Short Interest in The Shyft Group, Inc. (NASDAQ:SHYF) Drops By 52.9%

The Shyft Group, Inc. (NASDAQ:SHYF - Get Free Report) was the target of a large drop in short interest in December. As of December 31st, there was short interest totalling 532,200 shares, a drop of 52.9% from the December 15th total of 1,130,000 shares. Based on an average trading volume of 261,000 shares, the short-interest ratio is currently 2.0 days. Currently, 1.7% of the shares of the stock are short sold.

Institutional Trading of The Shyft Group

A number of hedge funds have recently made changes to their positions in SHYF. Federated Hermes Inc. boosted its position in The Shyft Group by 15.6% during the 2nd quarter. Federated Hermes Inc. now owns 666,679 shares of the company's stock worth $7,907,000 after buying an additional 89,951 shares during the period. Geode Capital Management LLC lifted its holdings in shares of The Shyft Group by 1.3% during the third quarter. Geode Capital Management LLC now owns 773,150 shares of the company's stock worth $9,705,000 after purchasing an additional 9,588 shares during the period. Barclays PLC lifted its holdings in shares of The Shyft Group by 257.9% during the third quarter. Barclays PLC now owns 45,666 shares of the company's stock worth $573,000 after purchasing an additional 32,906 shares during the period. Franklin Resources Inc. grew its stake in shares of The Shyft Group by 76.7% in the third quarter. Franklin Resources Inc. now owns 54,727 shares of the company's stock worth $669,000 after purchasing an additional 23,761 shares during the last quarter. Finally, FMR LLC increased its holdings 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 during the period. 85.84% of the stock is owned by institutional investors and hedge funds.

The Shyft Group Price Performance

Shares of SHYF traded up $0.20 during mid-day trading on Tuesday, reaching $10.54. The company had a trading volume of 208,884 shares, compared to its average volume of 223,158. 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 Shyft Group has a 1-year low of $9.81 and a 1-year high of $17.56. The company has a market capitalization of $363.57 million, a price-to-earnings ratio of -87.83 and a beta of 1.66. The company's 50 day simple moving average is $12.77 and its 200 day simple moving average is $12.75.

The Shyft Group Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Friday, November 15th were given a $0.05 dividend. The ex-dividend date was Friday, November 15th. This represents a $0.20 annualized dividend and a yield of 1.90%. The Shyft Group's dividend payout ratio is presently -166.67%.

Analysts Set New Price Targets

Several research analysts have commented on SHYF shares. Roth Mkm restated a "buy" rating and set a $16.00 price objective on shares of The Shyft Group in a research report on Tuesday, December 17th. DA Davidson reissued a "neutral" rating and set a $15.00 price target (down previously from $18.00) on shares of The Shyft Group in a report 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.