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

Hyster-Yale Materials Handling Inc (NYSE:HY) was the recipient of a significant drop in short interest during the month of July. As of July 31st, there was short interest totalling 212,400 shares, a drop of 18.7% from the June 30th total of 261,400 shares. Based on an average daily volume of 92,500 shares, the short-interest ratio is presently 2.3 days. Currently, 3.7% of the shares of the company are sold short.

Separately, Sidoti raised their target price on shares of Hyster-Yale Materials Handling from $66.00 to $71.00 and gave the stock a “buy” rating in a report on Wednesday, July 31st.

In other Hyster-Yale Materials Handling news, Chairman Alfred M. Et Al Rankin bought 2,949 shares of Hyster-Yale Materials Handling stock in a transaction that occurred on Tuesday, June 18th. The stock was purchased at an average price of $52.97 per share, with a total value of $156,208.53. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Victoire G. Rankin bought 6,250 shares of Hyster-Yale Materials Handling stock in a transaction that occurred on Friday, June 14th. The shares were acquired at an average cost of $49.74 per share, with a total value of $310,875.00. Following the acquisition, the insider now owns 18,844 shares of the company’s stock, valued at $937,300.56. The disclosure for this purchase can be found here. In the last three months, insiders have purchased 24,062 shares of company stock valued at $1,243,813. 28.60% of the stock is currently owned by corporate insiders.

A number of hedge funds have recently added to or reduced their stakes in HY. BlackRock Inc. grew its position in Hyster-Yale Materials Handling by 39.9% during the second quarter. BlackRock Inc. now owns 961,424 shares of the industrial products company’s stock valued at $53,128,000 after buying an additional 274,129 shares during the period. Norges Bank acquired a new stake in Hyster-Yale Materials Handling during the fourth quarter valued at $9,489,000. Nuveen Asset Management LLC acquired a new stake in Hyster-Yale Materials Handling during the second quarter valued at $3,564,000. Geode Capital Management LLC grew its position in Hyster-Yale Materials Handling by 16.8% during the fourth quarter. Geode Capital Management LLC now owns 134,313 shares of the industrial products company’s stock valued at $8,322,000 after buying an additional 19,331 shares during the period. Finally, Acadian Asset Management LLC grew its position in Hyster-Yale Materials Handling by 196.0% during the second quarter. Acadian Asset Management LLC now owns 27,411 shares of the industrial products company’s stock valued at $1,515,000 after buying an additional 18,151 shares during the period. Institutional investors own 45.60% of the company’s stock.

Shares of Hyster-Yale Materials Handling stock traded down $0.26 during trading on Thursday, hitting $55.77. 72,700 shares of the company’s stock were exchanged, compared to its average volume of 70,481. The stock has a market capitalization of $950.01 million, a price-to-earnings ratio of 33.54 and a beta of 1.42. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.71 and a current ratio of 1.39. The business has a 50-day simple moving average of $55.05 and a 200-day simple moving average of $59.23. Hyster-Yale Materials Handling has a 52-week low of $43.26 and a 52-week high of $76.79.

Hyster-Yale Materials Handling (NYSE:HY) last released its quarterly earnings results on Tuesday, July 30th. The industrial products company reported $0.97 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.24 by $0.73. The company had revenue of $856.20 million for the quarter, compared to analyst estimates of $841.90 million. Hyster-Yale Materials Handling had a net margin of 1.02% and a return on equity of 4.99%. The firm’s revenue was up 11.8% on a year-over-year basis. During the same quarter last year, the business earned $0.34 earnings per share.

The company also recently declared a quarterly dividend, which will be paid on Friday, September 13th. Investors of record on Friday, August 30th will be given a dividend of $0.317 per share. The ex-dividend date is Thursday, August 29th. This represents a $1.27 annualized dividend and a yield of 2.27%.

Hyster-Yale Materials Handling Company Profile

Hyster-Yale Materials Handling, Inc, through its subsidiaries, designs, engineers, manufactures, sells, and services a line of lift trucks, attachments, and aftermarket parts worldwide. It manufactures components, such as frames, masts, and transmissions; and assembles lift trucks. The company markets its products primarily under the Hyster and Yale brand names to independent Hyster and Yale retail dealerships.

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