Principal Financial Group Inc. Buys New Position in Hyster-Yale Materials Handling, Inc. (NYSE:HY)

Principal Financial Group Inc. bought a new stake in shares of Hyster-Yale Materials Handling, Inc. (NYSE:HY) during the 3rd quarter, HoldingsChannel.com reports. The fund bought 9,120 shares of the industrial products company’s stock, valued at approximately $582,000.

Other hedge funds also recently modified their holdings of the company. Jacobs Levy Equity Management Inc. boosted its position in Hyster-Yale Materials Handling by 298.7% in the first quarter. Jacobs Levy Equity Management Inc. now owns 132,136 shares of the industrial products company’s stock worth $8,479,000 after purchasing an additional 98,996 shares during the last quarter. American Century Companies Inc. boosted its position in Hyster-Yale Materials Handling by 149.8% in the second quarter. American Century Companies Inc. now owns 151,241 shares of the industrial products company’s stock worth $10,546,000 after purchasing an additional 90,696 shares during the last quarter. Swedbank AB purchased a new position in Hyster-Yale Materials Handling in the first quarter worth $5,519,000. Acadian Asset Management LLC boosted its position in Hyster-Yale Materials Handling by 63.7% in the second quarter. Acadian Asset Management LLC now owns 220,865 shares of the industrial products company’s stock worth $15,390,000 after purchasing an additional 85,906 shares during the last quarter. Finally, Foundry Partners LLC purchased a new position in Hyster-Yale Materials Handling in the second quarter worth $5,046,000. Hedge funds and other institutional investors own 46.47% of the company’s stock.

Hyster-Yale Materials Handling Price Performance

HY opened at $56.79 on Monday. The stock has a 50-day moving average price of $61.49 and a 200-day moving average price of $66.41. Hyster-Yale Materials Handling, Inc. has a 12-month low of $47.01 and a 12-month 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 stock has a market capitalization of $994.28 million, a P/E ratio of 6.37 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 business had revenue of $1.02 billion for the quarter, compared to the consensus estimate 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 earned $2.06 EPS. Equities analysts predict that Hyster-Yale Materials Handling, Inc. will post 8.85 earnings per share for the current fiscal year.

Hyster-Yale Materials Handling declared that its board has authorized a share buyback 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 shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.

Hyster-Yale Materials Handling Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 29th will be given a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 2.47%. The ex-dividend date of this dividend is Friday, November 29th. Hyster-Yale Materials Handling’s dividend payout ratio is currently 15.71%.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Northland Capmk lowered Hyster-Yale Materials Handling from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, August 7th. StockNews.com lowered Hyster-Yale Materials Handling from a “buy” rating to a “hold” rating in a research note on Wednesday, November 6th. Finally, Roth Mkm lowered their target price on Hyster-Yale Materials Handling from $84.00 to $70.00 and set a “buy” rating on the stock in a research note on Wednesday, November 6th. Two analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, Hyster-Yale Materials Handling currently has an average rating of “Moderate Buy” and an average target price of $80.00.

Hyster-Yale Materials Handling Profile

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.