PNC Financial Services Group Inc. Sells 68,622 Shares of The Shyft Group, Inc. (NASDAQ:SHYF)

PNC Financial Services Group Inc. trimmed its holdings in The Shyft Group, Inc. (NASDAQ:SHYF) by 15.5% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 374,129 shares of the company’s stock after selling 68,622 shares during the quarter. PNC Financial Services Group Inc. owned about 1.08% of The Shyft Group worth $4,695,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Pzena Investment Management LLC raised its stake in shares of The Shyft Group by 889.8% in the second quarter. Pzena Investment Management LLC now owns 3,243,834 shares of the company’s stock worth $38,472,000 after acquiring an additional 2,916,101 shares during the last quarter. Vanguard Group Inc. lifted its holdings in The Shyft Group by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 1,792,014 shares of the company’s stock worth $22,257,000 after buying an additional 17,113 shares in the last quarter. Royce & Associates LP boosted its position in The Shyft Group by 2.7% in the 3rd quarter. Royce & Associates LP now owns 953,018 shares of the company’s stock valued at $11,960,000 after buying an additional 24,770 shares during the last quarter. Federated Hermes Inc. increased its stake in shares of The Shyft Group by 15.6% in the 2nd quarter. Federated Hermes Inc. now owns 666,679 shares of the company’s stock valued at $7,907,000 after buying an additional 89,951 shares during the period. Finally, First Eagle Investment Management LLC raised its position in shares of The Shyft Group by 1.4% during the second quarter. First Eagle Investment Management LLC now owns 480,116 shares of the company’s stock worth $5,694,000 after acquiring an additional 6,500 shares during the last quarter. Institutional investors own 85.84% of the company’s stock.

The Shyft Group Trading Up 3.8 %

SHYF opened at $13.78 on Friday. 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 market cap of $475.27 million, a price-to-earnings ratio of -114.83 and a beta of 1.63. 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 firm has a 50 day simple moving average of $12.91 and a 200 day simple moving average of $12.77.

The Shyft Group Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 15th will be paid a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.45%. The ex-dividend date is Friday, November 15th. The Shyft Group’s dividend payout ratio (DPR) is currently -166.67%.

Wall Street Analysts Forecast Growth

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

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.