75,487 Shares in Myers Industries, Inc. $MYE Purchased by Orchard Capital Management LLC

Key Points

• Orchard Capital Management purchased 75,487 Myers Industries shares worth approximately $2.665 million, giving it a 0.20% stake and making MYE its 16th-largest holding. Institutional investors collectively own 90.82% of the company.
• Myers Industries reported quarterly earnings of $0.53 per share, exceeding the $0.36 analyst estimate, while revenue of $179.2 million also surpassed expectations.
• MYE shares opened at $33.58, near the analyst consensus price target of $37.00. The company pays a quarterly dividend of $0.135 per share, equivalent to a 1.6% annual yield.

Orchard Capital Management LLC bought a new stake in Myers Industries, Inc. (NYSE:MYE - Free Report) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 75,487 shares of the industrial products company's stock, valued at approximately $2,665,000. Myers Industries makes up about 2.6% of Orchard Capital Management LLC's holdings, making the stock its 16th largest holding. Orchard Capital Management LLC owned 0.20% of Myers Industries at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the stock. Lazard Asset Management LLC lifted its stake in shares of Myers Industries by 69.8% in 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 period. Sei Investments Co. increased its stake in shares of Myers Industries by 77.5% during the first quarter. Sei Investments Co. now owns 358,375 shares of the industrial products company's stock valued at $7,590,000 after acquiring an additional 156,470 shares during the period. Principal Financial Group Inc. increased its stake in shares of Myers Industries by 86.8% during the first quarter. Principal Financial Group Inc. now owns 69,583 shares of the industrial products company's stock valued at $1,474,000 after acquiring an additional 32,340 shares during the period. Pzena Investment Management LLC increased its stake in shares of Myers Industries by 813.5% during the fourth quarter. Pzena Investment Management LLC now owns 1,302,309 shares of the industrial products company's stock valued at $24,379,000 after acquiring an additional 1,159,746 shares during the period. Finally, Janney Montgomery Scott LLC bought a new stake in Myers Industries during the first quarter worth approximately $690,000. Institutional investors and hedge funds own 90.82% of the company's stock.

Myers Industries Stock Performance

Shares of MYE opened at $33.58 on Friday. The firm's 50 day moving average is $31.67 and its 200-day moving average is $25.40. The stock has a market capitalization of $1.26 billion, a P/E ratio of 34.62 and a beta of 0.89. 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 12-month low of $15.54 and a 12-month high of $37.45.

Myers Industries (NYSE:MYE - Get Free Report) last released its earnings results on Thursday, July 30th. The industrial products company reported $0.53 EPS for the quarter, topping analysts' consensus estimates of $0.36 by $0.17. The business had revenue of $179.20 million for 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 disclosed a quarterly dividend, which was paid on Thursday, July 2nd. Stockholders of record on Wednesday, June 17th were given a dividend of $0.135 per share. This represents a $0.54 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date was Wednesday, June 17th. Myers Industries's dividend payout ratio is 55.67%.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. Wall Street Zen raised Myers Industries from a "hold" rating to a "buy" rating in a research note on Saturday, August 1st. KeyCorp lifted 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. Finally, Weiss Ratings raised Myers Industries from a "hold (c)" rating to a "hold (c+)" rating in a research note on Friday, July 31st. One investment analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $37.00.

About Myers Industries

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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