Inspire Investing LLC Acquires 79,837 Shares of Myers Industries, Inc. $MYE

Inspire Investing LLC boosted its holdings in shares of Myers Industries, Inc. (NYSE:MYE) by 320.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 104,788 shares of the industrial products company’s stock after buying an additional 79,837 shares during the period. Inspire Investing LLC owned approximately 0.28% of Myers Industries worth $2,219,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the business. EverSource Wealth Advisors LLC increased its position in shares of Myers Industries by 372.6% during the second quarter. EverSource Wealth Advisors LLC now owns 1,900 shares of the industrial products company’s stock worth $28,000 after acquiring an additional 1,498 shares in the last quarter. Kestra Advisory Services LLC acquired a new position in Myers Industries during the 4th quarter valued at about $38,000. Quarry LP acquired a new position in Myers Industries during the 3rd quarter valued at about $48,000. Aquatic Capital Management LLC acquired a new position in Myers Industries during the 3rd quarter valued at about $61,000. Finally, Clearstead Advisors LLC increased its holdings in Myers Industries by 56.0% during the 4th quarter. Clearstead Advisors LLC now owns 3,438 shares of the industrial products company’s stock worth $64,000 after purchasing an additional 1,234 shares in the last quarter. 90.82% of the stock is owned by institutional investors.

Myers Industries Trading Up 14.7%

Shares of Myers Industries stock opened at $35.38 on Wednesday. The firm has a market cap of $1.33 billion, a PE ratio of 50.55 and a beta of 0.98. Myers Industries, Inc. has a 1 year low of $12.96 and a 1 year high of $35.74. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.65 and a quick ratio of 1.29. The stock has a fifty day moving average price of $24.20 and a 200-day moving average price of $22.00.

Myers Industries (NYSE:MYE) last issued its quarterly earnings results on Thursday, May 7th. The industrial products company reported $0.44 earnings per share for the quarter, topping analysts’ consensus estimates of $0.28 by $0.16. The company had revenue of $164.58 million for the quarter, compared to the consensus estimate of $209.30 million. Myers Industries had a net margin of 3.36% and a return on equity of 17.23%.

Myers Industries Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, July 2nd. Stockholders of record on Wednesday, June 17th will be given a dividend of $0.135 per share. This represents a $0.54 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date of this dividend is Wednesday, June 17th. Myers Industries’s dividend payout ratio is currently 77.14%.

Analysts Set New Price Targets

Several analysts have recently commented on MYE shares. KeyCorp increased their price objective on Myers Industries to $37.00 and gave the stock an “overweight” rating in a research note on Tuesday. Weiss Ratings downgraded Myers Industries from a “hold (c+)” rating to a “hold (c)” rating in a report on Monday, May 11th. Finally, Wall Street Zen lowered Myers Industries from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. One analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $37.00.

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.