Rhumbline Advisers increased its position in shares of Myers Industries, Inc. (NYSE:MYE) by 24.1% 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 71,260 shares of the industrial products company’s stock after purchasing an additional 13,842 shares during the period. Rhumbline Advisers owned 0.21% of Myers Industries worth $1,368,000 at the end of the most recent quarter.
Several other hedge funds have also recently modified their holdings of the stock. New York State Teachers Retirement System grew its stake in shares of Myers Industries by 3.7% during the second quarter. New York State Teachers Retirement System now owns 73,990 shares of the industrial products company’s stock worth $1,421,000 after purchasing an additional 2,662 shares in the last quarter. Texas Permanent School Fund grew its stake in shares of Myers Industries by 20.0% during the second quarter. Texas Permanent School Fund now owns 17,412 shares of the industrial products company’s stock worth $334,000 after purchasing an additional 2,904 shares in the last quarter. Barclays PLC grew its stake in shares of Myers Industries by 88.8% during the first quarter. Barclays PLC now owns 7,232 shares of the industrial products company’s stock worth $152,000 after purchasing an additional 3,401 shares in the last quarter. Principal Financial Group Inc. grew its stake in shares of Myers Industries by 2.2% during the first quarter. Principal Financial Group Inc. now owns 169,140 shares of the industrial products company’s stock worth $3,577,000 after purchasing an additional 3,624 shares in the last quarter. Finally, KBC Group NV grew its stake in shares of Myers Industries by 35.7% during the first quarter. KBC Group NV now owns 14,191 shares of the industrial products company’s stock worth $300,000 after purchasing an additional 3,737 shares in the last quarter. Hedge funds and other institutional investors own 86.74% of the company’s stock.
MYE has been the subject of a number of analyst reports. JPMorgan Chase & Co. initiated coverage on shares of Myers Industries in a research note on Wednesday, July 11th. They set a “neutral” rating and a $22.00 target price for the company. ValuEngine upgraded shares of Myers Industries from a “hold” rating to a “buy” rating in a research note on Tuesday, June 5th. KeyCorp reiterated a “sector weight” rating on shares of Myers Industries in a research note on Tuesday, August 28th. Robert W. Baird assumed coverage on shares of Myers Industries in a research report on Wednesday, July 11th. They issued a “neutral” rating and a $21.00 price target for the company. Finally, Zacks Investment Research raised shares of Myers Industries from a “hold” rating to a “strong-buy” rating and set a $27.00 price target for the company in a research report on Wednesday. Three equities research analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $21.80.
Myers Industries (NYSE:MYE) last announced its quarterly earnings results on Monday, July 30th. The industrial products company reported $0.27 earnings per share for the quarter, beating analysts’ consensus estimates of $0.25 by $0.02. Myers Industries had a net margin of 0.08% and a return on equity of 19.11%. The firm had revenue of $140.60 million during the quarter, compared to analysts’ expectations of $144.30 million. During the same period in the previous year, the company earned $0.17 earnings per share. Myers Industries’s quarterly revenue was up 3.9% compared to the same quarter last year. sell-side analysts predict that Myers Industries, Inc. will post 0.88 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 2nd. Investors of record on Friday, September 7th will be given a $0.135 dividend. The ex-dividend date of this dividend is Thursday, September 6th. This represents a $0.54 dividend on an annualized basis and a yield of 2.25%. Myers Industries’s dividend payout ratio (DPR) is presently 105.88%.
Myers Industries Profile
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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