Goldman Sachs Group Inc. Buys 34,787 Shares of Myers Industries, Inc. $MYE

Key Points

• Goldman Sachs Group Inc. increased its stake in Myers Industries, Inc. by 12.2%, acquiring an additional 34,787 shares to hold a total of 320,996 shares worth approximately $3.83 million.
• Myers Industries announced a quarterly dividend of $0.135 per share, reflecting an annualized dividend yield of 3.4%, with a dividend payout ratio of 207.69%.
• Analysts have given Myers Industries a consensus rating of Buy, with price targets suggesting a potential upside to $21.00.

Goldman Sachs Group Inc. lifted its stake in Myers Industries, Inc. (NYSE:MYE - Free Report) by 12.2% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 320,996 shares of the industrial products company's stock after buying an additional 34,787 shares during the quarter. Goldman Sachs Group Inc. owned approximately 0.86% of Myers Industries worth $3,829,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. GAMMA Investing LLC increased its holdings in shares of Myers Industries by 586.6% in the first quarter. GAMMA Investing LLC now owns 2,609 shares of the industrial products company's stock valued at $31,000 after purchasing an additional 2,229 shares during the last quarter. CWM LLC raised its stake in Myers Industries by 829.7% during the 1st quarter. CWM LLC now owns 4,695 shares of the industrial products company's stock valued at $56,000 after acquiring an additional 4,190 shares during the last quarter. Ieq Capital LLC acquired a new position in Myers Industries during the 1st quarter worth approximately $119,000. ProShare Advisors LLC acquired a new stake in shares of Myers Industries in the 4th quarter worth approximately $114,000. Finally, Point72 Asset Management L.P. grew its holdings in Myers Industries by 184.6% during the 4th quarter. Point72 Asset Management L.P. now owns 14,800 shares of the industrial products company's stock valued at $163,000 after buying an additional 9,600 shares during the last quarter. Institutional investors and hedge funds own 90.82% of the company's stock.

Myers Industries Stock Up 0.4%

MYE stock traded up $0.06 during midday trading on Friday, hitting $16.56. The company's stock had a trading volume of 513,265 shares, compared to its average volume of 198,460. The stock has a market capitalization of $619.51 million, a P/E ratio of 63.69 and a beta of 1.19. The company has a debt-to-equity ratio of 1.24, a current ratio of 1.77 and a quick ratio of 1.12. The company's fifty day moving average price is $15.87 and its 200 day moving average price is $13.67. Myers Industries, Inc. has a twelve month low of $9.06 and a twelve month high of $17.12.

Myers Industries (NYSE:MYE - Get Free Report) last issued its earnings results on Thursday, July 31st. The industrial products company reported $0.31 EPS for the quarter, missing the consensus estimate of $0.32 by ($0.01). Myers Industries had a net margin of 1.20% and a return on equity of 13.02%. The firm had revenue of $209.58 million during the quarter, compared to analyst estimates of $220.60 million. As a group, equities research analysts predict that Myers Industries, Inc. will post 0.95 EPS for the current year.

Myers Industries Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 2nd. Stockholders of record on Friday, September 12th will be issued a $0.135 dividend. The ex-dividend date is Friday, September 12th. This represents a $0.54 annualized dividend and a dividend yield of 3.3%. Myers Industries's dividend payout ratio is currently 207.69%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on MYE shares. Wall Street Zen upgraded Myers Industries from a "hold" rating to a "buy" rating in a report on Sunday, June 22nd. KeyCorp raised Myers Industries from a "sector weight" rating to an "overweight" rating and set a $21.00 price objective for the company in a report on Friday, June 13th. One equities research analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, Myers Industries currently has an average rating of "Buy" and a consensus price target of $21.00.

Myers Industries Profile

Myers Industries, Inc engages in distribution of tire service supplies in Ohio. It operates through two segments, The Material Handling and Distribution. The Material Handling segment offers pallets, small parts bins, bulk shipping containers, and OEM parts, as well as storage and organization, and custom plastic products; and injection molded, rotationally molded or blow molded products, consumer fuel containers and tanks for water, fuel, and waste handling.