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. raised its holdings in Myers Industries, Inc. (NYSE:MYE - Free Report) by 12.2% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 320,996 shares of the industrial products company's stock after purchasing an additional 34,787 shares during the quarter. Goldman Sachs Group Inc. owned 0.86% of Myers Industries worth $3,829,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also added to or reduced their stakes in the company. Gamco Investors INC. ET AL grew its position in shares of Myers Industries by 2.9% during the 1st quarter. Gamco Investors INC. ET AL now owns 3,482,902 shares of the industrial products company's stock valued at $41,551,000 after acquiring an additional 99,417 shares during the period. Vanguard Group Inc. grew its stake in shares of Myers Industries by 3.2% during the 1st quarter. Vanguard Group Inc. now owns 2,684,971 shares of the industrial products company's stock worth $32,032,000 after acquiring an additional 82,223 shares during the period. Allspring Global Investments Holdings LLC boosted its position in Myers Industries by 6.0% during the first quarter. Allspring Global Investments Holdings LLC now owns 2,171,055 shares of the industrial products company's stock worth $26,726,000 after purchasing an additional 123,516 shares during the period. Gabelli Funds LLC boosted its holdings in Myers Industries by 0.8% in the 1st quarter. Gabelli Funds LLC now owns 1,575,150 shares of the industrial products company's stock worth $18,792,000 after buying an additional 12,000 shares during the period. Finally, Invenomic Capital Management LP raised its stake in shares of Myers Industries by 163.3% during the 1st quarter. Invenomic Capital Management LP now owns 1,018,116 shares of the industrial products company's stock valued at $12,146,000 after purchasing an additional 631,463 shares during the period. Hedge funds and other institutional investors own 90.82% of the company's stock.

Myers Industries Stock Up 2.8%

Shares of Myers Industries stock traded up $0.45 on Thursday, reaching $16.50. The company's stock had a trading volume of 181,852 shares, compared to its average volume of 199,859. The company has a quick ratio of 1.12, a current ratio of 1.77 and a debt-to-equity ratio of 1.24. The company has a market capitalization of $617.34 million, a price-to-earnings ratio of 63.47 and a beta of 1.19. The firm's fifty day simple moving average is $15.85 and its two-hundred day simple moving average is $13.60. Myers Industries, Inc. has a 52 week low of $9.06 and a 52 week high of $17.12.

Myers Industries (NYSE:MYE - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The industrial products company reported $0.31 earnings per share for the quarter, missing analysts' consensus estimates of $0.32 by ($0.01). The company had revenue of $209.58 million for the quarter, compared to the consensus estimate of $220.60 million. Myers Industries had a net margin of 1.20% and a return on equity of 13.02%. Equities analysts anticipate that Myers Industries, Inc. will post 0.95 earnings per share for the current year.

Myers Industries Dividend Announcement

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

Wall Street Analysts Forecast Growth

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

Myers Industries Company 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.