424,473 Shares in Myers Industries, Inc. $MYE Bought by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon bought 424,473 Myers Industries shares worth approximately $14.99 million, representing about 1.13% of the company. Institutional investors collectively own 90.82% of MYE.
• Myers Industries reported quarterly EPS of $0.53, beating estimates of $0.36, while revenue reached $179.2 million versus expectations of $166 million.
• Analysts have a consensus “Moderate Buy” rating and an average price target of $37.00, though the stock recently traded down 3.1% to $31.11.

Bank of New York Mellon Corp purchased a new stake in shares of Myers Industries, Inc. (NYSE:MYE - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 424,473 shares of the industrial products company's stock, valued at approximately $14,988,000. Bank of New York Mellon Corp owned about 1.13% of Myers Industries as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in MYE. EverSource Wealth Advisors LLC increased its position in shares of Myers Industries by 36.1% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,904 shares of the industrial products company's stock valued at $36,000 after acquiring an additional 505 shares during the period. Strs Ohio boosted its holdings in shares of Myers Industries by 5.5% during the first quarter. Strs Ohio now owns 13,500 shares of the industrial products company's stock worth $286,000 after purchasing an additional 700 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Myers Industries by 4.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 21,835 shares of the industrial products company's stock worth $260,000 after purchasing an additional 936 shares during the period. Diversified Trust Co grew its stake in shares of Myers Industries by 8.9% in the first quarter. Diversified Trust Co now owns 12,981 shares of the industrial products company's stock worth $275,000 after purchasing an additional 1,063 shares during the last quarter. Finally, Franklin Resources Inc. grew its stake in shares of Myers Industries by 3.9% in the third quarter. Franklin Resources Inc. now owns 28,708 shares of the industrial products company's stock worth $486,000 after purchasing an additional 1,081 shares during the last quarter. Hedge funds and other institutional investors own 90.82% of the company's stock.

Myers Industries Trading Down 3.1%

NYSE:MYE opened at $31.11 on Wednesday. The company has a 50-day moving average price of $32.42 and a 200-day moving average price of $25.96. The stock has a market cap of $1.17 billion, a price-to-earnings ratio of 32.07 and a beta of 0.87. The company has a current ratio of 1.61, a quick ratio of 1.21 and a debt-to-equity ratio of 0.91. Myers Industries, Inc. has a 12 month low of $15.54 and a 12 month high of $37.45.

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

Analysts Set New Price Targets

A number of research analysts have commented on the company. Wall Street Zen raised Myers Industries from a "hold" rating to a "buy" rating in a research report on Saturday, August 1st. KeyCorp lifted their price objective on Myers Industries from $26.00 to $37.00 and gave the stock an "overweight" rating in a research report on Tuesday, June 30th. Finally, Weiss Ratings upgraded Myers Industries from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Friday. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average 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.

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