Hyster-Yale Materials Handling, Inc. (NYSE:HY) Sees Large Drop in Short Interest

Hyster-Yale Materials Handling, Inc. (NYSE:HY) was the recipient of a significant drop in short interest during the month of January. As of January 31st, there was short interest totalling 571,700 shares, a drop of 7.5% from the January 15th total of 618,000 shares. Based on an average trading volume of 80,400 shares, the short-interest ratio is presently 7.1 days. Currently, 6.5% of the shares of the company are short sold.

Hyster-Yale Materials Handling Price Performance

Hyster-Yale Materials Handling stock opened at $53.69 on Wednesday. The company has a current ratio of 1.36, a quick ratio of 0.61 and a debt-to-equity ratio of 0.46. The company has a market cap of $940.02 million, a price-to-earnings ratio of 6.03 and a beta of 1.26. Hyster-Yale Materials Handling has a 12 month low of $48.73 and a 12 month high of $84.44. The business’s 50 day simple moving average is $52.23 and its 200 day simple moving average is $57.72.

Hyster-Yale Materials Handling Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 14th. Investors of record on Friday, February 28th will be given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 2.61%. The ex-dividend date of this dividend is Friday, February 28th. Hyster-Yale Materials Handling’s payout ratio is 15.71%.

Hyster-Yale Materials Handling announced that its Board of Directors has initiated a stock buyback program on Monday, November 18th that permits the company to buyback $50.00 million in shares. This buyback authorization permits the industrial products company to reacquire up to 5.2% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its stock is undervalued.

Analysts Set New Price Targets

A number of research analysts have issued reports on HY shares. Roth Mkm decreased their target price on shares of 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 downgraded shares of Hyster-Yale Materials Handling from a “buy” rating to a “hold” rating in a research report on Wednesday, November 6th. Two investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat, Hyster-Yale Materials Handling presently has an average rating of “Moderate Buy” and an average target price of $80.00.

Hedge Funds Weigh In On Hyster-Yale Materials Handling

Large investors have recently modified their holdings of the company. Covestor Ltd grew its holdings in 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 worth $27,000 after acquiring an additional 427 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Hyster-Yale Materials Handling during the 4th quarter valued at about $27,000. Pinpoint Asset Management Ltd purchased a new stake in shares of Hyster-Yale Materials Handling during the third quarter valued at $32,000. Meeder Asset Management Inc. raised its stake in Hyster-Yale Materials Handling by 421.8% during 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 last quarter. Finally, KLP Kapitalforvaltning AS purchased a new position in shares of Hyster-Yale Materials Handling in the fourth quarter worth approximately $76,000. 46.47% of the stock is 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.