Hyster-Yale (NYSE:HY) Shares Gap Down After Earnings Miss

Key Points

• Hyster-Yale shares fell sharply after opening at $27.01, down from the prior close of $30.02, following a quarterly earnings miss.
• The company reported an adjusted loss of $0.77 per share, versus analysts’ expected loss of $0.59, and revenue of $827.4 million, below the $926.45 million consensus.
• Hyster-Yale paid a quarterly dividend of $0.365 per share, equivalent to an annualized $1.46 and a 5.2% yield; analysts’ consensus rating was “Hold.”

Shares of Hyster-Yale, Inc. (NYSE:HY - Get Free Report) gapped down before the market opened on Friday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $30.02, but opened at $27.01. Hyster-Yale shares last traded at $28.96, with a volume of 16,643 shares trading hands.

The industrial products company reported ($0.77) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.59) by ($0.18). The firm had revenue of $827.40 million for the quarter, compared to analysts' expectations of $926.45 million. Hyster-Yale had a negative return on equity of 21.03% and a negative net margin of 3.33%.

Hyster-Yale Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st were given a dividend of $0.3650 per share. The ex-dividend date was Tuesday, September 1st. This represents a $1.46 dividend on an annualized basis and a dividend yield of 5.2%. Hyster-Yale's dividend payout ratio (DPR) is -22.26%.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on HY shares. Wall Street Zen cut Hyster-Yale from a "hold" rating to a "sell" rating in a report on Saturday, August 1st. Roth Capital restated a "buy" rating and issued a $45.00 price objective on shares of Hyster-Yale in a research report on Thursday, August 6th. Finally, Weiss Ratings reiterated a "sell (d)" rating on shares of Hyster-Yale in a research report on Friday, October 30th. Two investment analysts have 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 MarketBeat, Hyster-Yale currently has a consensus rating of "Hold" and an average target price of $47.50.

Institutional Investors Weigh In On Hyster-Yale

Institutional investors have recently bought and sold shares of the company. Dimensional Fund Advisors LP raised its holdings in shares of Hyster-Yale by 5.1% during the first quarter. Dimensional Fund Advisors LP now owns 587,683 shares of the industrial products company's stock valued at $19,105,000 after acquiring an additional 28,642 shares during the last quarter. Cooper Haims Advisors LLC acquired a new stake in shares of Hyster-Yale in the second quarter worth approximately $898,000. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in shares of Hyster-Yale in the second quarter worth approximately $775,000. Amundi boosted its stake in shares of Hyster-Yale by 38.9% in the first quarter. Amundi now owns 12,520 shares of the industrial products company's stock worth $407,000 after acquiring an additional 3,507 shares during the last quarter. Finally, Quantinno Capital Management LP boosted its stake in shares of Hyster-Yale by 57.4% in the first quarter. Quantinno Capital Management LP now owns 16,131 shares of the industrial products company's stock worth $524,000 after acquiring an additional 5,881 shares during the last quarter. 46.47% of the stock is currently owned by institutional investors and hedge funds.

Hyster-Yale Price Performance

The company has a quick ratio of 0.65, a current ratio of 1.28 and a debt-to-equity ratio of 0.66. The stock has a market capitalization of $500.89 million, a PE ratio of -4.26 and a beta of 1.71. The company has a 50-day moving average of $31.66 and a 200 day moving average of $34.22.

About Hyster-Yale

Hyster-Yale, Inc is a global manufacturer of materials-handling equipment. Through its Hyster and Yale brands, the company designs, engineers, manufactures, sells and services lift trucks and related warehouse equipment used to move, store and manage materials in industrial, manufacturing, distribution and logistics operations.

Its product portfolio includes electric, internal-combustion engine and other lift trucks, as well as warehouse equipment such as pallet trucks, stackers and reach trucks.

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