Hsbc Holdings PLC Raises Holdings in 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 lifted its holdings in Myers Industries, Inc. (NYSE:MYE - Free Report) by 150.1% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 30,122 shares of the industrial products company's stock after purchasing an additional 18,080 shares during the quarter. Hsbc Holdings PLC owned about 0.08% of Myers Industries worth $361,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. GAMMA Investing LLC lifted its position 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 acquiring an additional 2,229 shares during the period. CWM LLC lifted its position 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 acquiring an additional 4,190 shares during the period. Aquatic Capital Management LLC lifted its position 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 acquiring an additional 2,784 shares during the period. ProShare Advisors LLC acquired a new stake in Myers Industries during the 4th quarter worth about $114,000. Finally, Graham Capital Management L.P. acquired a new stake in Myers Industries during the 4th quarter worth about $144,000. Institutional investors and hedge funds own 90.82% of the company's stock.

Myers Industries Price Performance

Shares of Myers Industries stock traded down $0.42 on Friday, hitting $16.30. The company's stock had a trading volume of 238,781 shares, compared to its average volume of 203,810. Myers Industries, Inc. has a 1 year low of $9.06 and a 1 year high of $17.12. The firm has a fifty day moving average price of $15.70 and a 200-day moving average price of $13.28. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.12 and a current ratio of 1.77. The company has a market capitalization of $609.82 million, a price-to-earnings ratio of 62.70 and a beta of 1.19.

Myers Industries (NYSE:MYE - Get Free Report) last posted its quarterly earnings data 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 return on equity of 13.02% and a net margin of 1.20%.The firm had revenue of $209.58 million for the quarter, compared to analysts' expectations of $220.60 million. As a group, sell-side analysts anticipate that Myers Industries, Inc. will post 0.95 earnings per share for the current fiscal year.

Myers Industries Dividend Announcement

The company 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 dividend of $0.135 per share. This represents a $0.54 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date is Friday, September 12th. Myers Industries's dividend payout ratio is 207.69%.

Analyst Upgrades and Downgrades

A number of brokerages have commented on MYE. KeyCorp raised Myers Industries from a "sector weight" rating to an "overweight" rating and set a $21.00 price target for the company in a research report on Friday, June 13th. Wall Street Zen upgraded Myers Industries from a "hold" rating to a "buy" rating in a research note on Sunday, June 22nd. One investment analyst has rated the stock with a Buy rating, According to 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.