Short Interest in The Shyft Group, Inc. (NASDAQ:SHYF) Declines By 16.5%

The Shyft Group, Inc. (NASDAQ:SHYF) saw a significant decline in short interest in the month of October. As of October 31st, there was short interest totalling 1,060,000 shares, a decline of 16.5% from the October 15th total of 1,270,000 shares. Approximately 3.4% of the shares of the company are sold short. Based on an average trading volume of 451,000 shares, the short-interest ratio is presently 2.4 days.

Analysts Set New Price Targets

Several analysts have issued reports on the company. DA Davidson lowered The Shyft Group from a “buy” rating to a “neutral” rating and cut their price target for the company from $32.00 to $16.00 in a report on Friday, July 28th. Craig Hallum dropped their price objective on The Shyft Group from $16.00 to $12.00 and set a “hold” rating for the company in a research note on Friday, October 27th. BTIG Research lowered The Shyft Group from a “buy” rating to a “neutral” rating in a research note on Friday, October 27th. Finally, Raymond James dropped their price objective on The Shyft Group from $26.00 to $18.00 in a research note on Friday, July 28th. Three research analysts have rated the stock with a hold rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $21.50.

The Shyft Group Price Performance

NASDAQ:SHYF opened at $10.61 on Monday. The company has a current ratio of 1.70, a quick ratio of 1.05 and a debt-to-equity ratio of 0.22. The company has a market capitalization of $363.82 million, a P/E ratio of 13.10 and a beta of 1.74. The Shyft Group has a 12 month low of $10.39 and a 12 month high of $34.10. The business’s 50-day moving average is $13.75 and its 200 day moving average is $18.31.

The Shyft Group Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Thursday, November 16th will be given a $0.05 dividend. The ex-dividend date of this dividend is Wednesday, November 15th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.89%. The Shyft Group’s dividend payout ratio is currently 24.69%.

Insider Buying and Selling

In other news, CFO Jonathan C. Douyard acquired 9,060 shares of the business’s stock in a transaction that occurred on Friday, October 27th. The stock was bought at an average price of $11.10 per share, with a total value of $100,566.00. Following the completion of the acquisition, the chief financial officer now directly owns 81,506 shares of the company’s stock, valued at approximately $904,716.60. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.26% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On The Shyft Group

A number of hedge funds have recently made changes to their positions in SHYF. Public Employees Retirement System of Ohio raised its position in The Shyft Group by 55.8% during the third quarter. Public Employees Retirement System of Ohio now owns 1,301 shares of the company’s stock valued at $27,000 after purchasing an additional 466 shares during the period. Quarry LP raised its position in The Shyft Group by 1,501.9% during the first quarter. Quarry LP now owns 1,650 shares of the company’s stock valued at $38,000 after purchasing an additional 1,547 shares during the period. Point72 Hong Kong Ltd raised its position in The Shyft Group by 33.2% during the second quarter. Point72 Hong Kong Ltd now owns 2,339 shares of the company’s stock valued at $43,000 after purchasing an additional 583 shares during the period. Peoples Bank KS purchased a new stake in The Shyft Group during the third quarter valued at approximately $45,000. Finally, Citigroup Inc. raised its position in The Shyft Group by 29.7% during the first quarter. Citigroup Inc. now owns 2,386 shares of the company’s stock valued at $54,000 after purchasing an additional 547 shares during the period. 84.64% of the stock is currently owned by hedge funds and other institutional investors.

The Shyft Group Company Profile

The Shyft Group, Inc manufactures and assembles specialty vehicles for the commercial vehicle 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 manufactures and sells 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.