JPMorgan Chase & Co. Cuts Stake in Hyster-Yale Materials Handling, Inc. (NYSE:HY)

JPMorgan Chase & Co. lessened its stake in Hyster-Yale Materials Handling, Inc. (NYSE:HY) by 35.7% during the 3rd quarter, Holdings Channel.com reports. The firm owned 23,816 shares of the industrial products company’s stock after selling 13,249 shares during the quarter. JPMorgan Chase & Co.’s holdings in Hyster-Yale Materials Handling were worth $1,519,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Covestor Ltd increased its holdings in shares of Hyster-Yale Materials Handling by 21,350.0% during the third quarter. Covestor Ltd now owns 429 shares of the industrial products company’s stock valued at $27,000 after acquiring an additional 427 shares in the last quarter. Pinpoint Asset Management Ltd acquired a new position in Hyster-Yale Materials Handling in the 3rd quarter worth approximately $32,000. Quest Partners LLC increased its holdings in Hyster-Yale Materials Handling by 189.0% in the 3rd quarter. Quest Partners LLC now owns 2,552 shares of the industrial products company’s stock worth $163,000 after buying an additional 1,669 shares during the period. Massachusetts Financial Services Co. MA acquired a new position in Hyster-Yale Materials Handling in the 3rd quarter worth approximately $231,000. Finally, The Manufacturers Life Insurance Company boosted its position in Hyster-Yale Materials Handling by 4.7% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 4,442 shares of the industrial products company’s stock worth $310,000 after purchasing an additional 200 shares in the last quarter. Hedge funds and other institutional investors own 46.47% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have commented on HY shares. Roth Mkm lowered their price objective on Hyster-Yale Materials Handling from $84.00 to $70.00 and set a “buy” rating on the stock in a research report on Wednesday, November 6th. StockNews.com lowered Hyster-Yale Materials Handling from a “buy” rating to a “hold” rating in a research report on Wednesday, November 6th. Two analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, Hyster-Yale Materials Handling currently has a consensus rating of “Moderate Buy” and a consensus price target of $80.00.

Hyster-Yale Materials Handling Stock Up 0.2 %

Shares of HY opened at $53.52 on Friday. Hyster-Yale Materials Handling, Inc. has a 52-week low of $48.73 and a 52-week high of $84.44. The company has a market capitalization of $937.10 million, a PE ratio of 6.01 and a beta of 1.27. The stock has a fifty day simple moving average of $53.24 and a two-hundred day simple moving average of $60.45. The company has a quick ratio of 0.61, a current ratio of 1.36 and a debt-to-equity ratio of 0.46.

Hyster-Yale Materials Handling (NYSE:HY) last issued its earnings results on Tuesday, November 5th. The industrial products company reported $0.97 earnings per share (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 analyst estimates 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 period last year, the business earned $2.06 earnings per share. As a group, equities analysts forecast that Hyster-Yale Materials Handling, Inc. will post 8.85 EPS for the current year.

Hyster-Yale Materials Handling declared that its Board of Directors has approved a share repurchase plan on Monday, November 18th that permits the company to buyback $50.00 million in shares. This buyback authorization permits the industrial products company to repurchase up to 5.2% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

Hyster-Yale Materials Handling Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 13th. Investors of record on Friday, November 29th were given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.62%. The ex-dividend date of this dividend was Friday, November 29th. Hyster-Yale Materials Handling’s payout ratio is 15.71%.

Hyster-Yale Materials Handling 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.