Gabelli Funds LLC Reduces Stake in Myers Industries, Inc. (MYE)
Gabelli Funds LLC cut its stake in Myers Industries, Inc. (NYSE:MYE) by 0.4% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,538,412 shares of the company’s stock after selling 6,393 shares during the period. Gabelli Funds LLC owned approximately 0.05% of Myers Industries worth $21,999,000 as of its most recent filing with the SEC.
Other hedge funds have also recently bought and sold shares of the company. Alambic Investment Management L.P. purchased a new stake in Myers Industries during the third quarter valued at about $203,000. Citadel Advisors LLC raised its stake in Myers Industries by 55.2% in the third quarter. Citadel Advisors LLC now owns 21,201 shares of the company’s stock valued at $275,000 after buying an additional 7,542 shares during the last quarter. Moors & Cabot Inc. raised its stake in Myers Industries by 2.1% in the third quarter. Moors & Cabot Inc. now owns 48,737 shares of the company’s stock valued at $629,000 after buying an additional 1,014 shares during the last quarter. JPMorgan Chase & Co. raised its stake in Myers Industries by 11.4% in the third quarter. JPMorgan Chase & Co. now owns 144,281 shares of the company’s stock valued at $1,874,000 after buying an additional 14,723 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its stake in Myers Industries by 6.3% in the third quarter. Bank of New York Mellon Corp now owns 392,918 shares of the company’s stock valued at $5,105,000 after buying an additional 23,242 shares during the last quarter. Hedge funds and other institutional investors own 85.15% of the company’s stock.
Myers Industries, Inc. (NYSE:MYE) traded down 0.71% during mid-day trading on Friday, hitting $13.90. 31,313 shares of the stock traded hands. Myers Industries, Inc. has a 52-week low of $10.81 and a 52-week high of $15.86. The firm’s 50-day moving average is $13.94 and its 200 day moving average is $13.75. The firm has a market cap of $415.92 million, a P/E ratio of 129.91 and a beta of 1.56.
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Several analysts have recently issued reports on MYE shares. Sidoti started coverage on shares of Myers Industries in a research note on Tuesday. They issued a “buy” rating for the company. Zacks Investment Research lowered shares of Myers Industries from a “hold” rating to a “sell” rating in a research note on Thursday, November 10th. Finally, KeyCorp lowered shares of Myers Industries from a “sector weight” rating to an “underweight” rating and set a $13.00 target price for the company. in a research note on Tuesday, November 29th.
About Myers Industries
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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