Principal Financial Group Inc. Invests $582,000 in Hyster-Yale Materials Handling, Inc. (NYSE:HY)

Principal Financial Group Inc. bought a new position in Hyster-Yale Materials Handling, Inc. (NYSE:HY) in the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 9,120 shares of the industrial products company’s stock, valued at approximately $582,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Barclays PLC grew its stake in Hyster-Yale Materials Handling by 19.0% in the 3rd quarter. Barclays PLC now owns 26,492 shares of the industrial products company’s stock valued at $1,690,000 after buying an additional 4,226 shares in the last quarter. FMR LLC raised its position in Hyster-Yale Materials Handling by 31.9% during the third quarter. FMR LLC now owns 51,280 shares of the industrial products company’s stock valued at $3,270,000 after purchasing an additional 12,390 shares in the last quarter. Sei Investments Co. lifted its stake in Hyster-Yale Materials Handling by 24.8% during the second quarter. Sei Investments Co. now owns 44,166 shares of the industrial products company’s stock worth $3,080,000 after purchasing an additional 8,764 shares during the last quarter. Inspire Investing LLC grew its position in Hyster-Yale Materials Handling by 86.8% during the third quarter. Inspire Investing LLC now owns 20,299 shares of the industrial products company’s stock valued at $1,294,000 after acquiring an additional 9,432 shares during the last quarter. Finally, The Manufacturers Life Insurance Company raised its stake in shares of Hyster-Yale Materials Handling by 4.7% during the second quarter. The Manufacturers Life Insurance Company now owns 4,442 shares of the industrial products company’s stock worth $310,000 after acquiring an additional 200 shares in the last quarter. Hedge funds and other institutional investors own 46.47% of the company’s stock.

Hyster-Yale Materials Handling Stock Performance

NYSE:HY opened at $50.91 on Monday. 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 firm’s fifty day simple moving average is $54.95 and its 200 day simple moving average is $62.03. The stock has a market cap of $891.33 million, a P/E ratio of 5.71 and a beta of 1.25. Hyster-Yale Materials Handling, Inc. has a twelve month low of $48.73 and a twelve month high of $84.44.

Hyster-Yale Materials Handling (NYSE:HY) last announced its earnings results on Tuesday, November 5th. The industrial products company reported $0.97 earnings per share for the quarter, missing analysts’ consensus estimates of $1.97 by ($1.00). The company 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 firm posted $2.06 EPS. As a group, research analysts predict that Hyster-Yale Materials Handling, Inc. will post 8.85 EPS for the current year.

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

Hyster-Yale Materials Handling Announces Dividend

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. 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. Roth Mkm dropped their target price on 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. Two research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus 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.