The Shyft Group, Inc. (NASDAQ:SHYF) Sees Large Drop in Short Interest

The Shyft Group, Inc. (NASDAQ:SHYF) was the recipient of a significant decrease in short interest during the month of December. As of December 31st, there was short interest totalling 532,200 shares, a decrease of 52.9% from the December 15th total of 1,130,000 shares. Approximately 1.7% of the company’s stock are sold short. Based on an average daily trading volume, of 261,000 shares, the short-interest ratio is currently 2.0 days.

Institutional Investors Weigh In On The Shyft Group

Institutional investors and hedge funds have recently modified their holdings of the company. Federated Hermes Inc. raised its stake in The Shyft Group by 15.6% in the second quarter. Federated Hermes Inc. now owns 666,679 shares of the company’s stock valued at $7,907,000 after purchasing an additional 89,951 shares in the last quarter. Geode Capital Management LLC raised its stake in The Shyft Group by 1.3% in the third quarter. Geode Capital Management LLC now owns 773,150 shares of the company’s stock valued at $9,705,000 after purchasing an additional 9,588 shares in the last quarter. Barclays PLC raised its stake in The Shyft Group by 257.9% in the third quarter. Barclays PLC now owns 45,666 shares of the company’s stock valued at $573,000 after purchasing an additional 32,906 shares in the last quarter. Franklin Resources Inc. raised its stake in The Shyft Group by 76.7% in the third quarter. Franklin Resources Inc. now owns 54,727 shares of the company’s stock valued at $669,000 after purchasing an additional 23,761 shares in the last quarter. Finally, FMR LLC raised its stake in The Shyft Group by 301.4% in the third quarter. FMR LLC now owns 7,726 shares of the company’s stock valued at $97,000 after purchasing an additional 5,801 shares in the last quarter. 85.84% of the stock is owned by hedge funds and other institutional investors.

The Shyft Group Stock Performance

NASDAQ SHYF traded up $0.12 during trading on Tuesday, hitting $10.46. 124,863 shares of the company’s stock traded hands, compared to its average volume of 212,508. The stock has a market capitalization of $360.81 million, a price-to-earnings ratio of -87.17 and a beta of 1.66. The Shyft Group has a 12-month low of $9.81 and a 12-month high of $17.56. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.16 and a current ratio of 1.82. The business has a 50 day moving average of $12.83 and a 200-day moving average of $12.75.

The Shyft Group Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Friday, November 15th were issued a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.91%. The ex-dividend date of this dividend was Friday, November 15th. The Shyft Group’s payout ratio is -166.67%.

Analyst Ratings Changes

SHYF has been the topic of several research reports. DA Davidson restated a “neutral” rating and set a $15.00 price objective (down previously from $18.00) on shares of The Shyft Group in a report on Tuesday, December 17th. Roth Mkm reiterated a “buy” rating and issued a $16.00 target price on shares of The Shyft Group in a research note on Tuesday, December 17th.

The Shyft Group Company Profile

The Shyft Group, Inc engages in the manufacture and assembly of specialty vehicles for the commercial and recreational vehicle industries in the United States and internationally. It operates in two segments, Fleet Vehicles and Services, and Specialty Vehicles. The Fleet Vehicles and Services segment offers commercial vehicles used in the e-commerce/last mile/parcel delivery, beverage and grocery delivery, laundry and linen, mobile retail, and trades and construction industries.