Myers Industries, Inc. (MYE) Position Lifted by Swiss National Bank
Swiss National Bank increased its stake in Myers Industries, Inc. (NYSE:MYE) by 13.2% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 49,600 shares of the industrial products company’s stock after purchasing an additional 5,800 shares during the period. Swiss National Bank owned approximately 0.14% of Myers Industries worth $952,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Trexquant Investment LP acquired a new stake in Myers Industries in the first quarter valued at about $279,000. Schwab Charles Investment Management Inc. boosted its stake in Myers Industries by 8.3% in the first quarter. Schwab Charles Investment Management Inc. now owns 138,383 shares of the industrial products company’s stock valued at $2,927,000 after buying an additional 10,577 shares in the last quarter. KBC Group NV boosted its stake in Myers Industries by 35.7% in the first quarter. KBC Group NV now owns 14,191 shares of the industrial products company’s stock valued at $300,000 after buying an additional 3,737 shares in the last quarter. BlackRock Inc. boosted its stake in Myers Industries by 2.3% in the first quarter. BlackRock Inc. now owns 2,921,021 shares of the industrial products company’s stock valued at $61,781,000 after buying an additional 64,391 shares in the last quarter. Finally, Teton Advisors Inc. boosted its stake in Myers Industries by 2.1% in the first quarter. Teton Advisors Inc. now owns 653,064 shares of the industrial products company’s stock valued at $13,812,000 after buying an additional 13,687 shares in the last quarter. Institutional investors own 86.74% of the company’s stock.
Several analysts recently weighed in on the company. ValuEngine raised Myers Industries from a “hold” rating to a “buy” rating in a research note on Monday, July 30th. Robert W. Baird started coverage on Myers Industries in a research note on Wednesday, July 11th. They issued a “neutral” rating and a $21.00 price objective on the stock. Zacks Investment Research raised Myers Industries from a “hold” rating to a “strong-buy” rating and set a $27.00 price target on the stock in a research note on Wednesday, September 12th. KeyCorp reissued a “sector weight” rating on shares of Myers Industries in a research note on Tuesday, August 28th. Finally, JPMorgan Chase & Co. started coverage on Myers Industries in a research note on Wednesday, July 11th. They set a “neutral” rating and a $22.00 price target on the stock. Three 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 stock presently has a consensus rating of “Buy” and an average 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 EPS for the quarter, beating the Zacks’ consensus estimate of $0.25 by $0.02. Myers Industries had a return on equity of 19.11% and a net margin of 0.08%. The firm had revenue of $140.60 million for the quarter, compared to analyst estimates of $144.30 million. During the same period last year, the firm posted $0.17 earnings per share. The business’s revenue for the quarter was up 3.9% on a year-over-year basis. equities analysts predict that Myers Industries, Inc. will post 0.88 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 2nd. Stockholders of record on Friday, September 7th will be paid a dividend of $0.135 per share. This represents a $0.54 dividend on an annualized basis and a dividend yield of 2.22%. The ex-dividend date is Thursday, September 6th. Myers Industries’s payout ratio is 105.88%.
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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