Hyster-Yale Materials Handling (NYSE:HY) Shares Pass Below 200 Day Moving Average - Here's What Happened

Hyster-Yale Materials Handling, Inc. (NYSE:HY - Get Free Report) crossed below its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $58.87 and traded as low as $51.75. Hyster-Yale Materials Handling shares last traded at $52.56, with a volume of 40,550 shares trading hands.

Wall Street Analyst Weigh In

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

Hyster-Yale Materials Handling Trading Up 0.9 %

The stock has a market cap of $924.70 million, a P/E ratio of 5.93 and a beta of 1.26. The firm's 50 day simple moving average is $52.33 and its two-hundred day simple moving average is $58.43. 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 Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 14th. Stockholders of record on Friday, February 28th will be issued a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 2.65%. The ex-dividend date is Friday, February 28th. Hyster-Yale Materials Handling's dividend payout ratio (DPR) is presently 15.71%.

Hyster-Yale Materials Handling declared that its Board of Directors has initiated a share buyback program on Monday, November 18th that allows the company to repurchase $50.00 million in outstanding shares. This repurchase authorization allows the industrial products company to buy up to 5.2% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company's leadership believes its stock is undervalued.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. The Manufacturers Life Insurance Company grew its stake in shares of Hyster-Yale Materials Handling by 4.7% in the second 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. Allspring Global Investments Holdings LLC lifted its holdings in Hyster-Yale Materials Handling by 27.4% in the third quarter. Allspring Global Investments Holdings LLC now owns 13,762 shares of the industrial products company's stock worth $878,000 after purchasing an additional 2,963 shares during the period. Principal Financial Group Inc. bought a new position in Hyster-Yale Materials Handling in the 3rd quarter valued at about $582,000. Covestor Ltd boosted its holdings in shares of Hyster-Yale Materials Handling by 21,350.0% in 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. Finally, GSA Capital Partners LLP acquired a new stake in Hyster-Yale Materials Handling in the third quarter worth approximately $866,000. Institutional investors and hedge funds own 46.47% of the company's stock.

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.