5 Best Heavy Equipment Stocks to Buy as Backlogs Hit Records

4. Hyster-Yale, Inc. (NYSE:HY)

Upside Potential: 28.71%

Target Price: $46

On May 13, Hyster-Yale, Inc. (NYSE:HY) announced that its board of directors approved an increase in the company’s regular quarterly cash dividend from $0.36 to $0.365 per share. The dividend applies to both Class A and Class B common stock and is scheduled to be paid on June 16 to shareholders of record as of June 1. The dividend increase reflects management’s confidence in the company’s financial position and ongoing cash generation capabilities despite broader economic and industrial market uncertainties.

Earlier, on March 5, Roth Capital analyst Chip Moore raised the firm’s price target on Hyster-Yale, Inc. (NYSE:HY) to $44 from $40 while maintaining a Buy rating following the company’s fourth-quarter results. According to the analyst, ongoing strategic initiatives are expected to improve investor sentiment heading into fiscal year 2027. While acknowledging that operational challenges remain, Roth Capital stated that it continues to view the company as an attractive GDP-plus growth opportunity with solid long-term expansion prospects supported by its established position within the material handling and industrial equipment market.

Founded in 2012 and headquartered in Cleveland, Hyster-Yale, Inc. (NYSE:HY) manufactures specialized material handling equipment, including heavy-duty forklifts, warehouse lift trucks, and industrial logistics solutions. Although the modern independent company was established in 2012, its underlying brand heritage dates back as far as 1844, giving it a longstanding presence within the industrial equipment sector.