We report on a laboratory-scale experiment searching for axion-like dark matter in the mass range from about 50 peV to several neV. The electromagnetic interaction between a background axion-like field and the azimuthal magnetization of a ferromagnetic toroid creates an oscillating axial magnetic field. We use SQUID magnetometers to search for this field. The apparatus is placed inside a liquid-helium cryostat and screened with two layers of superconducting material to prevent external electromagnetic interference. The current status and preliminary results of the experiment will be presented.