Myers Industries, Inc. $MYE Stake Lessened by Pzena Investment Management LLC

Pzena Investment Management LLC lessened its holdings in Myers Industries, Inc. (NYSE:MYE) by 1.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,284,585 shares of the industrial products company’s stock after selling 17,724 shares during the period. Pzena Investment Management LLC’s holdings in Myers Industries were worth $27,208,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Vanguard Group Inc. raised its position in Myers Industries by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 2,889,837 shares of the industrial products company’s stock valued at $54,098,000 after buying an additional 22,263 shares during the period. Dimensional Fund Advisors LP boosted its position in Myers Industries by 1.0% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,549,855 shares of the industrial products company’s stock worth $29,014,000 after acquiring an additional 14,779 shares during the period. Advisory Research Inc. boosted its position in Myers Industries by 84.5% during the 4th quarter. Advisory Research Inc. now owns 1,302,928 shares of the industrial products company’s stock worth $24,391,000 after acquiring an additional 596,848 shares during the period. Millennium Management LLC grew its stake in Myers Industries by 2.7% during the 1st quarter. Millennium Management LLC now owns 911,626 shares of the industrial products company’s stock valued at $10,876,000 after acquiring an additional 23,866 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in Myers Industries by 12.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 655,748 shares of the industrial products company’s stock valued at $12,276,000 after acquiring an additional 71,971 shares in the last quarter. Hedge funds and other institutional investors own 90.82% of the company’s stock.

Wall Street Analyst Weigh In

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

Myers Industries Stock Performance

Shares of MYE stock opened at $34.07 on Thursday. Myers Industries, Inc. has a fifty-two week low of $12.96 and a fifty-two week high of $35.75. The stock’s 50-day moving average is $24.46 and its two-hundred day moving average is $22.10. 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 firm has a market cap of $1.28 billion, a P/E ratio of 48.67 and a beta of 0.88.

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

Myers Industries Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 2nd. Shareholders of record on Wednesday, June 17th will be given a $0.135 dividend. This represents a $0.54 annualized dividend and a yield of 1.6%. The ex-dividend date of this dividend is Wednesday, June 17th. Myers Industries’s payout ratio is currently 77.14%.

Myers Industries Company Profile

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.