JPMorgan Chase & Co. Acquires 58,816 Shares of The Shyft Group, Inc. (NASDAQ:SHYF)

JPMorgan Chase & Co. grew its stake in The Shyft Group, Inc. (NASDAQ:SHYF) by 49.9% in the third quarter, Holdings Channel.com reports. The institutional investor owned 176,601 shares of the company’s stock after buying an additional 58,816 shares during the quarter. JPMorgan Chase & Co.’s holdings in The Shyft Group were worth $2,216,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the stock. Point72 Asset Management L.P. acquired a new position in shares of The Shyft Group during the 2nd quarter valued at about $59,000. Point72 DIFC Ltd acquired a new position in shares of The Shyft Group during the 2nd quarter valued at about $60,000. FMR LLC increased its holdings in shares of The Shyft Group by 301.4% during the 3rd quarter. FMR LLC now owns 7,726 shares of the company’s stock valued at $97,000 after acquiring an additional 5,801 shares during the last quarter. Public Employees Retirement System of Ohio increased its holdings in shares of The Shyft Group by 1,062.8% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 18,477 shares of the company’s stock valued at $232,000 after acquiring an additional 16,888 shares during the last quarter. Finally, Los Angeles Capital Management LLC acquired a new position in shares of The Shyft Group during the 3rd quarter valued at about $241,000. Institutional investors own 85.84% of the company’s stock.

The Shyft Group Price Performance

Shares of NASDAQ:SHYF opened at $12.59 on Wednesday. The business has a 50 day moving average price of $12.58 and a 200 day moving average price of $12.78. The Shyft Group, Inc. has a twelve month low of $9.81 and a twelve month high of $17.56. The company has a market cap of $434.23 million, a price-to-earnings ratio of -104.92 and a beta of 1.66. The company has a quick ratio of 1.16, a current ratio of 1.82 and a debt-to-equity ratio of 0.44.

The Shyft Group Announces Dividend

The company also recently disclosed 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 of this dividend was Friday, November 15th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.59%. The Shyft Group’s dividend payout ratio is currently -166.67%.

Analyst Ratings Changes

A number of brokerages have recently commented on SHYF. DA Davidson raised The Shyft Group from a “neutral” rating to a “buy” rating and set a $15.00 price objective on the stock in a report on Wednesday, January 15th. Roth Mkm restated a “buy” rating and set a $16.00 target price on shares of The Shyft Group in a research note on Tuesday, December 17th.

About The Shyft Group

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.