Hyster-Yale (NYSE:HY) Shares Down 7% – Here’s Why

Hyster-Yale, Inc. (NYSE:HY)’s stock price dropped 7% during trading on Tuesday . The company traded as low as $31.30 and last traded at $31.40. Approximately 46,343 shares traded hands during mid-day trading, a decline of 51% from the average daily volume of 94,267 shares. The stock had previously closed at $33.77.

Analyst Upgrades and Downgrades

HY has been the subject of a number of recent analyst reports. Northland Securities upgraded shares of Hyster-Yale from a “market perform” rating to an “outperform” rating and set a $50.00 price objective for the company in a research report on Monday, March 2nd. Zacks Research raised shares of Hyster-Yale from a “strong sell” rating to a “hold” rating in a report on Monday, May 4th. Weiss Ratings cut shares of Hyster-Yale from a “sell (d+)” rating to a “sell (d)” rating in a report on Wednesday, May 6th. Finally, Wall Street Zen cut shares of Hyster-Yale from a “hold” rating to a “sell” rating in a report on Saturday, March 7th. One equities research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $45.00.

Hyster-Yale Stock Performance

The company has a quick ratio of 0.67, a current ratio of 1.31 and a debt-to-equity ratio of 0.58. The company has a market capitalization of $594.44 million, a PE ratio of -5.93 and a beta of 1.66. The stock’s fifty day simple moving average is $34.83 and its 200-day simple moving average is $33.83.

Hyster-Yale (NYSE:HY) last issued its earnings results on Tuesday, May 5th. The industrial products company reported ($1.64) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($2.02) by $0.38. Hyster-Yale had a negative net margin of 2.71% and a negative return on equity of 13.96%. The company had revenue of $795.20 million during the quarter, compared to analysts’ expectations of $878.10 million. On average, research analysts predict that Hyster-Yale, Inc. will post -2.75 earnings per share for the current fiscal year.

Hyster-Yale Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 16th. Stockholders of record on Monday, June 1st will be given a $0.365 dividend. This is a boost from Hyster-Yale’s previous quarterly dividend of $0.36. This represents a $1.46 annualized dividend and a dividend yield of 4.4%. The ex-dividend date is Monday, June 1st. Hyster-Yale’s dividend payout ratio (DPR) is currently -25.76%.

Institutional Trading of Hyster-Yale

Several large investors have recently modified their holdings of the business. Amundi grew its position in shares of Hyster-Yale by 3.8% in the fourth quarter. Amundi now owns 9,013 shares of the industrial products company’s stock valued at $268,000 after purchasing an additional 334 shares during the last quarter. Federated Hermes Inc. grew its position in shares of Hyster-Yale by 0.6% in the third quarter. Federated Hermes Inc. now owns 96,194 shares of the industrial products company’s stock valued at $3,546,000 after purchasing an additional 546 shares during the last quarter. Legal & General Group Plc grew its position in shares of Hyster-Yale by 7.6% in the second quarter. Legal & General Group Plc now owns 9,284 shares of the industrial products company’s stock valued at $369,000 after purchasing an additional 654 shares during the last quarter. State of Alaska Department of Revenue acquired a new stake in shares of Hyster-Yale in the third quarter valued at approximately $27,000. Finally, Parvin Asset Management LLC grew its position in shares of Hyster-Yale by 10.3% in the first quarter. Parvin Asset Management LLC now owns 8,870 shares of the industrial products company’s stock valued at $288,000 after purchasing an additional 825 shares during the last quarter. 46.47% of the stock is currently owned by institutional investors and hedge funds.

Hyster-Yale Company Profile

Hyster-Yale Materials Handling, Inc is a global manufacturer and distributor of a wide range of industrial lift trucks, container handlers and aftermarket parts and services. Operating under the Hyster and Yale brand names, the company designs, engineers and assembles counterbalanced lift trucks, narrow-aisle trucks and specialty vehicles for clients in distribution, manufacturing, retail and warehousing.

The company’s product portfolio includes electric, diesel and LPG-powered forklifts, as well as reach stackers, empty container handlers and terminal tractors.