Adirondack Research & Management Inc. bought a new position in Myers Industries, Inc. (NYSE:MYE) in the 2nd quarter, HoldingsChannel.com reports. The institutional investor bought 32,358 shares of the industrial products company’s stock, valued at approximately $471,000.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. Nuveen Asset Management LLC boosted its holdings in shares of Myers Industries by 61.5% in the first quarter. Nuveen Asset Management LLC now owns 450,935 shares of the industrial products company’s stock worth $4,848,000 after buying an additional 171,732 shares during the period. Two Sigma Advisers LP boosted its holdings in shares of Myers Industries by 68.7% during the first quarter. Two Sigma Advisers LP now owns 122,821 shares of the industrial products company’s stock worth $1,320,000 after purchasing an additional 50,000 shares during the period. WINTON GROUP Ltd boosted its holdings in shares of Myers Industries by 127.7% during the second quarter. WINTON GROUP Ltd now owns 77,926 shares of the industrial products company’s stock worth $1,134,000 after purchasing an additional 43,706 shares during the period. Invesco Ltd. boosted its holdings in shares of Myers Industries by 11.4% during the first quarter. Invesco Ltd. now owns 209,805 shares of the industrial products company’s stock worth $2,256,000 after purchasing an additional 21,547 shares during the period. Finally, BNP Paribas Arbitrage SA boosted its holdings in shares of Myers Industries by 46.0% during the first quarter. BNP Paribas Arbitrage SA now owns 14,135 shares of the industrial products company’s stock worth $152,000 after purchasing an additional 4,455 shares during the period. Institutional investors own 89.68% of the company’s stock.
Separately, Zacks Investment Research upgraded shares of Myers Industries from a “hold” rating to a “buy” rating and set a $17.00 price target for the company in a report on Wednesday, August 5th.
Shares of MYE stock traded down $0.08 during trading on Friday, hitting $15.12. 68,282 shares of the company were exchanged, compared to its average volume of 103,194. The firm has a market capitalization of $541.22 million, a price-to-earnings ratio of 14.97 and a beta of 1.51. The business’s 50-day simple moving average is $15.55 and its 200 day simple moving average is $13.41. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.24 and a current ratio of 1.65. Myers Industries, Inc. has a twelve month low of $6.91 and a twelve month high of $18.47.
Myers Industries (NYSE:MYE) last issued its quarterly earnings data on Thursday, July 30th. The industrial products company reported $0.23 earnings per share for the quarter, beating the consensus estimate of $0.13 by $0.10. The firm had revenue of $118.39 million for the quarter, compared to analyst estimates of $107.60 million. Myers Industries had a net margin of 7.46% and a return on equity of 15.04%. On average, equities analysts forecast that Myers Industries, Inc. will post 0.7 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 2nd. Investors of record on Wednesday, September 2nd will be given a dividend of $0.135 per share. This represents a $0.54 annualized dividend and a yield of 3.57%. The ex-dividend date of this dividend is Tuesday, September 1st. Myers Industries’s payout ratio is presently 69.23%.
About Myers Industries
Myers Industries, Inc manufactures and sells polymer products for industrial, agricultural, automotive, commercial, and consumer markets worldwide. The company's Material Handling segment provides plastic reusable material handling containers, pallets, small parts bins, bulk shipping containers, storage and organization products, and rotationally-molded plastic tanks for water, fuel, and waste handling applications; welded steel service carts, platform trucks, mobile work centers, racks, and cabinets; plastic trim and interior parts used in the production of seat components, consoles, and other applications in the recreational vehicle, marine, and industrial markets; and plastic fuel containers, portable marine fuel tanks and water containers, ammunition containers, and storage totes under the Buckhorn, Akro-Mils, Jamco Products, Ameri-Kart, and Scepter brands.
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