Raymond James Maintains Shyft Group Inc (SHYF) Strong Buy Recommendation

Fintel reports that on July 20, 2023, Raymond James maintained coverage of Shyft Group Inc (NASDAQ:SHYF) with a Strong Buy recommendation.

Analyst Price Forecast Suggests 50.45% Upside

As of July 6, 2023, the average one-year price target for Shyft Group Inc is 32.44. The forecasts range from a low of 29.29 to a high of $36.75. The average price target represents an increase of 50.45% from its latest reported closing price of 21.56.

See our leaderboard of companies with the largest price target upside.

The projected annual revenue for Shyft Group Inc is 1,204MM, an increase of 13.19%. The projected annual non-GAAP EPS is 2.05.

Shyft Group Inc Declares $0.05 Dividend

On May 2, 2023 the company declared a regular quarterly dividend of $0.05 per share ($0.20 annualized). Shareholders of record as of May 17, 2023 received the payment on June 20, 2023. Previously, the company paid $0.05 per share.

At the current share price of $21.56 / share, the stock's dividend yield is 0.93%.

Looking back five years and taking a sample every week, the average dividend yield has been 0.67%, the lowest has been 0.19%, and the highest has been 1.41%. The standard deviation of yields is 0.31 (n=234).

The current dividend yield is 0.84 standard deviations above the historical average.

Additionally, the company's dividend payout ratio is 0.17. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.

The company's 3-Year dividend growth rate is 1.00%, demonstrating that it has increased its dividend over time.

What is the Fund Sentiment?

There are 399 funds or institutions reporting positions in Shyft Group Inc. This is a decrease of 2 owner(s) or 0.50% in the last quarter. Average portfolio weight of all funds dedicated to SHYF is 0.20%, a decrease of 17.65%. Total shares owned by institutions increased in the last three months by 0.11% to 35,846K shares. The put/call ratio of SHYF is 0.82, indicating a bullish outlook.

What are Other Shareholders Doing?

Alliancebernstein holds 1,790K shares representing 5.13% ownership of the company. In it's prior filing, the firm reported owning 2,062K shares, representing a decrease of 15.19%. The firm decreased its portfolio allocation in SHYF by 24.36% over the last quarter.

GW&K Investment Management holds 1,531K shares representing 4.38% ownership of the company. In it's prior filing, the firm reported owning 1,497K shares, representing an increase of 2.20%. The firm decreased its portfolio allocation in SHYF by 40.02% over the last quarter.

Standard Life Aberdeen holds 1,496K shares representing 4.28% ownership of the company. In it's prior filing, the firm reported owning 1,990K shares, representing a decrease of 33.02%. The firm decreased its portfolio allocation in SHYF by 36.68% over the last quarter.

Driehaus Capital Management holds 1,235K shares representing 3.54% ownership of the company. In it's prior filing, the firm reported owning 1,004K shares, representing an increase of 18.70%. The firm increased its portfolio allocation in SHYF by 5.97% over the last quarter.

T. Rowe Price Investment Management holds 1,016K shares representing 2.91% ownership of the company. In it's prior filing, the firm reported owning 602K shares, representing an increase of 40.74%. The firm increased its portfolio allocation in SHYF by 44.30% over the last quarter.

Shyft Group Inc Background Information
(This description is provided by the company.)

Spartan RV Chassis is a part of The Shyft Group family of brands. The Shyft Group is the North American leader in specialty vehicle manufacturing, assembly, and upfit for the commercial, retail, and service specialty vehicle markets. Its customers include first-to-last mile delivery companies across vocations, federal, state, and local government entities; the trades; and utility and infrastructure segments. The Shyft Group is organized into two core business units: Shyft Fleet Vehicles & Services and Shyft Specialty Vehicles. Today, its family of brands include Utilimaster, Royal Truck Body, DuraMag and Magnum, Strobes-R-Us, Spartan RV Chassis, Builtmore Contract manufacturing, and corresponding aftermarket provisions. The Shyft Group and its go-to-market brands are well known in their respective industries for quality, durability, and first-to-market innovation. The Company employs approximately 2,900 associates across campuses, and operates facilities in Michigan, Indiana, Maine, Pennsylvania, South Carolina, Florida, Missouri, California, Arizona, Texas, and Saltillo, Mexico. The Company reported sales from continuing operations of $757 million in 2019.

Additional reading:

• THE SHYFT GROUP ANNOUNCES LEADERSHIP TRANSITION PLAN Board Initiates CEO Succession Process; Daryl Adams to Step Down as President and CEO Once Successor is Appointed
• THE SHYFT GROUP, INC. STOCK INCENTIVE PLAN (Amended and Restated Effective May 17, 2023) SECTION 1 Establishment of Plan; Purpose of Plan
• The Shyft Group Reports First Quarter 2023 Results
• Investor presentation dated April 27, 2023 regarding the financial results for the quarter ended March 31, 2023.
• Form of Performance Share Unit Agreement (2023 LTI)*

This story originally appeared on Fintel.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.