Sowell Financial Services LLC Buys New Position in Myers Industries, Inc. $MYE

Sowell Financial Services LLC purchased a new position in Myers Industries, Inc. (NYSE:MYE) in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 106,537 shares of the industrial products company’s stock, valued at approximately $3,278,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Lazard Asset Management LLC lifted its holdings in shares of Myers Industries by 69.8% during the 1st quarter. Lazard Asset Management LLC now owns 155,766 shares of the industrial products company’s stock worth $3,299,000 after acquiring an additional 64,018 shares during the last quarter. Sei Investments Co. grew its position in Myers Industries by 77.5% in the first quarter. Sei Investments Co. now owns 358,375 shares of the industrial products company’s stock worth $7,590,000 after acquiring an additional 156,470 shares in the last quarter. Principal Financial Group Inc. grew its position in Myers Industries by 86.8% in the first quarter. Principal Financial Group Inc. now owns 69,583 shares of the industrial products company’s stock worth $1,474,000 after acquiring an additional 32,340 shares in the last quarter. Dimensional Fund Advisors LP grew its position in Myers Industries by 2.6% in the first quarter. Dimensional Fund Advisors LP now owns 1,589,420 shares of the industrial products company’s stock worth $33,663,000 after acquiring an additional 39,565 shares in the last quarter. Finally, Janney Montgomery Scott LLC purchased a new position in Myers Industries in the first quarter worth $690,000. Hedge funds and other institutional investors own 90.82% of the company’s stock.

Myers Industries Stock Up 1.8%

Shares of MYE opened at $32.85 on Thursday. The firm has a market cap of $1.24 billion, a P/E ratio of 33.87 and a beta of 0.83. The stock has a 50 day simple moving average of $31.64 and a two-hundred day simple moving average of $28.39. The company has a debt-to-equity ratio of 0.91, a current ratio of 1.61 and a quick ratio of 1.21. Myers Industries, Inc. has a 1 year low of $16.46 and a 1 year high of $37.45.

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

Myers Industries Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, October 5th. Stockholders of record on Friday, September 18th were issued a $0.1350 dividend. This represents a $0.54 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date was Friday, September 18th. Myers Industries’s payout ratio is presently 55.67%.

Analyst Ratings Changes

A number of research analysts recently commented on the company. Wall Street Zen cut Myers Industries from a “strong-buy” rating to a “buy” rating in a research note on Tuesday. KeyCorp lifted their price target on Myers Industries from $26.00 to $37.00 and gave the stock an “overweight” rating in a research note on Tuesday, June 30th. Finally, Weiss Ratings upgraded Myers Industries from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, October 2nd. Two research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $37.00.

Myers Industries Profile

Myers Industries, Inc is a manufacturer and distributor of products serving industrial, agricultural, automotive, commercial and consumer markets. Founded in 1933 and headquartered in Akron, Ohio, the company operates primarily in North America.

Through its material-handling businesses, Myers Industries produces reusable plastic containers, totes, pallets, drums, tanks and other molded products. These products are used to store, transport and protect materials across industries such as manufacturing, food processing, agriculture, healthcare and logistics.

The company also distributes tire-service supplies, equipment and related products to tire dealers, retreaders, commercial fleets and automotive service providers.