BlackRock Inc. Takes $104.16 Million Position in Myers Industries, Inc. $MYE

Key Points

• BlackRock acquired 2.95 million shares of Myers Industries during the second quarter, valued at approximately $104.16 million and representing a 7.84% stake.
• Institutional investors and hedge funds own 90.82% of Myers Industries. The company recently exceeded earnings expectations, reporting $0.53 in quarterly EPS versus the $0.36 consensus estimate, with revenue of $179.2 million.
• Myers Industries shares opened at $32.74, below the $37.00 analyst consensus price target. Analysts maintain a consensus “Hold” rating, while the company pays a $0.54 annualized dividend yielding about 1.6%.

BlackRock Inc. bought a new stake in shares of Myers Industries, Inc. (NYSE:MYE - Free Report) during the 2nd quarter, according to its most recent filing with the SEC. The firm bought 2,949,900 shares of the industrial products company's stock, valued at approximately $104,161,000. BlackRock Inc. owned 7.84% of Myers Industries as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of MYE. EverSource Wealth Advisors LLC grew its position in Myers Industries by 372.6% in the second quarter. EverSource Wealth Advisors LLC now owns 1,900 shares of the industrial products company's stock valued at $28,000 after acquiring an additional 1,498 shares in the last quarter. Kestra Advisory Services LLC acquired a new stake in Myers Industries during the 4th quarter valued at $38,000. NewEdge Advisors LLC purchased a new stake in Myers Industries during the 1st quarter worth $43,000. Quarry LP purchased a new stake in Myers Industries during the 3rd quarter worth $48,000. Finally, Aquatic Capital Management LLC acquired a new position in Myers Industries in the 3rd quarter worth $61,000. 90.82% of the stock is owned by institutional investors and hedge funds.

Myers Industries Trading Down 1.7%

NYSE MYE opened at $32.74 on Friday. Myers Industries, Inc. has a 12 month low of $15.54 and a 12 month high of $37.45. The company has a debt-to-equity ratio of 0.91, a current ratio of 1.61 and a quick ratio of 1.21. The company has a market capitalization of $1.23 billion, a price-to-earnings ratio of 33.75 and a beta of 0.89. The company's fifty day moving average price is $32.27 and its two-hundred day moving average price is $25.81.

Myers Industries (NYSE:MYE - Get Free Report) last announced its quarterly earnings data on Thursday, July 30th. The industrial products company reported $0.53 earnings per share 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 analyst estimates 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 company also recently disclosed a quarterly dividend, which was paid on Thursday, July 2nd. Investors of record on Wednesday, June 17th were issued a $0.135 dividend. This represents a $0.54 annualized dividend and a yield of 1.6%. The ex-dividend date of this dividend was Wednesday, June 17th. Myers Industries's payout ratio is currently 55.67%.

Wall Street Analyst Weigh In

MYE has been the subject of several recent analyst reports. KeyCorp raised their target price on Myers Industries from $26.00 to $37.00 and gave the company an "overweight" rating in a research note on Tuesday, June 30th. Weiss Ratings upgraded Myers Industries from a "hold (c)" rating to a "hold (c+)" rating in a research note on Friday, July 31st. Finally, Wall Street Zen raised Myers Industries from a "hold" rating to a "buy" rating in a report on Saturday, August 1st. One investment analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat, Myers Industries has a consensus rating of "Hold" and a consensus price target of $37.00.

Myers Industries Company 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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