California Public Employees Retirement System increased its stake in shares of Myers Industries, Inc. (NYSE:MYE) by 21.8% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 34,545 shares of the industrial products company’s stock after purchasing an additional 6,178 shares during the period. California Public Employees Retirement System owned approximately 0.10% of Myers Industries worth $610,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in MYE. BlackRock Inc. lifted its stake in Myers Industries by 1.9% in the second quarter. BlackRock Inc. now owns 5,270,150 shares of the industrial products company’s stock valued at $101,556,000 after buying an additional 98,876 shares during the period. Vanguard Group Inc. grew its position in shares of Myers Industries by 3.0% during the 2nd quarter. Vanguard Group Inc. now owns 2,380,273 shares of the industrial products company’s stock worth $45,868,000 after buying an additional 70,133 shares during the period. Renaissance Technologies LLC increased its stake in shares of Myers Industries by 24.2% in the 2nd quarter. Renaissance Technologies LLC now owns 1,136,200 shares of the industrial products company’s stock valued at $21,895,000 after acquiring an additional 221,700 shares during the last quarter. Bank of New York Mellon Corp increased its stake in shares of Myers Industries by 0.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 582,483 shares of the industrial products company’s stock valued at $11,225,000 after acquiring an additional 2,721 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Myers Industries by 14.0% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 274,687 shares of the industrial products company’s stock valued at $5,294,000 after acquiring an additional 33,642 shares during the period. Institutional investors and hedge funds own 87.26% of the company’s stock.
Several brokerages recently commented on MYE. ValuEngine raised Myers Industries from a “sell” rating to a “hold” rating in a research note on Tuesday, October 29th. Cowen raised Myers Industries from a “market perform” rating to an “outperform” rating and boosted their target price for the company from $20.00 to $22.00 in a research note on Tuesday, August 27th. Finally, Zacks Investment Research downgraded Myers Industries from a “hold” rating to a “sell” rating in a report on Friday, October 18th.
Shares of MYE opened at $16.50 on Wednesday. The stock has a 50 day simple moving average of $16.55 and a 200 day simple moving average of $17.16. Myers Industries, Inc. has a 52-week low of $14.24 and a 52-week high of $19.55. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.61 and a current ratio of 2.10. The firm has a market capitalization of $587.86 million, a PE ratio of 21.71 and a beta of 1.56.
Myers Industries (NYSE:MYE) last announced its earnings results on Tuesday, November 5th. The industrial products company reported $0.15 EPS for the quarter, topping the consensus estimate of $0.14 by $0.01. Myers Industries had a net margin of 3.90% and a return on equity of 17.53%. The firm had revenue of $125.48 million for the quarter, compared to the consensus estimate of $134.90 million. During the same period last year, the company posted $0.15 EPS. The business’s quarterly revenue was down 7.2% on a year-over-year basis. Equities research analysts predict that Myers Industries, Inc. will post 0.77 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 3rd. Stockholders of record on Friday, December 6th will be given a dividend of $0.135 per share. This represents a $0.54 annualized dividend and a dividend yield of 3.27%. The ex-dividend date is Thursday, December 5th. Myers Industries’s dividend payout ratio is 71.05%.
About Myers Industries
Myers Industries, Inc manufactures and sells polymer products for industrial, agricultural, automotive, commercial, and consumer markets worldwide. The company's Material Handling segment provides plastic reusable material handling containers, pallets, small parts bins, bulk shipping containers, storage and organization products, and rotationally-molded plastic tanks for water, fuel, and waste handling applications; welded steel service carts, platform trucks, mobile work centers, racks, and cabinets; plastic trim and interior parts used in the production of seat components, consoles, and other applications in the recreational vehicle, marine, and industrial markets; and plastic fuel containers, portable marine fuel tanks and water containers, ammunition containers, and storage totes under the Buckhorn, Akro-Mils, Jamco Products, Ameri-Kart, and Scepter brands.
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