Corebridge Financial Inc. Lowers Position in The Shyft Group, Inc. (NASDAQ:SHYF)

Corebridge Financial Inc. reduced its position in shares of The Shyft Group, Inc. (NASDAQ:SHYF) by 7.0% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 16,796 shares of the company’s stock after selling 1,269 shares during the period. Corebridge Financial Inc.’s holdings in The Shyft Group were worth $197,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in SHYF. Quantbot Technologies LP acquired a new position in The Shyft Group during the 4th quarter worth approximately $48,000. FMR LLC boosted its stake in shares of 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 buying an additional 5,801 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in shares of The Shyft Group in the fourth quarter valued at approximately $209,000. SG Americas Securities LLC grew its holdings in The Shyft Group by 24.3% during the fourth quarter. SG Americas Securities LLC now owns 18,274 shares of the company’s stock worth $215,000 after acquiring an additional 3,575 shares during the period. Finally, Public Employees Retirement System of Ohio raised its position in The Shyft Group by 1,062.8% in the third quarter. Public Employees Retirement System of Ohio now owns 18,477 shares of the company’s stock worth $232,000 after acquiring an additional 16,888 shares in the last quarter. Institutional investors and hedge funds own 85.84% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have commented on the stock. Roth Mkm restated a “buy” rating and set a $16.00 target price on shares of The Shyft Group in a research report on Tuesday, December 17th. DA Davidson raised shares of The Shyft Group from a “neutral” rating to a “buy” rating and set a $15.00 price objective on the stock in a report on Wednesday, January 15th.

The Shyft Group Stock Performance

SHYF opened at $7.97 on Monday. The Shyft Group, Inc. has a 1-year low of $7.14 and a 1-year high of $17.56. The stock has a market cap of $278.41 million, a P/E ratio of -88.55 and a beta of 1.83. The stock’s 50 day simple moving average is $9.76 and its 200 day simple moving average is $11.58. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.82 and a quick ratio of 1.16.

The Shyft Group (NASDAQ:SHYF) last posted its earnings results on Thursday, February 20th. The company reported $0.05 earnings per share for the quarter, missing the consensus estimate of $0.14 by ($0.09). The Shyft Group had a negative net margin of 0.36% and a positive return on equity of 2.75%. The firm had revenue of $201.43 million during the quarter, compared to analyst estimates of $211.90 million. As a group, equities analysts anticipate that The Shyft Group, Inc. will post 0.68 EPS for the current fiscal year.

The Shyft Group Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Thursday, February 27th were given a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 2.51%. The ex-dividend date of this dividend was Thursday, February 27th. The Shyft Group’s payout ratio is currently -222.22%.

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.