Hyster-Yale raises quarterly dividend to 35 cents per share By Investing.com

CLEVELAND – Hyster-Yale Materials Handling, Inc. (NYSE: NYSE:), a global industrial company, has announced an increase in its quarterly cash dividend. The company’s Board of Directors approved a dividend hike from 32.5 cents to 35 cents per share for both Class A and Class B Common Stock. This increase is scheduled to take effect with the dividend payable on June 14, 2024, to shareholders who are on record by the close of business on May 31, 2024.

Hyster-Yale is known for its comprehensive range of lift trucks and material handling solutions, including innovative attachments and hydrogen fuel cell power products. The company prides itself on understanding customer needs and providing solutions that enhance productivity while reducing ownership costs. With a commitment to exceptional customer care, Hyster-Yale aims to add value throughout the product’s lifecycle.

The company operates through its wholly owned subsidiary, Hyster-Yale Group, Inc., which is responsible for designing, engineering, manufacturing, selling, and servicing a broad line of lift trucks and aftermarket parts. These products are marketed globally under the well-known Hyster® and Yale® brand names.

Additionally, Hyster-Yale owns subsidiaries such as Bolzoni S.p.A., a prominent producer of attachments, forks, and lift tables, and Nuvera Fuel Cells, LLC, a company specializing in fuel cell stacks and engines. The company also has a joint venture in Japan, Sumitomo NACCO, further extending its international footprint.

InvestingPro Insights

Hyster-Yale Materials Handling, Inc. (NYSE: HY) has demonstrated a strong commitment to shareholder returns, as evidenced by its recent dividend increase. This move aligns with the company’s history of consistent dividend growth, marking an impressive milestone of raising its dividend for 10 consecutive years. Furthermore, Hyster-Yale is trading at a compelling earnings multiple, with a P/E ratio of just 8.24, reflecting a potential value opportunity for investors.

InvestingPro data underscores the company’s robust financial health. Hyster-Yale boasts a market capitalization of $1.27 billion, and its revenue has grown by 16.06% over the last twelve months as of Q4 2023. Additionally, the company’s gross profit margin stands at 19.08%, indicating a strong ability to control costs and generate earnings. These metrics, combined with a substantial price uptick…