HighTower Advisors LLC Purchases 160,290 Shares of Myers Industries, Inc. $MYE

Key Points

• HighTower Advisors LLC significantly increased its stake in Myers Industries, Inc. by 1,347.8%, acquiring an additional 160,290 shares in the first quarter, bringing its total holdings to 172,183 shares valued at approximately $2.05 million.
• Equities research analysts have upgraded Myers Industries from a "hold" rating to a "buy" rating, with a target price of $21.00, indicating a positive outlook for the stock.
• Myers Industries recently declared a quarterly dividend of $0.135 per share, translating to an annualized yield of 3.3%, although its dividend payout ratio is unusually high at 207.69%.

HighTower Advisors LLC raised its position in shares of Myers Industries, Inc. (NYSE:MYE - Free Report) by 1,347.8% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 172,183 shares of the industrial products company's stock after purchasing an additional 160,290 shares during the period. HighTower Advisors LLC owned approximately 0.46% of Myers Industries worth $2,054,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. GAMMA Investing LLC lifted its stake in shares of Myers Industries by 586.6% in the 1st quarter. GAMMA Investing LLC now owns 2,609 shares of the industrial products company's stock valued at $31,000 after acquiring an additional 2,229 shares during the last quarter. CWM LLC grew its holdings in shares of Myers Industries by 829.7% during the 1st quarter. CWM LLC now owns 4,695 shares of the industrial products company's stock worth $56,000 after acquiring an additional 4,190 shares during the period. Aquatic Capital Management LLC lifted its holdings in shares of Myers Industries by 103.1% during the 4th quarter. Aquatic Capital Management LLC now owns 5,484 shares of the industrial products company's stock valued at $61,000 after buying an additional 2,784 shares during the period. ProShare Advisors LLC bought a new position in shares of Myers Industries during the 4th quarter valued at $114,000. Finally, Graham Capital Management L.P. bought a new position in Myers Industries in the 4th quarter worth $144,000. Hedge funds and other institutional investors own 90.82% of the company's stock.

Myers Industries Trading Down 0.3%

MYE traded down $0.05 on Friday, hitting $16.75. The company had a trading volume of 178,357 shares, compared to its average volume of 223,658. The company has a market cap of $626.62 million, a PE ratio of 64.42 and a beta of 1.15. Myers Industries, Inc. has a 12-month low of $9.06 and a 12-month high of $17.12. 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 business's fifty day simple moving average is $15.51 and its 200 day simple moving average is $13.13.

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

Myers Industries Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 3rd. Shareholders of record on Wednesday, June 18th were paid a $0.135 dividend. The ex-dividend date of this dividend was Wednesday, June 18th. This represents a $0.54 annualized dividend and a yield of 3.2%. Myers Industries's dividend payout ratio (DPR) is presently 207.69%.

Analyst Ratings Changes

MYE has been the topic of a number of recent research reports. Wall Street Zen raised 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 for the company in a research note on Friday, June 13th. One research analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, the company has an average rating of "Buy" and an average 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.