Hyster-Yale Materials Handling (NYSE:HY) Board Initiates Share Repurchase Program

Hyster-Yale Materials Handling (NYSE:HY) announced that its board has authorized a share repurchase program on Monday, November 18th, RTT News reports. The company plans to buyback $50.00 million in shares. This buyback authorization permits the industrial products company to reacquire up to 5.2% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

Analyst Ratings Changes

Several equities analysts have weighed in on HY shares. StockNews.com lowered Hyster-Yale Materials Handling from a “buy” rating to a “hold” rating in a research note on Wednesday, November 6th. Northland Capmk cut shares of Hyster-Yale Materials Handling from a “strong-buy” rating to a “hold” rating in a report on Wednesday, August 7th. Finally, 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 investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, Hyster-Yale Materials Handling has a consensus rating of “Moderate Buy” and a consensus target price of $80.00.

Hyster-Yale Materials Handling Trading Up 3.6 %

NYSE:HY traded up $1.94 on Monday, reaching $55.11. 137,359 shares of the stock traded hands, compared to its average volume of 92,694. Hyster-Yale Materials Handling has a 1-year low of $46.25 and a 1-year high of $84.44. The company has a current ratio of 1.36, a quick ratio of 0.61 and a debt-to-equity ratio of 0.46. The company’s 50 day moving average is $61.77 and its 200-day moving average is $66.60. The firm has a market capitalization of $964.43 million, a price-to-earnings ratio of 6.40 and a beta of 1.32.

Hyster-Yale Materials Handling (NYSE:HY) last released its quarterly earnings results on Tuesday, November 5th. The industrial products company reported $0.97 EPS for the quarter, missing analysts’ consensus estimates of $1.97 by ($1.00). The company had revenue of $1.02 billion during the quarter, compared to analysts’ expectations of $1.06 billion. Hyster-Yale Materials Handling had a net margin of 3.68% and a return on equity of 34.77%. During the same period in the previous year, the company posted $2.06 earnings per share. Equities research analysts anticipate that Hyster-Yale Materials Handling will post 8.85 EPS for the current fiscal year.

Hyster-Yale Materials Handling Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 29th will be paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 2.54%. The ex-dividend date is Friday, November 29th. Hyster-Yale Materials Handling’s dividend payout ratio is 15.71%.

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.