Hyster-Yale (NYSE:HY) Shares Gap Up – Here’s Why

Hyster-Yale, Inc. (NYSE:HY)’s stock price gapped up prior to trading on Friday . The stock had previously closed at $33.90, but opened at $36.00. Hyster-Yale shares last traded at $37.00, with a volume of 3,934 shares traded.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the company. Zacks Research upgraded Hyster-Yale from a “strong sell” rating to a “hold” rating in a research report on Monday, May 4th. Weiss Ratings downgraded Hyster-Yale from a “sell (d+)” rating to a “sell (d)” rating in a research report on Wednesday, May 6th. Wall Street Zen upgraded Hyster-Yale from a “sell” rating to a “hold” rating in a research report on Saturday, June 6th. Finally, Northland Securities upgraded Hyster-Yale from a “market perform” rating to an “outperform” rating and set a $50.00 target price for the company in a research report on Monday, March 2nd. One equities research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Hyster-Yale presently has an average rating of “Hold” and an average price target of $45.00.

Hyster-Yale Stock Up 8.3%

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 50-day simple moving average of $35.96 and a two-hundred day simple moving average of $34.31. The stock has a market cap of $685.80 million, a P/E ratio of -6.77 and a beta of 1.61.

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

Hyster-Yale Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 16th. Investors of record on Monday, June 1st will be issued a dividend of $0.365 per share. This is a boost from Hyster-Yale’s previous quarterly dividend of $0.36. This represents a $1.46 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date is Monday, June 1st. Hyster-Yale’s dividend payout ratio is currently -26.12%.

Hedge Funds Weigh In On Hyster-Yale

A number of hedge funds and other institutional investors have recently made changes to their positions in HY. Deprince Race & Zollo Inc. bought a new position in shares of Hyster-Yale during the first quarter valued at approximately $8,696,000. Millennium Management LLC raised its holdings in shares of Hyster-Yale by 113.5% during the third quarter. Millennium Management LLC now owns 220,850 shares of the industrial products company’s stock valued at $8,141,000 after acquiring an additional 117,415 shares in the last quarter. Valueworks LLC raised its holdings in shares of Hyster-Yale by 33.2% during the fourth quarter. Valueworks LLC now owns 399,344 shares of the industrial products company’s stock valued at $11,865,000 after acquiring an additional 99,538 shares in the last quarter. OP Asset Management Ltd bought a new position in shares of Hyster-Yale during the first quarter valued at approximately $1,833,000. Finally, Impala Asset Management LLC bought a new position in shares of Hyster-Yale during the fourth quarter valued at approximately $1,486,000. Institutional investors own 46.47% of the company’s stock.

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.