Essex Investment Management Co. LLC Invests $2.29 Million in The Shyft Group, Inc. (NASDAQ:SHYF)

Essex Investment Management Co. LLC bought a new position in shares of The Shyft Group, Inc. (NASDAQ:SHYF) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 182,594 shares of the company’s stock, valued at approximately $2,292,000. Essex Investment Management Co. LLC owned approximately 0.53% of The Shyft Group as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Point72 DIFC Ltd purchased a new position in shares of The Shyft Group in the 2nd quarter valued at $60,000. Point72 Asset Management L.P. purchased a new position in The Shyft Group in the second quarter valued at about $59,000. Pacific Ridge Capital Partners LLC lifted its stake in shares of The Shyft Group by 52.8% during the second quarter. Pacific Ridge Capital Partners LLC now owns 45,652 shares of the company’s stock worth $541,000 after purchasing an additional 15,775 shares in the last quarter. Marshall Wace LLP acquired a new stake in shares of The Shyft Group in the second quarter valued at about $523,000. Finally, First Eagle Investment Management LLC raised its holdings in shares of The Shyft Group by 1.4% during the 2nd quarter. First Eagle Investment Management LLC now owns 480,116 shares of the company’s stock valued at $5,694,000 after buying an additional 6,500 shares during the period. 85.84% of the stock is owned by institutional investors and hedge funds.

The Shyft Group Trading Up 3.5 %

Shares of NASDAQ SHYF traded up $0.41 during midday trading on Friday, reaching $11.98. 179,009 shares of the company’s stock were exchanged, compared to its average volume of 210,686. The company has a quick ratio of 1.19, a current ratio of 1.86 and a debt-to-equity ratio of 0.26. The Shyft Group, Inc. has a 52-week low of $9.81 and a 52-week high of $17.56. The business’s fifty day moving average price is $12.95 and its two-hundred day moving average price is $12.42.

The Shyft Group (NASDAQ:SHYF) last announced its quarterly earnings data on Thursday, July 25th. The company reported $0.16 earnings per share for the quarter, topping the consensus estimate of $0.07 by $0.09. The Shyft Group had a negative net margin of 0.30% and a positive return on equity of 1.22%. The company had revenue of $192.80 million during the quarter, compared to analyst estimates of $201.49 million. During the same period last year, the business earned $0.22 EPS. The firm’s revenue for the quarter was down 14.3% compared to the same quarter last year. Sell-side analysts forecast that The Shyft Group, Inc. will post 0.29 EPS for the current year.

The Shyft Group Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 18th. Shareholders of record on Friday, August 16th were issued a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 1.67%. The ex-dividend date was Friday, August 16th. The Shyft Group’s dividend payout ratio is presently -250.00%.

Wall Street Analysts Forecast Growth

Separately, DA Davidson raised shares of The Shyft Group from a “neutral” rating to a “buy” rating and increased their price objective for the company from $12.00 to $18.00 in a research report on Monday, July 29th.

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.