Simcoe Capital Management LLC Takes $4.12 Million Position in Myers Industries, Inc. $MYE

Simcoe Capital Management LLC purchased a new position in Myers Industries, Inc. (NYSE:MYE) in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 243,183 shares of the industrial products company’s stock, valued at approximately $4,120,000. Myers Industries makes up 0.6% of Simcoe Capital Management LLC’s portfolio, making the stock its 17th biggest holding.

A number of other large investors also recently bought and sold shares of the business. Gamco Investors INC. ET AL boosted its stake in Myers Industries by 3.2% during the second quarter. Gamco Investors INC. ET AL now owns 3,593,462 shares of the industrial products company’s stock worth $52,069,000 after acquiring an additional 110,560 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Myers Industries by 4.9% during the third quarter. Vanguard Group Inc. now owns 2,867,574 shares of the industrial products company’s stock valued at $48,577,000 after purchasing an additional 133,496 shares in the last quarter. Allspring Global Investments Holdings LLC increased its stake in shares of Myers Industries by 2.3% during the third quarter. Allspring Global Investments Holdings LLC now owns 2,291,134 shares of the industrial products company’s stock valued at $39,064,000 after purchasing an additional 51,968 shares in the last quarter. Millennium Management LLC lifted its holdings in shares of Myers Industries by 2.7% during the first quarter. Millennium Management LLC now owns 911,626 shares of the industrial products company’s stock valued at $10,876,000 after purchasing an additional 23,866 shares during the last quarter. Finally, Geode Capital Management LLC lifted its holdings in shares of Myers Industries by 1.9% during the second quarter. Geode Capital Management LLC now owns 888,732 shares of the industrial products company’s stock valued at $12,880,000 after purchasing an additional 16,265 shares during the last quarter. 90.82% of the stock is owned by hedge funds and other institutional investors.

Myers Industries Stock Down 1.9%

Shares of Myers Industries stock opened at $20.67 on Friday. The company has a 50-day simple moving average of $21.15 and a two-hundred day simple moving average of $18.72. The stock has a market capitalization of $773.06 million, a PE ratio of 22.23 and a beta of 1.06. Myers Industries, Inc. has a 52-week low of $9.06 and a 52-week high of $24.03. The company has a debt-to-equity ratio of 1.08, a quick ratio of 1.16 and a current ratio of 1.67.

Myers Industries (NYSE:MYE) last posted its quarterly earnings results on Thursday, March 5th. The industrial products company reported $0.31 EPS for the quarter, beating analysts’ consensus estimates of $0.23 by $0.08. The firm had revenue of $203.97 million for the quarter, compared to analysts’ expectations of $202.60 million. Myers Industries had a net margin of 4.23% and a return on equity of 14.46%. On average, analysts anticipate that Myers Industries, Inc. will post 0.95 EPS for the current fiscal year.

Myers Industries Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 3rd. Shareholders of record on Friday, March 13th will be paid a dividend of $0.135 per share. This represents a $0.54 annualized dividend and a yield of 2.6%. The ex-dividend date is Friday, March 13th. Myers Industries’s dividend payout ratio (DPR) is currently 58.06%.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. Weiss Ratings restated a “hold (c)” rating on shares of Myers Industries in a research note on Thursday, January 22nd. Zacks Research upgraded Myers Industries from a “strong sell” rating to a “hold” rating in a research note on Tuesday, December 16th. Finally, Wall Street Zen raised Myers Industries from a “buy” rating to a “strong-buy” rating in a report on Friday, November 28th. One investment analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $21.00.

About Myers Industries

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.