781,014 Shares in Myers Industries, Inc. $MYE Acquired by Pzena Investment Management LLC

Key Points

• Pzena Investment Management acquired 781,014 shares of Myers Industries in the second quarter, valued at approximately $27.6 million, giving it a 2.08% stake.
• Institutional ownership remains high at 90.82%, with several firms increasing their positions. Myers Industries recently exceeded earnings expectations, reporting quarterly EPS of $0.53 versus the $0.36 consensus and revenue of $179.2 million.
• Analyst sentiment is mixed: the consensus rating is Hold with a $37 price target, while the company pays a quarterly dividend of $0.135, equivalent to a 1.6% yield.

Pzena Investment Management LLC bought a new position in Myers Industries, Inc. (NYSE:MYE - Free Report) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 781,014 shares of the industrial products company's stock, valued at approximately $27,578,000. Pzena Investment Management LLC owned 2.08% of Myers Industries at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Lazard Asset Management LLC lifted its holdings in shares of Myers Industries by 69.8% in the first quarter. Lazard Asset Management LLC now owns 155,766 shares of the industrial products company's stock valued at $3,299,000 after buying an additional 64,018 shares during the period. Sei Investments Co. grew its stake in shares of Myers Industries by 77.5% in the 1st quarter. Sei Investments Co. now owns 358,375 shares of the industrial products company's stock worth $7,590,000 after purchasing an additional 156,470 shares during the last quarter. Principal Financial Group Inc. raised its holdings in shares of Myers Industries by 86.8% in the 1st quarter. Principal Financial Group Inc. now owns 69,583 shares of the industrial products company's stock worth $1,474,000 after purchasing an additional 32,340 shares in the last quarter. Janney Montgomery Scott LLC bought a new stake in shares of Myers Industries in the 1st quarter worth approximately $690,000. Finally, Dimensional Fund Advisors LP lifted its stake in Myers Industries by 2.6% during the first quarter. Dimensional Fund Advisors LP now owns 1,589,420 shares of the industrial products company's stock valued at $33,663,000 after purchasing an additional 39,565 shares during the last quarter. 90.82% of the stock is owned by institutional investors.

Myers Industries Price Performance

NYSE MYE opened at $33.01 on Tuesday. 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 1 year low of $15.54 and a 1 year high of $37.45. The company has a market cap of $1.24 billion, a PE ratio of 34.03 and a beta of 0.89. The stock's 50-day moving average price is $31.12 and its two-hundred day moving average price is $25.08.

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

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on MYE. KeyCorp raised their target price on shares of Myers Industries from $26.00 to $37.00 and gave the stock an "overweight" rating in a report on Tuesday, June 30th. Wall Street Zen upgraded Myers Industries from a "hold" rating to a "buy" rating in a research report on Saturday, August 1st. 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 analyst has rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source