Hyster-Yale Materials Handling (NYSE:HY) to Repurchase $50.00 million in Stock

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 buyback $50.00 million in shares. This buyback authorization permits the industrial products company to buy up to 5.2% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.

Hyster-Yale Materials Handling Stock Up 3.6 %

Hyster-Yale Materials Handling stock opened at $55.11 on Tuesday. Hyster-Yale Materials Handling has a 52 week low of $46.25 and a 52 week high of $84.44. The stock has a market cap of $964.43 million, a price-to-earnings ratio of 6.40 and a beta of 1.32. The company’s 50-day moving average price is $61.77 and its two-hundred day moving average price is $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 (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). 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 net margin of 3.68% and a return on equity of 34.77%. During the same quarter last year, the business earned $2.06 earnings per share. On average, analysts expect that Hyster-Yale Materials Handling will post 8.85 EPS for the current fiscal year.

Hyster-Yale Materials Handling Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 29th will be paid 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 presently 15.71%.

Analyst Ratings Changes

HY has been the topic of several recent research reports. StockNews.com downgraded shares of Hyster-Yale Materials Handling from a “buy” rating to a “hold” rating in a research report on Wednesday, November 6th. Roth Mkm cut their price target on 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. Finally, Northland Capmk lowered Hyster-Yale Materials Handling from a “strong-buy” rating to a “hold” rating in a report on Wednesday, August 7th. Two equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus 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.