Handelsbanken Fonder AB Invests $206,000 in The Shyft Group, Inc. (NASDAQ:SHYF)

Posted by Defense World Staff on May 9th, 2023

Handelsbanken Fonder AB acquired a new position in shares of The Shyft Group, Inc. (NASDAQ:SHYF – Get Rating) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 8,300 shares of the company’s stock, valued at approximately $206,000.

Other institutional investors also recently modified their holdings of the company. Alliancebernstein L.P. lifted its position in shares of The Shyft Group by 16.3% during the 3rd quarter. Alliancebernstein L.P. now owns 1,705,927 shares of the company’s stock worth $34,852,000 after buying an additional 239,340 shares during the period. Congress Asset Management Co. MA boosted its stake in The Shyft Group by 31.2% in the 3rd quarter. Congress Asset Management Co. MA now owns 889,785 shares of the company’s stock valued at $18,178,000 after buying an additional 211,717 shares in the last quarter. Nuveen Asset Management LLC boosted its stake in The Shyft Group by 13.4% in the 3rd quarter. Nuveen Asset Management LLC now owns 947,902 shares of the company’s stock valued at $19,366,000 after buying an additional 112,038 shares in the last quarter. Federated Hermes Inc. boosted its stake in The Shyft Group by 32.7% in the 3rd quarter. Federated Hermes Inc. now owns 447,667 shares of the company’s stock valued at $9,146,000 after buying an additional 110,192 shares in the last quarter. Finally, Heartland Advisors Inc. boosted its stake in The Shyft Group by 33.3% in the 3rd quarter. Heartland Advisors Inc. now owns 400,000 shares of the company’s stock valued at $8,172,000 after buying an additional 100,000 shares in the last quarter. Institutional investors and hedge funds own 80.17% of the company’s stock.

Insider Transactions at The Shyft Group

In other news, insider Stephen K. Guillaume sold 4,000 shares of the company’s stock in a transaction dated Wednesday, March 8th. The stock was sold at an average price of $26.58, for a total transaction of $106,320.00. Following the completion of the transaction, the insider now directly owns 67,792 shares of the company’s stock, valued at $1,801,911.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, insider Stephen K. Guillaume sold 2,000 shares of the stock in a transaction that occurred on Monday, March 6th. The stock was sold at an average price of $26.83, for a total transaction of $53,660.00. Following the completion of the transaction, the insider now directly owns 73,792 shares of the company’s stock, valued at $1,979,839.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Stephen K. Guillaume sold 4,000 shares of the stock in a transaction that occurred on Wednesday, March 8th. The shares were sold at an average price of $26.58, for a total value of $106,320.00. Following the transaction, the insider now directly owns 67,792 shares of the company’s stock, valued at $1,801,911.36. The disclosure for this sale can be found here. 2.65% of the stock is owned by insiders.

The Shyft Group Stock Down 0.5 %

Shares of The Shyft Group stock opened at $23.61 on Tuesday. The Shyft Group, Inc. has a 1 year low of $17.66 and a 1 year high of $34.10. The business has a 50-day moving average of $23.64 and a two-hundred day moving average of $25.74. The company has a market capitalization of $824.46 million, a P/E ratio of 19.84 and a beta of 1.99. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.77 and a quick ratio of 1.16.

The Shyft Group (NASDAQ:SHYF – Get Rating) last announced its quarterly earnings results on Thursday, February 23rd. The company reported $0.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.37 by $0.14. The company had revenue of $302.01 million during the quarter, compared to the consensus estimate of $314.60 million. The Shyft Group had a return on equity of 17.50% and a net margin of 3.96%. As a group, equities analysts predict that The Shyft Group, Inc. will post 1.17 EPS for the current year.

The Shyft Group Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 20th. Stockholders of record on Wednesday, May 17th will be given a dividend of $0.05 per share. The ex-dividend date of this dividend is Tuesday, May 16th. This represents a $0.20 annualized dividend and a dividend yield of 0.85%. The Shyft Group’s dividend payout ratio is currently 16.81%.

Analyst Upgrades and Downgrades

A number of research firms have commented on SHYF. Raymond James reduced their price objective on The Shyft Group from $40.00 to $30.00 and set a “strong-buy” rating on the stock in a research note on Friday, February 24th. BTIG Research initiated coverage on The Shyft Group in a report on Thursday, January 19th. They issued a “buy” rating and a $40.00 price objective for the company. DA Davidson dropped their price objective on The Shyft Group from $38.00 to $32.00 and set a “buy” rating for the company in a report on Friday, February 24th. Finally, TheStreet downgraded The Shyft Group from a “b-” rating to a “c” rating in a report on Friday, April 28th.

About The Shyft Group

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The Shyft Group, Inc engages in vehicle manufacturing and assembly for the commercial and retail vehicle industries as well as for the emergency response and recreational vehicle markets. It operates through the Fleet Vehicles and Services, and Specialty Vehicles segments. The Fleet Vehicles and Services segment manufactures commercial vehicles used in the e-commerce/last mile/parcel delivery, beverage and grocery delivery, mobile retail, and trades and construction industries.