PNC Financial Services Group Inc. Buys 1,914 Shares of Hyster-Yale Materials Handling, Inc. (NYSE:HY)

PNC Financial Services Group Inc. grew its stake in shares of Hyster-Yale Materials Handling, Inc. (NYSE:HY) by 9.0% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 23,289 shares of the industrial products company’s stock after acquiring an additional 1,914 shares during the quarter. PNC Financial Services Group Inc. owned about 0.13% of Hyster-Yale Materials Handling worth $1,485,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. CWM LLC raised its holdings in Hyster-Yale Materials Handling by 0.5% in the second quarter. CWM LLC now owns 41,992 shares of the industrial products company’s stock worth $2,928,000 after buying an additional 192 shares during the last quarter. The Manufacturers Life Insurance Company increased its position in shares of Hyster-Yale Materials Handling by 4.7% during the second quarter. The Manufacturers Life Insurance Company now owns 4,442 shares of the industrial products company’s stock valued at $310,000 after acquiring an additional 200 shares in the last quarter. Summit Global Investments raised its holdings in Hyster-Yale Materials Handling by 2.4% in the 2nd quarter. Summit Global Investments now owns 10,334 shares of the industrial products company’s stock worth $721,000 after acquiring an additional 240 shares during the last quarter. Mcdonald Partners LLC lifted its position in Hyster-Yale Materials Handling by 0.9% in the 2nd quarter. Mcdonald Partners LLC now owns 40,256 shares of the industrial products company’s stock valued at $2,807,000 after acquiring an additional 352 shares in the last quarter. Finally, AQR Capital Management LLC boosted its stake in Hyster-Yale Materials Handling by 0.5% during the 2nd quarter. AQR Capital Management LLC now owns 76,587 shares of the industrial products company’s stock valued at $5,340,000 after purchasing an additional 363 shares during the last quarter. Hedge funds and other institutional investors own 46.47% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on HY shares. Northland Capmk downgraded Hyster-Yale Materials Handling from a “strong-buy” rating to a “hold” rating in a report on Wednesday, August 7th. StockNews.com cut shares of Hyster-Yale Materials Handling from a “buy” rating to a “hold” rating in a research note on Wednesday, November 6th. Finally, Roth Mkm reduced their price target on shares of Hyster-Yale Materials Handling from $84.00 to $70.00 and set a “buy” rating for the company 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 company’s stock. Based on data from MarketBeat.com, Hyster-Yale Materials Handling presently has a consensus rating of “Moderate Buy” and an average target price of $80.00.

Hyster-Yale Materials Handling Stock Performance

Shares of HY opened at $57.03 on Wednesday. The firm has a market capitalization of $998.60 million, a P/E ratio of 6.40 and a beta of 1.32. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.36 and a quick ratio of 0.61. Hyster-Yale Materials Handling, Inc. has a one year low of $47.05 and a one year high of $84.44. The business has a fifty day moving average of $61.36 and a 200 day moving average of $66.07.

Hyster-Yale Materials Handling (NYSE:HY) last released its quarterly earnings results on Tuesday, November 5th. The industrial products company reported $0.97 EPS for the quarter, missing the consensus estimate of $1.97 by ($1.00). The business had revenue of $1.02 billion for the quarter, compared to analysts’ expectations of $1.06 billion. Hyster-Yale Materials Handling had a net margin of 3.68% and a return on equity of 34.77%. During the same period in the previous year, the company earned $2.06 EPS. As a group, sell-side analysts anticipate that Hyster-Yale Materials Handling, Inc. will post 8.85 EPS for the current year.

Hyster-Yale Materials Handling Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 29th will be paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 2.45%. The ex-dividend date of this dividend is Friday, November 29th. Hyster-Yale Materials Handling’s dividend payout ratio is presently 15.71%.

Hyster-Yale Materials Handling declared that its Board of Directors has approved a share buyback program on Monday, November 18th that authorizes the company to repurchase $50.00 million in outstanding shares. This repurchase authorization authorizes the industrial products company to repurchase up to 5.2% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s board believes its shares are undervalued.

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.