Franklin Resources Inc. Buys 23,761 Shares of The Shyft Group, Inc. (NASDAQ:SHYF)

Franklin Resources Inc. lifted its position in The Shyft Group, Inc. (NASDAQ:SHYF) by 76.7% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 54,727 shares of the company’s stock after purchasing an additional 23,761 shares during the quarter. Franklin Resources Inc.’s holdings in The Shyft Group were worth $669,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the company. Pzena Investment Management LLC grew its holdings in The Shyft Group by 889.8% during the 2nd quarter. Pzena Investment Management LLC now owns 3,243,834 shares of the company’s stock valued at $38,472,000 after buying an additional 2,916,101 shares in the last quarter. Essex Investment Management Co. LLC bought a new position in shares of The Shyft Group during the 3rd quarter valued at approximately $2,292,000. Federated Hermes Inc. grew its holdings in shares of The Shyft Group by 15.6% in the second quarter. Federated Hermes Inc. now owns 666,679 shares of the company’s stock valued at $7,907,000 after purchasing an additional 89,951 shares in the last quarter. Jacobs Levy Equity Management Inc. increased its position in The Shyft Group by 16.2% in the third quarter. Jacobs Levy Equity Management Inc. now owns 564,242 shares of the company’s stock worth $7,081,000 after purchasing an additional 78,550 shares during the last quarter. Finally, Foundry Partners LLC raised its stake in The Shyft Group by 31.9% during the second quarter. Foundry Partners LLC now owns 319,640 shares of the company’s stock valued at $3,791,000 after purchasing an additional 77,225 shares in the last quarter. 85.84% of the stock is currently owned by hedge funds and other institutional investors.

The Shyft Group Stock Performance

NASDAQ SHYF opened at $11.33 on Monday. The company has a market cap of $390.82 million, a P/E ratio of -94.42 and a beta of 1.63. The business’s 50 day moving average price is $13.13 and its 200-day moving average price is $12.82. The Shyft Group, Inc. has a fifty-two week low of $9.81 and a fifty-two week high of $17.56. 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 Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Friday, November 15th were paid a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 1.77%. The ex-dividend date was Friday, November 15th. The Shyft Group’s dividend payout ratio is currently -166.67%.

Wall Street Analysts Forecast Growth

SHYF has been the subject of a number of recent research reports. DA Davidson reissued a “neutral” rating and issued a $15.00 price objective (down from $18.00) on shares of The Shyft Group in a research note on Tuesday, December 17th. Roth Mkm reiterated a “buy” rating and issued a $16.00 price target on shares of The Shyft Group in a research report on Tuesday, December 17th.

The Shyft Group 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.