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

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

Hyster-Yale Materials Handling Stock Performance

NYSE:HY opened at $54.22 on Thursday. The stock has a 50 day simple moving average of $61.66 and a 200 day simple moving average of $66.54. The stock has a market cap of $949.28 million, a P/E ratio of 6.07 and a beta of 1.32. Hyster-Yale Materials Handling has a 1-year low of $46.25 and a 1-year high of $84.44. 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 announced its quarterly earnings data on Tuesday, November 5th. The industrial products company reported $0.97 earnings per share for the quarter, missing the consensus estimate of $1.97 by ($1.00). Hyster-Yale Materials Handling had a net margin of 3.68% and a return on equity of 34.77%. The company had revenue of $1.02 billion during the quarter, compared to analyst estimates of $1.06 billion. During the same period in the prior year, the firm earned $2.06 earnings per share. Research analysts anticipate that Hyster-Yale Materials Handling will post 8.85 earnings per share for the current year.

Hyster-Yale Materials Handling Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 29th will be issued a dividend of $0.35 per share. The ex-dividend date is Friday, November 29th. This represents a $1.40 annualized dividend and a dividend yield of 2.58%. Hyster-Yale Materials Handling’s dividend payout ratio (DPR) is presently 15.71%.

Wall Street Analyst Weigh In

HY has been the topic of a number of research analyst reports. Northland Capmk lowered Hyster-Yale Materials Handling from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, August 7th. Roth Mkm lowered their target price on Hyster-Yale Materials Handling from $84.00 to $70.00 and set a “buy” rating for the company in a research note on Wednesday, November 6th. Finally, 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. Two research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, 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.