Hsbc Holdings PLC Buys 18,080 Shares of Myers Industries, Inc. $MYE

Key Points

• Hsbc Holdings PLC increased its stake in Myers Industries, Inc. by 150.1%, acquiring an additional 18,080 shares, bringing its total ownership to 30,122 shares valued at approximately $361,000.
• Multiple institutional investors have significantly increased their holdings in Myers Industries, with GAMMA Investing LLC's position growing by 586.6% during the first quarter.
• Myers Industries recently reported earnings per share of $0.31, falling short of the consensus estimate, while analysts maintain a generally positive outlook with an average target price of $21.00.

Hsbc Holdings PLC increased its position in shares of Myers Industries, Inc. (NYSE:MYE - Free Report) by 150.1% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 30,122 shares of the industrial products company's stock after acquiring an additional 18,080 shares during the period. Hsbc Holdings PLC owned about 0.08% of Myers Industries worth $361,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. GAMMA Investing LLC lifted its holdings in Myers Industries by 586.6% during the 1st quarter. GAMMA Investing LLC now owns 2,609 shares of the industrial products company's stock worth $31,000 after buying an additional 2,229 shares during the period. CWM LLC lifted its holdings in 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 buying an additional 4,190 shares during the period. Aquatic Capital Management LLC lifted its holdings in 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 worth $61,000 after buying an additional 2,784 shares during the period. ProShare Advisors LLC acquired a new position in Myers Industries during the 4th quarter worth about $114,000. Finally, Graham Capital Management L.P. acquired a new position in shares of Myers Industries in the 4th quarter valued at about $144,000. Institutional investors own 90.82% of the company's stock.

Myers Industries Stock Down 2.5%

Myers Industries stock traded down $0.42 during midday trading on Friday, reaching $16.30. The stock had a trading volume of 238,781 shares, compared to its average volume of 206,569. Myers Industries, Inc. has a 12 month low of $9.06 and a 12 month high of $17.12. The company has a market capitalization of $609.82 million, a P/E ratio of 62.70 and a beta of 1.19. The company has a fifty day moving average price of $15.70 and a two-hundred day moving average price of $13.30. The company has a current ratio of 1.77, a quick ratio of 1.12 and a debt-to-equity ratio of 1.24.

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 analysts' consensus estimates 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 the consensus estimate of $220.60 million. As a group, equities analysts expect that Myers Industries, Inc. will post 0.95 EPS for the current fiscal year.

Myers Industries Announces Dividend

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

Wall Street Analysts Forecast Growth

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