Hyster-Yale Materials Handling (NYSE:HY) Board of Directors Declares Stock Buyback Program

Hyster-Yale Materials Handling (NYSE:HY) declared that its board has approved a stock repurchase program on Monday, November 18th, RTT News reports. The company plans to repurchase $50.00 million in outstanding shares. This repurchase authorization authorizes the industrial products company to buy up to 5.2% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board believes its shares are undervalued.

Hyster-Yale Materials Handling Price Performance

HY traded up $1.94 during midday trading on Monday, hitting $55.11. 137,359 shares of the company traded hands, compared to its average volume of 92,694. The company has a market capitalization of $964.43 million, a price-to-earnings ratio of 6.40 and a beta of 1.32. The business has a 50 day simple moving average of $61.77 and a two-hundred day simple moving average of $66.60. The company has a current ratio of 1.36, a quick ratio of 0.61 and a debt-to-equity ratio of 0.46. Hyster-Yale Materials Handling has a 52-week low of $46.25 and a 52-week high of $84.44.

Hyster-Yale Materials Handling (NYSE:HY) last posted its quarterly earnings data on Tuesday, November 5th. The industrial products company reported $0.97 earnings per share (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 firm had revenue of $1.02 billion during the quarter, compared to analyst estimates of $1.06 billion. During the same quarter in the previous year, the firm posted $2.06 earnings per share. On average, 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 company also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 29th will be issued a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.54%. The ex-dividend date is Friday, November 29th. Hyster-Yale Materials Handling’s dividend payout ratio is currently 15.71%.

Analyst Ratings Changes

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