Allspring Global Investments Holdings LLC Acquires 68,111 Shares of Myers Industries, Inc. $MYE

Allspring Global Investments Holdings LLC boosted its holdings in Myers Industries, Inc. (NYSE:MYE) by 3.1% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,239,166 shares of the industrial products company’s stock after purchasing an additional 68,111 shares during the period. Allspring Global Investments Holdings LLC owned about 5.99% of Myers Industries worth $33,699,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in MYE. GAMMA Investing LLC lifted its stake in Myers Industries by 8,090.8% in the first quarter. GAMMA Investing LLC now owns 31,125 shares of the industrial products company’s stock valued at $371,000 after acquiring an additional 30,745 shares during the last quarter. Rhumbline Advisers lifted its stake in Myers Industries by 4.6% in the first quarter. Rhumbline Advisers now owns 54,098 shares of the industrial products company’s stock valued at $645,000 after acquiring an additional 2,389 shares during the last quarter. Teacher Retirement System of Texas lifted its stake in Myers Industries by 102.2% in the first quarter. Teacher Retirement System of Texas now owns 98,877 shares of the industrial products company’s stock valued at $1,180,000 after acquiring an additional 49,979 shares during the last quarter. CWM LLC lifted its stake in Myers Industries by 829.7% in the first quarter. CWM LLC now owns 4,695 shares of the industrial products company’s stock valued at $56,000 after acquiring an additional 4,190 shares during the last quarter. Finally, Y Intercept Hong Kong Ltd lifted its stake in Myers Industries by 19.6% in the first quarter. Y Intercept Hong Kong Ltd now owns 39,621 shares of the industrial products company’s stock valued at $473,000 after acquiring an additional 6,502 shares during the last quarter. Institutional investors and hedge funds own 90.82% of the company’s stock.

Analyst Ratings Changes

MYE has been the subject of a number of recent analyst reports. Weiss Ratings reiterated a “hold (c)” rating on shares of Myers Industries in a research note on Wednesday, October 8th. Wall Street Zen cut shares of Myers Industries from a “buy” rating to a “hold” rating in a research note on Saturday, October 11th. One investment analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $21.00.

Myers Industries Stock Performance

NYSE MYE opened at $16.22 on Thursday. Myers Industries, Inc. has a 52-week low of $9.06 and a 52-week high of $17.25. The stock has a market cap of $606.68 million, a PE ratio of 62.37 and a beta of 1.15. The firm has a 50-day moving average of $16.41 and a 200-day moving average of $14.16. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.12 and a current ratio of 1.77.

Myers Industries (NYSE:MYE) last released its quarterly earnings results on Thursday, July 31st. The industrial products company reported $0.31 EPS for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.01). Myers Industries had a return on equity of 13.02% and a net margin of 1.20%.The business had revenue of $209.58 million for the quarter, compared to the consensus estimate of $220.60 million. On average, sell-side analysts anticipate that Myers Industries, Inc. will post 0.95 EPS for the current year.

Myers Industries Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 2nd. Investors of record on Friday, September 12th were given a dividend of $0.135 per share. This represents a $0.54 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date of this dividend was Friday, September 12th. Myers Industries’s dividend payout ratio (DPR) is currently 207.69%.

About Myers Industries

Myers Industries, Inc engages in distribution of tire service supplies in Ohio. It operates through two segments, The Material Handling and Distribution. The Material Handling segment offers pallets, small parts bins, bulk shipping containers, and OEM parts, as well as storage and organization, and custom plastic products; and injection molded, rotationally molded or blow molded products, consumer fuel containers and tanks for water, fuel, and waste handling.