Hyster-Yale Materials Handling (NYSE:HY) Cut to Hold at StockNews.com

StockNews.com downgraded shares of Hyster-Yale Materials Handling (NYSE:HY) from a buy rating to a hold rating in a research note published on Friday morning.

Hyster-Yale Materials Handling Price Performance

HY stock opened at $44.55 on Friday. Hyster-Yale Materials Handling has a 52 week low of $42.59 and a 52 week high of $84.44. The company has a quick ratio of 0.61, a current ratio of 1.36 and a debt-to-equity ratio of 0.46. The company has a fifty day simple moving average of $51.58 and a two-hundred day simple moving average of $56.50. The firm has a market capitalization of $779.89 million, a P/E ratio of 5.00 and a beta of 1.27.

Hyster-Yale Materials Handling announced that its Board of Directors has authorized a share repurchase plan on Monday, November 18th that authorizes the company to buyback $50.00 million in shares. This buyback authorization authorizes the industrial products company to reacquire up to 5.2% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors believes its stock is undervalued.

Hyster-Yale Materials Handling Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 14th. Investors of record on Friday, February 28th will be issued a dividend of $0.35 per share. The ex-dividend date of this dividend is Friday, February 28th. This represents a $1.40 dividend on an annualized basis and a yield of 3.14%. Hyster-Yale Materials Handling’s payout ratio is 17.37%.

Institutional Investors Weigh In On Hyster-Yale Materials Handling

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Covestor Ltd lifted its holdings in Hyster-Yale Materials Handling by 21,350.0% during the 3rd quarter. Covestor Ltd now owns 429 shares of the industrial products company’s stock valued at $27,000 after buying an additional 427 shares in the last quarter. Pinpoint Asset Management Ltd purchased a new position in Hyster-Yale Materials Handling during the 3rd quarter valued at about $32,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in Hyster-Yale Materials Handling during the 4th quarter valued at about $27,000. Meeder Asset Management Inc. increased its position in Hyster-Yale Materials Handling by 421.8% during the 4th quarter. Meeder Asset Management Inc. now owns 741 shares of the industrial products company’s stock valued at $38,000 after purchasing an additional 599 shares during the period. Finally, KLP Kapitalforvaltning AS purchased a new position in Hyster-Yale Materials Handling during the 4th quarter valued at about $76,000. Institutional investors own 46.47% of the company’s stock.

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.