Dimensional Fund Advisors LP Raises Stake in Myers Industries, Inc. $MYE

Key Points

• Dimensional Fund Advisors increased its Myers Industries stake by 2.6% in the first quarter, reaching 1.59 million shares valued at about $33.7 million, or 4.25% 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 of $179.2 million exceeded the $166 million consensus forecast.
• MYE shares opened at $36.63, near their 52-week high, while analysts maintain a consensus “Hold” rating with a $37 price target. The company also pays a quarterly dividend of $0.135, representing a 1.5% annual yield.

Dimensional Fund Advisors LP raised its holdings in Myers Industries, Inc. (NYSE:MYE - Free Report) by 2.6% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,589,420 shares of the industrial products company's stock after purchasing an additional 39,565 shares during the quarter. Dimensional Fund Advisors LP owned about 4.25% of Myers Industries worth $33,663,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in MYE. Principal Financial Group Inc. lifted its position in Myers Industries by 86.8% during the 1st quarter. Principal Financial Group Inc. now owns 69,583 shares of the industrial products company's stock worth $1,474,000 after acquiring an additional 32,340 shares during the period. Pzena Investment Management LLC increased its holdings in shares of Myers Industries by 813.5% in 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 purchasing an additional 1,159,746 shares during the period. Ritholtz Wealth Management acquired a new position in shares of Myers Industries in the fourth quarter valued at approximately $963,000. Deprince Race & Zollo Inc. raised its stake in shares of Myers Industries by 24.3% during the fourth quarter. Deprince Race & Zollo Inc. now owns 218,063 shares of the industrial products company's stock worth $4,082,000 after purchasing an additional 42,672 shares during the last quarter. Finally, Janney Montgomery Scott LLC purchased a new stake in shares of Myers Industries during the first quarter worth approximately $690,000. 90.82% of the stock is owned by hedge funds and other institutional investors.

Myers Industries Trading Down 0.3%

Shares of MYE stock opened at $36.63 on Wednesday. The business's fifty day moving average price is $29.28 and its 200 day moving average price is $24.23. The firm has a market capitalization of $1.38 billion, a PE ratio of 37.77 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 1-year low of $15.54 and a 1-year 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, beating analysts' consensus estimates of $0.36 by $0.17. The company had revenue of $179.20 million during the quarter, compared to the consensus estimate of $166.00 million. Myers Industries had a return on equity of 19.86% and a net margin of 4.86%.

Myers Industries Announces Dividend

The business 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 was Wednesday, June 17th. This represents a $0.54 annualized dividend and a dividend yield of 1.5%. Myers Industries's dividend payout ratio (DPR) is 55.67%.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the stock. KeyCorp boosted their price objective on shares of 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 shares of Myers Industries from a "hold (c)" rating to a "hold (c+)" rating in a research note on Friday. Finally, Wall Street Zen raised shares of Myers Industries from a "hold" rating to a "buy" rating in a report on Saturday. One analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, Myers Industries currently 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.

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