Hyster-Yale Materials Handling (NYSE:HY) Downgraded by StockNews.com to Hold

Hyster-Yale Materials Handling (NYSE:HY - Get Free Report) was downgraded by stock analysts at StockNews.com from a "buy" rating to a "hold" rating in a research report issued to clients and investors on Friday.

Hyster-Yale Materials Handling Trading Down 0.7 %

Hyster-Yale Materials Handling stock traded down $0.33 during mid-day trading on Friday, hitting $44.55. 82,623 shares of the company's stock were exchanged, compared to its average volume of 77,876. The company's 50 day simple moving average is $51.58 and its 200-day simple moving average is $56.53. The firm has a market capitalization of $779.89 million, a P/E ratio of 5.00 and a beta of 1.27. 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 has a fifty-two week low of $42.59 and a fifty-two week high of $84.44.

Hyster-Yale Materials Handling declared that its board has approved a share repurchase program on Monday, November 18th that allows the company to buyback $50.00 million in 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 typically a sign that the company's board believes its stock is undervalued.

Institutional Investors Weigh In On Hyster-Yale Materials Handling

Several hedge funds have recently bought and sold shares of HY. First Trust Advisors LP acquired a new stake in Hyster-Yale Materials Handling during the fourth quarter worth approximately $3,265,000. JPMorgan Chase & Co. raised its position in shares of Hyster-Yale Materials Handling by 165.5% in the fourth quarter. JPMorgan Chase & Co. now owns 63,231 shares of the industrial products company's stock valued at $3,220,000 after buying an additional 39,415 shares in the last quarter. American Century Companies Inc. raised its position in shares of Hyster-Yale Materials Handling by 15.8% in the fourth quarter. American Century Companies Inc. now owns 274,924 shares of the industrial products company's stock valued at $14,002,000 after buying an additional 37,432 shares in the last quarter. Renaissance Technologies LLC raised its position in shares of Hyster-Yale Materials Handling by 76.3% in the fourth quarter. Renaissance Technologies LLC now owns 80,900 shares of the industrial products company's stock valued at $4,120,000 after buying an additional 35,000 shares in the last quarter. Finally, Brightline Capital Management LLC acquired a new stake in shares of Hyster-Yale Materials Handling in the fourth quarter valued at approximately $1,528,000. 46.47% of the stock is currently owned by institutional investors and hedge funds.

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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.