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

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

Wall Street Analyst Weigh In

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

Hyster-Yale Materials Handling Stock Performance

Shares of HY opened at $54.07 on Wednesday. Hyster-Yale Materials Handling has a one year low of $46.25 and a one year high of $84.44. The company has a market cap of $946.66 million, a PE ratio of 6.04 and a beta of 1.32. The firm has a 50-day moving average of $61.74 and a 200-day moving average of $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.

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 analysts’ consensus estimates of $1.97 by ($1.00). The company had revenue of $1.02 billion during the quarter, compared to the consensus estimate of $1.06 billion. Hyster-Yale Materials Handling had a return on equity of 34.77% and a net margin of 3.68%. During the same quarter in the previous year, the business 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 year.

Hyster-Yale Materials Handling Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Stockholders 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 dividend yield of 2.59%. The ex-dividend date of this dividend is Friday, November 29th. Hyster-Yale Materials Handling’s payout ratio is currently 15.71%.

Hyster-Yale Materials Handling Company 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.