Hyster-Yale Materials Handling (NYSE:HY) Trading Up 3.6% – Here’s What Happened

Hyster-Yale Materials Handling, Inc. (NYSE:HY) rose 3.6% during mid-day trading on Friday . The stock traded as high as $51.56 and last traded at $51.56. Approximately 18,939 shares were traded during trading, a decline of 79% from the average daily volume of 91,425 shares. The stock had previously closed at $49.77.

Analysts Set New Price Targets

A number of analysts have issued reports on the company. StockNews.com lowered Hyster-Yale Materials Handling from a “buy” rating to a “hold” rating in a report on Wednesday, November 6th. Roth Mkm cut their target price on shares of Hyster-Yale Materials Handling from $84.00 to $70.00 and set a “buy” rating for the company in a research note on Wednesday, November 6th. Two analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $80.00.

Hyster-Yale Materials Handling Price Performance

The company has a market cap of $889.76 million, a price-to-earnings ratio of 5.70 and a beta of 1.25. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.61 and a current ratio of 1.36. The company’s 50 day moving average price is $58.50 and its 200 day moving average price is $63.84.

Hyster-Yale Materials Handling (NYSE:HY) last issued its quarterly earnings data on Tuesday, November 5th. The industrial products company reported $0.97 earnings per share for the quarter, missing the consensus estimate of $1.97 by ($1.00). Hyster-Yale Materials Handling had a return on equity of 34.77% and a net margin of 3.68%. The firm had revenue of $1.02 billion for the quarter, compared to the consensus estimate of $1.06 billion. During the same period in the prior year, the company posted $2.06 earnings per share. On average, equities research analysts predict that Hyster-Yale Materials Handling, Inc. will post 8.85 earnings per share for the current fiscal year.

Hyster-Yale Materials Handling Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 13th. Shareholders of record on Friday, November 29th were given a $0.35 dividend. The ex-dividend date was Friday, November 29th. This represents a $1.40 annualized dividend and a yield of 2.75%. Hyster-Yale Materials Handling’s payout ratio is 15.71%.

Hyster-Yale Materials Handling announced that its Board of Directors has approved a stock repurchase program on Monday, November 18th that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the industrial products company to buy up to 5.2% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Covestor Ltd boosted its position in shares of Hyster-Yale Materials Handling by 21,350.0% during the third quarter. Covestor Ltd now owns 429 shares of the industrial products company’s stock worth $27,000 after purchasing an additional 427 shares in the last quarter. Pinpoint Asset Management Ltd bought a new position in Hyster-Yale Materials Handling during the third quarter worth about $32,000. Quest Partners LLC grew its stake in Hyster-Yale Materials Handling by 6,692.3% in the second quarter. Quest Partners LLC now owns 883 shares of the industrial products company’s stock valued at $62,000 after acquiring an additional 870 shares during the period. Itau Unibanco Holding S.A. bought a new stake in shares of Hyster-Yale Materials Handling in the second quarter worth about $67,000. Finally, Ashton Thomas Private Wealth LLC acquired a new stake in shares of Hyster-Yale Materials Handling during the second quarter worth about $194,000. 46.47% of the stock is currently owned by institutional investors.

About Hyster-Yale Materials Handling

Hyster-Yale, Inc, through its subsidiaries, designs, engineers, manufactures, sells, and services a line of lift trucks, attachments, and aftermarket parts worldwide. The company manufactures components, such as frames, masts, and transmissions; and assembles lift trucks. It markets its products primarily under the Hyster and Yale brand names to independent Hyster and Yale retail dealerships.