Hyster-Yale Materials Handling (NYSE:HY) Cut to Hold at StockNews.com

Hyster-Yale Materials Handling (NYSE:HY) was downgraded by research analysts at StockNews.com from a “buy” rating to a “hold” rating in a research note issued to investors on Friday.

Hyster-Yale Materials Handling Price Performance

Shares of HY stock opened at $44.86 on Friday. Hyster-Yale Materials Handling has a 52-week low of $42.59 and a 52-week high of $84.44. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.61 and a current ratio of 1.36. The firm has a market capitalization of $785.46 million, a P/E ratio of 5.04 and a beta of 1.27. The stock has a 50 day moving average price of $51.69 and a 200 day moving average price of $56.65.

Hyster-Yale Materials Handling declared that its board has approved a stock repurchase program on Monday, November 18th that permits the company to buyback $50.00 million in outstanding shares. This buyback authorization permits the industrial products company to purchase up to 5.2% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s leadership believes its stock is undervalued.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Covestor Ltd increased its holdings in shares of Hyster-Yale Materials Handling by 21,350.0% in the 3rd quarter. Covestor Ltd now owns 429 shares of the industrial products company’s stock valued at $27,000 after acquiring an additional 427 shares during the period. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Hyster-Yale Materials Handling during the 4th quarter worth about $27,000. Pinpoint Asset Management Ltd acquired a new stake in Hyster-Yale Materials Handling during the 3rd quarter worth about $32,000. Meeder Asset Management Inc. lifted its holdings in shares of Hyster-Yale Materials Handling by 421.8% in the 4th quarter. Meeder Asset Management Inc. now owns 741 shares of the industrial products company’s stock valued at $38,000 after buying an additional 599 shares during the period. Finally, KLP Kapitalforvaltning AS acquired a new position in shares of Hyster-Yale Materials Handling in the 4th quarter valued at about $76,000. 46.47% of the stock is currently owned by hedge funds and other institutional investors.

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.