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Why Hyster-Yale (HY) Dipped More Than Broader Market Today

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In the latest trading session, Hyster-Yale (HY - Free Report) closed at $73.34, marking a -1.53% move from the previous day. The stock's performance was behind the S&P 500's daily loss of 1.39%. At the same time, the Dow added 0.6%, and the tech-heavy Nasdaq lost 2.77%.

Shares of the maker of lift trucks and aftermarket parts witnessed a gain of 0.03% over the previous month, trailing the performance of the Industrial Products sector with its gain of 6.64% and the S&P 500's gain of 4.43%.

Market participants will be closely following the financial results of Hyster-Yale in its upcoming release. The company is forecasted to report an EPS of $2.28, showcasing a 3.17% upward movement from the corresponding quarter of the prior year. In the meantime, our current consensus estimate forecasts the revenue to be $1.08 billion, indicating a 0.93% decline compared to the corresponding quarter of the prior year.

For the full year, the Zacks Consensus Estimates project earnings of $8.30 per share and a revenue of $4.26 billion, demonstrating changes of +14.64% and +3.42%, respectively, from the preceding year.

It is also important to note the recent changes to analyst estimates for Hyster-Yale. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Consequently, upward revisions in estimates express analysts' positivity towards the company's business operations and its ability to generate profits.

Based on our research, we believe these estimate revisions are directly related to near-team stock moves. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.

The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate remained stagnant. Hyster-Yale presently features a Zacks Rank of #3 (Hold).

Investors should also note Hyster-Yale's current valuation metrics, including its Forward P/E ratio of 8.98. This signifies a discount in comparison to the average Forward P/E of 10.48 for its industry.

The Manufacturing - Construction and Mining industry is part of the Industrial Products sector. This group has a Zacks Industry Rank of 51, putting it in the top 21% of all 250+ industries.

The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.


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