Hyster-Yale Materials Handling (NYSE:HY) Board Declares Stock Buyback Plan

Hyster-Yale Materials Handling (NYSE:HY) announced that its Board of Directors has approved a stock repurchase plan on Monday, November 18th, RTT News reports. The company plans to repurchase $50.00 million in outstanding shares. This repurchase authorization allows the industrial products company to repurchase up to 5.2% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s management believes its shares are undervalued.

Hyster-Yale Materials Handling Price Performance

Shares of NYSE:HY opened at $54.07 on Wednesday. The business’s 50 day simple moving average is $61.74 and its 200-day simple moving average is $66.58. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.36 and a quick ratio of 0.61. The firm has a market capitalization of $946.66 million, a price-to-earnings ratio of 6.04 and a beta of 1.32. Hyster-Yale Materials Handling has a 12 month low of $46.25 and a 12 month high of $84.44.

Hyster-Yale Materials Handling (NYSE:HY) last issued its quarterly earnings results on Tuesday, November 5th. The industrial products company reported $0.97 EPS 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 company had revenue of $1.02 billion for the quarter, compared to analyst estimates of $1.06 billion. During the same period last year, the company posted $2.06 EPS. As a group, equities analysts forecast that Hyster-Yale Materials Handling will post 8.85 earnings per share for the current fiscal year.

Hyster-Yale Materials Handling Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 29th will be given a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.59%. The ex-dividend date is Friday, November 29th. Hyster-Yale Materials Handling’s payout ratio is 15.71%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Roth Mkm dropped 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 report on Wednesday, November 6th. Northland Capmk cut Hyster-Yale Materials Handling from a “strong-buy” rating to a “hold” rating in a report on Wednesday, August 7th. Finally, StockNews.com cut shares of Hyster-Yale Materials Handling from a “buy” rating to a “hold” rating in a research note on Wednesday, November 6th. Two equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $80.00.

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.