Ieq Capital LLC Purchases New Position in Myers Industries, Inc. $MYE

Ieq Capital LLC purchased a new position in shares of Myers Industries, Inc. (NYSE:MYE) during the second quarter, Holdings Channel reports. The firm purchased 48,766 shares of the industrial products company’s stock, valued at approximately $1,722,000.

Several other institutional investors also recently bought and sold shares of the business. BlackRock Inc. acquired a new position in Myers Industries during the second quarter worth $104,161,000. Pzena Investment Management LLC increased its stake in shares of Myers Industries by 813.5% during the fourth quarter. Pzena Investment Management LLC now owns 1,302,309 shares of the industrial products company’s stock worth $24,379,000 after purchasing an additional 1,159,746 shares in the last quarter. Advisory Research Inc. increased its stake in shares of Myers Industries by 84.5% during the fourth quarter. Advisory Research Inc. now owns 1,302,928 shares of the industrial products company’s stock worth $24,391,000 after purchasing an additional 596,848 shares in the last quarter. Tieton Capital Management LLC acquired a new position in shares of Myers Industries during the 2nd quarter worth about $16,321,000. Finally, Bank of New York Mellon Corp acquired a new position in shares of Myers Industries during the 2nd quarter worth about $14,988,000. 90.82% of the stock is owned by institutional investors and hedge funds.

Myers Industries Price Performance

Myers Industries stock opened at $32.71 on Wednesday. The company has a fifty day simple moving average of $31.92 and a 200-day simple moving average of $25.60. The firm has a market capitalization of $1.23 billion, a price-to-earnings ratio of 33.73 and a beta of 0.89. The company has a quick ratio of 1.21, a current ratio of 1.61 and a debt-to-equity ratio of 0.91. Myers Industries, Inc. has a 52-week low of $15.54 and a 52-week high of $37.45.

Myers Industries (NYSE:MYE) last posted its quarterly earnings results on Thursday, July 30th. The industrial products company reported $0.53 earnings per share for the quarter, topping the consensus estimate of $0.36 by $0.17. Myers Industries had a net margin of 4.86% and a return on equity of 19.86%. The firm had revenue of $179.20 million for the quarter, compared to the consensus estimate of $166.00 million.

Myers Industries Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, July 2nd. Stockholders of record on Wednesday, June 17th were issued a dividend of $0.135 per share. This represents a $0.54 annualized dividend and a dividend yield of 1.7%. The ex-dividend date was Wednesday, June 17th. Myers Industries’s payout ratio is currently 55.67%.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the company. Weiss Ratings upgraded Myers Industries from a “hold (c)” rating to a “hold (c+)” rating in a report on Friday, July 31st. Wall Street Zen raised Myers Industries from a “hold” rating to a “buy” rating in a report on Saturday, August 1st. Finally, KeyCorp raised their target price on Myers Industries from $26.00 to $37.00 and gave the company an “overweight” rating in a research report on Tuesday, June 30th. One equities research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $37.00.

Myers Industries Profile

Myers Industries, Inc is a diversified manufacturer of polymer products serving industrial, commercial and consumer markets. The company designs, produces and markets a broad range of molded and fabricated plastic components, including pallets, bulk containers, tanks and drums used in material handling and storage applications. Myers Industries leverages proprietary polymer technologies to provide durable, reusable solutions that help customers optimize supply chain efficiency and reduce environmental impact.

Myers operates primarily through two business segments.