power outdoor tools and equipment. "At The Toro Company, sustainability isn't just a goal; it's our very foundation," said Tiffany Brand, senior sustainability ma

    $TTC
    Tools/Hardware
    Consumer Discretionary
  • The Toro Company to Announce Fiscal 2025 First Quarter Results

    The Toro Company (NYSE:TTC), a leading global provider of solutions for the outdoor environment, announced today that it will release its fiscal 2025 first quarter results on Thursday, March 6, at approximately 7:30 a.m. CST. The full text of The Toro Company's earnings release will be available at that time at www.thetorocompany.com/invest. The company will also hold an earnings conference call at 10 a.m. CST that day. A live, listen-only webcast of the earnings conference call will be available at www.thetorocompany.com/invest. Visitors are encouraged to go to the website in advance of the call to register, and download and install any necessary audio software. A replay will be availabl

    $TTC
    Tools/Hardware
    Consumer Discretionary
  • HammerHead Trenchless Acquires ProKASRO Services USA

    Acquisition expands product offering for the rehabilitation and replacement of lateral and mainline underground infrastructure HammerHead Trenchless, a division of The Toro Company (NYSE:TTC), today announced that it has acquired the assets of ProKASRO Services USA, the distributor of ProKASRO Mechatronik GmbH and market leader of robotic solutions and rehabilitation equipment for repairing underground water and wastewater infrastructure. The terms of the transaction were not disclosed. ProKASRO Services USA is known for its industry-leading robotics, UV pipe lining solutions and lateral rehabilitation technologies. Based in Centennial, Colorado, its expanded line of trenchless solution

    $TTC
    Tools/Hardware
    Consumer Discretionary

$TTC
Analyst Ratings

Analyst ratings in real time. Analyst ratings have a very high impact on the underlying stock. See them live in this feed.

See more

$TTC
Insider Purchases

Insider purchases reveal critical bullish sentiment about the company from key stakeholders. See them live in this feed.

See more

$TTC
Insider Trading

Insider transactions reveal critical sentiment about the company from key stakeholders. See them live in this feed.

See more

$TTC
SEC Filings

See more

$TTC
Leadership Updates

Live Leadership Updates

See more
  • Simpson Manufacturing Co. Announces the Appointment of Angela Drake to its Board of Directors

    PLEASANTON, Calif., Jan. 3, 2025 /PRNewswire/ -- Simpson Manufacturing Co., Inc. (the "Company") (NYSE: SSD), an industry leader in engineered structural connectors and building solutions, today announced the Company's Board of Directors (the "Board") has appointed Angela Drake as an independent director of the Company, effective on January 1, 2025. The Board has also appointed Ms. Drake to serve on its Audit and Finance and Compensation and Leadership Development Committees. "I am very pleased to welcome Ms. Drake to our Board given her extensive experience in financial leade

    $SSD
    $TTC
    Industrial Machinery/Components
    Consumer Discretionary
    Tools/Hardware
  • Renee J. Peterson to Retire as The Toro Company's Chief Financial Officer

    Angela C. Drake elected Chief Financial Officer succeeding Peterson The Toro Company (NYSE:TTC) today announced that Renee J. Peterson, vice president and chief financial officer, plans to retire in July 2023. Angela C. Drake, who currently serves as TTC's vice president, finance will succeed Peterson as vice president and chief financial officer, effective March 10, 2023. Peterson will continue to serve the organization as vice president, finance to assist with the transition in the coming months and provide ongoing leadership for key enterprise and finance initiatives. "Throughout her tenure, Renee's leadership and strategic insight has helped The Toro Company achieve sustainable growth

    $TTC
    Tools/Hardware
    Consumer Discretionary
  • The Toro Company Declares Regular Quarterly Cash Dividend

    BLOOMINGTON, Minn.--(BUSINESS WIRE)--The Toro Company (NYSE: TTC) today announced that its board of directors has declared a regular quarterly cash dividend of $0.2625 per share, a 5 percent increase from its previous quarterly dividend rate of $0.25 per share. This dividend is payable on January 13, 2021, to shareholders of record on December 22, 2020. About The Toro Company The Toro Company (NYSE: TTC) is a leading worldwide provider of innovative 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. With sales of

    $TTC
    Tools/Hardware
    Consumer Discretionary

$TTC
Financials

Live finance-specific insights

See more
  • The Toro Company to Announce Fiscal 2025 First Quarter Results

    The Toro Company (NYSE:TTC), a leading global provider of solutions for the outdoor environment, announced today that it will release its fiscal 2025 first quarter results on Thursday, March 6, at approximately 7:30 a.m. CST. The full text of The Toro Company's earnings release will be available at that time at www.thetorocompany.com/invest. The company will also hold an earnings conference call at 10 a.m. CST that day. A live, listen-only webcast of the earnings conference call will be available at www.thetorocompany.com/invest. Visitors are encouraged to go to the website in advance of the call to register, and download and install any necessary audio software. A replay will be availabl

    $TTC
    Tools/Hardware
    Consumer Discretionary
  • HammerHead Trenchless Acquires ProKASRO Services USA

    Acquisition expands product offering for the rehabilitation and replacement of lateral and mainline underground infrastructure HammerHead Trenchless, a division of The Toro Company (NYSE:TTC), today announced that it has acquired the assets of ProKASRO Services USA, the distributor of ProKASRO Mechatronik GmbH and market leader of robotic solutions and rehabilitation equipment for repairing underground water and wastewater infrastructure. The terms of the transaction were not disclosed. ProKASRO Services USA is known for its industry-leading robotics, UV pipe lining solutions and lateral rehabilitation technologies. Based in Centennial, Colorado, its expanded line of trenchless solution

    $TTC
    Tools/Hardware
    Consumer Discretionary
  • The Toro Company Reports Fourth-Quarter and Full-Year Fiscal 2024 Financial Results

    Record Full-Year Net Sales Driven by Strength in Residential Segment, Underground Construction, and Golf Significant Improvement in Cash Generation Supported Increased Share Repurchases  Full-year net sales of $4.58 billion, up from $4.55 billion in fiscal 2023 Full-year reported diluted EPS of $4.01 and *adjusted diluted EPS of $4.17, compared to $3.13 reported and $4.21 *adjusted diluted EPS in fiscal 2023 Fourth-quarter net sales of $1.08 billion, up from $0.98 billion in the same period of fiscal 2023 Fourth-quarter reported diluted EPS of $0.87 and *adjusted diluted EPS of $0.95, compared to $0.67 reported diluted EPS and $0.71 *adjusted diluted EPS in the same period of fi

    $TTC
    Tools/Hardware
    Consumer Discretionary

$TTC
Large Ownership Changes

This live feed shows all institutional transactions in real time.

See more