Tieton Capital Management LLC Buys New Position in Myers Industries, Inc. $MYE

Tieton Capital Management LLC purchased a new position in shares of Myers Industries, Inc. (NYSE:MYE) in the 2nd quarter, Holdings Channel.com reports. The institutional investor purchased 462,230 shares of the industrial products company’s stock, valued at approximately $16,321,000. Myers Industries makes up approximately 4.7% of Tieton Capital Management LLC’s portfolio, making the stock its 4th biggest position.

A number of other institutional investors and hedge funds have also bought and sold shares of MYE. EverSource Wealth Advisors LLC lifted its stake in Myers Industries by 372.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,900 shares of the industrial products company’s stock valued at $28,000 after acquiring an additional 1,498 shares in the last quarter. Kestra Advisory Services LLC bought a new stake in shares of Myers Industries in the 4th quarter worth $38,000. NewEdge Advisors LLC purchased a new stake in shares of Myers Industries in the first quarter valued at about $43,000. Quarry LP bought a new position in shares of Myers Industries during the third quarter valued at about $48,000. Finally, Aquatic Capital Management LLC bought a new position in shares of Myers Industries during the third quarter valued at about $61,000. 90.82% of the stock is owned by hedge funds and other institutional investors.

Myers Industries Price Performance

Shares of NYSE:MYE opened at $33.40 on Thursday. The company’s 50-day moving average is $31.40 and its 200 day moving average is $25.25. The company has a debt-to-equity ratio of 0.91, a quick ratio of 1.21 and a current ratio of 1.61. The company has a market capitalization of $1.26 billion, a P/E ratio of 34.43 and a beta of 0.89. Myers Industries, Inc. has a fifty-two week low of $15.54 and a fifty-two week high of $37.45.

Myers Industries (NYSE:MYE) last posted its quarterly earnings data on Thursday, July 30th. The industrial products company reported $0.53 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.36 by $0.17. The business had revenue of $179.20 million during the quarter, compared to the consensus estimate of $166.00 million. Myers Industries had a net margin of 4.86% and a return on equity of 19.86%.

Myers Industries Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, July 2nd. Stockholders of record on Wednesday, June 17th were paid a dividend of $0.135 per share. The ex-dividend date was Wednesday, June 17th. This represents a $0.54 annualized dividend and a dividend yield of 1.6%. Myers Industries’s dividend payout ratio (DPR) is presently 55.67%.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on MYE. Weiss Ratings raised shares of Myers Industries from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, July 31st. Wall Street Zen upgraded Myers Industries from a “hold” rating to a “buy” rating in a research note on Saturday, August 1st. Finally, KeyCorp increased their price target on Myers Industries from $26.00 to $37.00 and gave the company an “overweight” rating in a research report on Tuesday, June 30th. One research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Myers Industries presently has an average rating of “Hold” and a consensus price target of $37.00.

Myers Industries 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.