Ameriprise Financial Inc. increased its stake in Myers Industries, Inc. (NYSE:MYE) by 5.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 115,549 shares of the industrial products company’s stock after buying an additional 5,780 shares during the period. Ameriprise Financial Inc. owned approximately 0.38% of Myers Industries worth $1,832,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors also recently made changes to their positions in MYE. Norges Bank acquired a new stake in Myers Industries during the fourth quarter worth about $4,726,000. American Century Companies Inc. acquired a new stake in Myers Industries during the first quarter worth about $3,786,000. North Star Investment Management Corp. increased its stake in Myers Industries by 54.2% in the first quarter. North Star Investment Management Corp. now owns 156,462 shares of the industrial products company’s stock worth $2,480,000 after buying an additional 54,979 shares during the period. Two Sigma Investments LP increased its stake in Myers Industries by 175.5% in the fourth quarter. Two Sigma Investments LP now owns 75,061 shares of the industrial products company’s stock worth $1,073,000 after buying an additional 47,818 shares during the period. Finally, Wedge Capital Management L L P NC increased its stake in Myers Industries by 59.7% in the first quarter. Wedge Capital Management L L P NC now owns 89,900 shares of the industrial products company’s stock worth $1,425,000 after buying an additional 33,600 shares during the period. Institutional investors and hedge funds own 84.08% of the company’s stock.
Myers Industries, Inc. (NYSE:MYE) traded up 9.97% during midday trading on Tuesday, reaching $17.65. The company’s stock had a trading volume of 152,171 shares. The firm has a 50 day moving average price of $18.05 and a 200 day moving average price of $16.19. Myers Industries, Inc. has a 1-year low of $11.35 and a 1-year high of $19.45. The firm has a market capitalization of $532.22 million, a PE ratio of 132.71 and a beta of 1.76.
Myers Industries (NYSE:MYE) last issued its quarterly earnings results on Tuesday, August 1st. The industrial products company reported $0.17 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.15 by $0.02. Myers Industries had a return on equity of 10.71% and a net margin of 0.74%. The company had revenue of $142.30 million for the quarter, compared to analyst estimates of $142.95 million. During the same quarter last year, the company posted $0.21 EPS. The company’s revenue for the quarter was down 1.2% compared to the same quarter last year. On average, analysts predict that Myers Industries, Inc. will post $0.51 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 3rd. Investors of record on Friday, September 8th will be issued a dividend of $0.135 per share. This represents a $0.54 annualized dividend and a dividend yield of 3.06%. The ex-dividend date of this dividend is Thursday, September 7th. Myers Industries’s dividend payout ratio (DPR) is 415.38%.
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Several analysts have issued reports on the stock. TheStreet raised shares of Myers Industries from a “c” rating to a “b-” rating in a research report on Monday, May 8th. Zacks Investment Research downgraded shares of Myers Industries from a “buy” rating to a “hold” rating in a research report on Wednesday, May 10th. BidaskClub cut Myers Industries from a “hold” rating to a “sell” rating in a research note on Monday, July 31st. Finally, KeyCorp restated a “sell” rating on shares of Myers Industries in a research note on Tuesday, August 1st. Two research analysts have rated the stock with a sell rating and two have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $16.50.
In related news, major shareholder Gamco Investors, Inc. Et Al sold 3,000 shares of the firm’s stock in a transaction on Thursday, June 8th. The stock was sold at an average price of $18.44, for a total transaction of $55,320.00. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 0.75% of the company’s stock.
About Myers Industries
Myers Industries, Inc is an international manufacturing and distribution company. The Company operates through two segments: Material Handling and Distribution. As of December 31, 2016, the Company operated 15 manufacturing facilities, 20 sales offices, four distribution centers and three distribution branches located throughout North, Central and South America.
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