Myers Industries Inc. (MYE) Lifted to Hold at Zacks Investment Research
According to Zacks, “Myers Industries, Inc. is an international manufacturer of polymer products for industrial, agricultural, automotive, commercial, and consumer markets. The Company is also the largest wholesale distributor of tools, equipment, and supplies for the tire service and undervehicle repair industry in the United States. “
Myers Industries (NYSE:MYE) traded up 1.76% on Wednesday, hitting $12.72. The company’s stock had a trading volume of 3,709 shares. The firm has a 50 day moving average of $13.60 and a 200 day moving average of $13.96. Myers Industries has a 12 month low of $10.12 and a 12 month high of $15.86. The firm has a market cap of $380.26 million, a price-to-earnings ratio of 120.00 and a beta of 1.57.
Myers Industries (NYSE:MYE) last released its quarterly earnings data on Wednesday, August 3rd. The company reported $0.21 EPS for the quarter, missing the consensus estimate of $0.23 by $0.02. Myers Industries had a net margin of 0.45% and a return on equity of 16.92%. The company had revenue of $144.10 million for the quarter, compared to the consensus estimate of $152.90 million. During the same period last year, the company earned $0.30 EPS. The firm’s revenue for the quarter was down 12.3% on a year-over-year basis. Equities research analysts forecast that Myers Industries will post $0.56 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, October 3rd. Shareholders of record on Friday, September 2nd were issued a dividend of $0.135 per share. This represents a $0.54 annualized dividend and a dividend yield of 4.32%. The ex-dividend date was Wednesday, August 31st. Myers Industries’s dividend payout ratio (DPR) is presently 600.00%.
In related news, Director Jane Scaccetti acquired 2,000 shares of the company’s stock in a transaction on Tuesday, August 16th. The stock was acquired at an average price of $14.64 per share, with a total value of $29,280.00. Following the acquisition, the director now directly owns 4,800 shares of the company’s stock, valued at $70,272. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 3.29% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in MYE. Gamco Investors INC. ET AL increased its position in shares of Myers Industries by 2.7% in the second quarter. Gamco Investors INC. ET AL now owns 4,949,853 shares of the company’s stock worth $71,278,000 after buying an additional 128,610 shares during the last quarter. AJO LP acquired a new position in shares of Myers Industries during the second quarter worth approximately $1,031,000. Spark Investment Management LLC increased its position in shares of Myers Industries by 396.6% in the second quarter. Spark Investment Management LLC now owns 59,100 shares of the company’s stock worth $851,000 after buying an additional 47,200 shares during the last quarter. Janus Capital Management LLC increased its position in shares of Myers Industries by 105.8% in the second quarter. Janus Capital Management LLC now owns 83,788 shares of the company’s stock worth $1,207,000 after buying an additional 43,079 shares during the last quarter. Finally, SECOR Capital Advisors LP increased its position in shares of Myers Industries by 250.3% in the second quarter. SECOR Capital Advisors LP now owns 40,799 shares of the company’s stock worth $588,000 after buying an additional 29,152 shares during the last quarter. 83.62% of the stock is owned by institutional investors and hedge funds.
Myers Industries Company Profile
Myers Industries, Inc is an international manufacturing and distribution company. The Company operates through two segments: Material Handling, which designs, manufactures and markets a range of plastic and metal products, and Distribution, which is engaged in the distribution of equipment, tools and supplies used for tire servicing and automotive undervehicle repair and the manufacture of tire repair and retreading products.
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