Myers Industries, Inc. (NYSE:MYE) Stake Lifted by Federated Investors Inc. PA

Federated Investors Inc. PA grew its position in shares of Myers Industries, Inc. (NYSE:MYE) by 11.5% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 283,204 shares of the industrial products company’s stock after purchasing an additional 29,136 shares during the period. Federated Investors Inc. PA’s holdings in Myers Industries were worth $4,845,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Royce & Associates LP purchased a new position in Myers Industries in the first quarter worth $29,000. Investors Research Corp purchased a new position in Myers Industries in the first quarter worth $113,000. BNP Paribas Arbitrage SA grew its position in Myers Industries by 1,004.7% in the first quarter. BNP Paribas Arbitrage SA now owns 7,324 shares of the industrial products company’s stock worth $125,000 after acquiring an additional 6,661 shares in the last quarter. Paloma Partners Management Co purchased a new position in Myers Industries in the fourth quarter worth $169,000. Finally, Metropolitan Life Insurance Co. NY grew its position in Myers Industries by 397.9% in the fourth quarter. Metropolitan Life Insurance Co. NY now owns 11,303 shares of the industrial products company’s stock worth $171,000 after acquiring an additional 9,033 shares in the last quarter. Hedge funds and other institutional investors own 87.10% of the company’s stock.

Shares of NYSE:MYE opened at $18.22 on Friday. Myers Industries, Inc. has a 52-week low of $14.24 and a 52-week high of $25.70. The firm has a market capitalization of $646.12 million, a P/E ratio of 23.36 and a beta of 1.60. The company has a quick ratio of 1.61, a current ratio of 2.10 and a debt-to-equity ratio of 0.51.

Myers Industries (NYSE:MYE) last posted its quarterly earnings results on Wednesday, May 8th. The industrial products company reported $0.23 earnings per share for the quarter, topping the consensus estimate of $0.20 by $0.03. The business had revenue of $139.12 million during the quarter, compared to the consensus estimate of $146.90 million. Myers Industries had a negative net margin of 0.62% and a positive return on equity of 16.67%. The firm’s revenue for the quarter was down 8.8% on a year-over-year basis. During the same period in the previous year, the firm posted $0.24 earnings per share. Sell-side analysts predict that Myers Industries, Inc. will post 0.81 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 2nd. Shareholders of record on Friday, June 14th will be paid a $0.135 dividend. This represents a $0.54 annualized dividend and a yield of 2.96%. The ex-dividend date of this dividend is Thursday, June 13th. Myers Industries’s dividend payout ratio is presently 71.05%.

Separately, Zacks Investment Research upgraded shares of Myers Industries from a “hold” rating to a “buy” rating and set a $20.00 target price for the company in a research report on Wednesday, May 1st. Five research analysts have rated the stock with a hold rating and one has given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $21.00.

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Myers Industries Company 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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Institutional Ownership by Quarter for Myers Industries (NYSE:MYE)

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