The Shyft Group announces $0.05 quarterly dividend

NOVI, Mich. - The Shyft Group, Inc. (NASDAQ: SHYF), a prominent North American specialty vehicle manufacturer with a market capitalization of approximately $420 million, declared today that its Board of Directors has approved a quarterly cash dividend. The company will distribute a dividend of $0.05 per share of common stock to its shareholders. According to InvestingPro data, the stock currently yields 1.68% annually.

The dividend is scheduled to be paid on March 28, 2025, to shareholders who are on record by the close of business on February 27, 2025. This announcement reflects the company's ongoing commitment to providing value to its shareholders, having maintained dividend payments for 37 consecutive years, as highlighted by InvestingPro.

The Shyft Group, known for its expertise in the production, assembly, and upfitting of specialty vehicles for various markets, including commercial, retail, and service sectors, operates under several brands. These include Utilimaster®, Blue Arc™ EV Solutions, and Spartan® RV Chassis, among others. The company has made a name for itself in the industry for the quality and durability of its products, as well as its capacity for innovation.

With a workforce of approximately 3,000 employees and contractors, The Shyft Group runs facilities across the United States and in Saltillo, Mexico. While the company reported sales of $872 million in 2023, InvestingPro analysis indicates net income is expected to grow this year, with analysts forecasting a return to profitability. The company maintains strong liquidity with a current ratio of 1.82, indicating healthy short-term financial stability.

This financial move by The Shyft Group is based on a press release statement and is part of the company's regular financial operations. It serves as an indication of the company's financial health and its strategy to enhance shareholder returns. The company's stock currently trades slightly below its InvestingPro Fair Value, suggesting potential upside opportunity for investors.

In other recent news, The Shyft Group has been at the center of several significant developments. In a surprising turn of events, DA Davidson upgraded The Shyft Group's stock rating from Neutral to Buy, following a series of meetings with the company's incoming CEO and investors. This upgrade comes after the firm had previously downgraded the stock from Buy to Neutral, in response to the announcement of Shyft's merger with Aebi Schmidt.

The merger, which is expected to create a leading specialty vehicles company with robust positions in North American and European markets, has been met with varying reactions. DA Davidson's initial downgrade reflected concerns over the execution of the merger and the absence of a CFO at a critical juncture. However, subsequent discussions with the new leadership have led to a reassessment of the company's strategic and financial prospects, particularly in light of the anticipated synergies and long-term outlook post the Aebi Schmidt deal.

In another development, The Shyft Group announced the resignation of its CFO, Jon Douyard, who will continue in his role until the end of 2024 to ensure a smooth transition. The search for Douyard's successor is already underway, with the company considering both internal and external candidates. These recent developments reflect a period of transition and strategic shifts for The Shyft Group.

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