Allspring Global Investments Holdings LLC Sells 132,505 Shares of Myers Industries, Inc. $MYE

Key Points

• Allspring Global Investments cut its stake in Myers Industries by 6.0% in the first quarter, selling 132,505 shares and ending with 2,061,840 shares valued at about $44.0 million.
• Myers Industries reported better-than-expected EPS of $0.44 for the quarter, though revenue of $164.6 million came in below analyst estimates.
• The company recently paid a quarterly dividend of $0.135 per share, and Wall Street currently has a consensus Hold rating with a $37.00 price target.

Allspring Global Investments Holdings LLC lessened its holdings in Myers Industries, Inc. (NYSE:MYE - Free Report) by 6.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,061,840 shares of the industrial products company's stock after selling 132,505 shares during the period. Allspring Global Investments Holdings LLC owned 5.51% of Myers Industries worth $44,020,000 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. EverSource Wealth Advisors LLC increased its position in Myers Industries by 36.1% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,904 shares of the industrial products company's stock worth $36,000 after buying an additional 505 shares during the period. Strs Ohio lifted its position in Myers Industries by 5.5% in 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. increased its stake in Myers Industries by 4.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 21,835 shares of the industrial products company's stock valued at $260,000 after acquiring an additional 936 shares during the period. Diversified Trust Co grew its stake in shares of Myers Industries by 8.9% in the 1st quarter. Diversified Trust Co now owns 12,981 shares of the industrial products company's stock valued at $275,000 after purchasing an additional 1,063 shares during the period. Finally, Franklin Resources Inc. raised its holdings in shares of Myers Industries by 3.9% in the 3rd quarter. Franklin Resources Inc. now owns 28,708 shares of the industrial products company's stock worth $486,000 after buying an additional 1,081 shares in the last quarter. 90.82% of the stock is owned by institutional investors.

Myers Industries Trading Down 0.7%

MYE stock opened at $31.11 on Friday. The company has a quick ratio of 1.29, a current ratio of 1.65 and a debt-to-equity ratio of 1.04. Myers Industries, Inc. has a twelve month low of $12.96 and a twelve month high of $35.75. The company has a market cap of $1.17 billion, a P/E ratio of 44.44 and a beta of 0.88. The business has a fifty day moving average of $26.78 and a 200-day moving average of $23.06.

Myers Industries (NYSE:MYE - Get Free Report) last released its earnings results on Thursday, May 7th. The industrial products company reported $0.44 EPS for the quarter, topping analysts' consensus estimates of $0.28 by $0.16. The firm had revenue of $164.58 million during the quarter, compared to analyst estimates of $209.30 million. Myers Industries had a net margin of 3.36% and a return on equity of 17.23%.

Myers Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, July 2nd. Shareholders of record on Wednesday, June 17th were issued a $0.135 dividend. This represents a $0.54 annualized dividend and a dividend yield of 1.7%. The ex-dividend date was Wednesday, June 17th. Myers Industries's dividend payout ratio is 77.14%.

Wall Street Analysts Forecast Growth

MYE has been the topic of a number of analyst reports. Weiss Ratings lowered Myers Industries from a "hold (c+)" rating to a "hold (c)" rating in a research note on Monday, May 11th. KeyCorp increased their target price on shares of Myers Industries from $26.00 to $37.00 and gave the stock an "overweight" rating in a research report on Tuesday, June 30th. Finally, Wall Street Zen lowered shares of Myers Industries from a "buy" rating to a "hold" rating in a research report on Saturday, May 9th. One research analyst has rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average 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.

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