Hyster-Yale Materials (HY) is a Top Dividend Stock Right Now: Should You Buy?

Company Overview - Hyster-Yale Materials (HY) is based in Cleveland and operates in the Industrial Products sector, with a year-to-date share price change of 11.51% [3] - The company currently pays a dividend of $0.35 per share, resulting in a dividend yield of 2.02%, which is significantly higher than the Manufacturing - Material Handling industry's yield of 0.4% and the S&P 500's yield of 1.59% [3] Dividend Performance - Hyster-Yale Materials has an annualized dividend of $1.40, reflecting a 7.9% increase from the previous year [4] - Over the past five years, the company has increased its dividend three times, averaging an annual increase of 0.60% [4] - The current payout ratio is 15%, indicating that the company pays out 15% of its trailing 12-month earnings per share as dividends [4] Earnings Outlook - The Zacks Consensus Estimate for Hyster-Yale Materials' earnings in 2024 is projected at $7.68 per share, representing a year-over-year growth rate of 6.08% [5] Investment Appeal - Hyster-Yale Materials is considered an attractive dividend play and a compelling investment opportunity, currently holding a Zacks Rank of 1 (Strong Buy) [7]