Ieq Capital LLC Invests $1.72 Million in Myers Industries, Inc. $MYE

Key Points

• Ieq Capital LLC acquired 48,766 Myers Industries shares in the second quarter, valued at approximately $1.72 million and representing about 0.13% of the company. Institutional investors collectively own 90.82% of the stock.
• Myers Industries reported quarterly EPS of $0.53, beating the $0.36 analyst consensus, while revenue of $179.2 million exceeded estimates of $166 million.
• The company pays a quarterly dividend of $0.135, or $0.54 annualized, yielding about 1.7%. Analysts maintain a consensus “Hold” rating with a $37 target price, compared with the stock’s reported price of $32.71.

Ieq Capital LLC acquired a new stake in shares of Myers Industries, Inc. (NYSE:MYE - Free Report) in the second quarter, according to the company in its most recent filing with the SEC. The firm acquired 48,766 shares of the industrial products company's stock, valued at approximately $1,722,000. Ieq Capital LLC owned approximately 0.13% of Myers Industries at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Lazard Asset Management LLC grew its holdings in Myers Industries by 69.8% during the 1st quarter. Lazard Asset Management LLC now owns 155,766 shares of the industrial products company's stock worth $3,299,000 after acquiring an additional 64,018 shares in the last quarter. Sei Investments Co. raised its holdings in shares of Myers Industries by 77.5% in the 1st quarter. Sei Investments Co. now owns 358,375 shares of the industrial products company's stock valued at $7,590,000 after purchasing an additional 156,470 shares in the last quarter. Principal Financial Group Inc. lifted its position in shares of Myers Industries by 86.8% in the 1st quarter. Principal Financial Group Inc. now owns 69,583 shares of the industrial products company's stock worth $1,474,000 after purchasing an additional 32,340 shares during the period. Pzena Investment Management LLC lifted its position in shares of Myers Industries by 813.5% in the 4th quarter. Pzena Investment Management LLC now owns 1,302,309 shares of the industrial products company's stock worth $24,379,000 after purchasing an additional 1,159,746 shares during the period. Finally, Janney Montgomery Scott LLC bought a new position in shares of Myers Industries during the first quarter valued at approximately $690,000. 90.82% of the stock is owned by hedge funds and other institutional investors.

Myers Industries Stock Down 2.1%

Shares of MYE stock opened at $32.71 on Wednesday. The stock's 50-day simple moving average is $31.92 and its 200-day simple moving average is $25.60. The company has a debt-to-equity ratio of 0.91, a quick ratio of 1.21 and a current ratio of 1.61. The firm has a market capitalization of $1.23 billion, a PE ratio of 33.73 and a beta of 0.89. Myers Industries, Inc. has a fifty-two week low of $15.54 and a fifty-two week high of $37.45.

Myers Industries (NYSE:MYE - Get Free Report) last released its earnings results on Thursday, July 30th. The industrial products company reported $0.53 EPS for the quarter, topping analysts' consensus estimates of $0.36 by $0.17. Myers Industries had a return on equity of 19.86% and a net margin of 4.86%.The firm had revenue of $179.20 million during the quarter, compared to the consensus estimate of $166.00 million.

Myers Industries Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, July 2nd. Investors of record on Wednesday, June 17th were paid a $0.135 dividend. This represents a $0.54 annualized dividend and a dividend yield of 1.7%. The ex-dividend date was Wednesday, June 17th. Myers Industries's payout ratio is currently 55.67%.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Wall Street Zen raised Myers Industries from a "hold" rating to a "buy" rating in a research report on Saturday, August 1st. KeyCorp lifted their target price on Myers Industries from $26.00 to $37.00 and gave the company an "overweight" rating in a research note on Tuesday, June 30th. Finally, Weiss Ratings raised shares of Myers Industries from a "hold (c)" rating to a "hold (c+)" rating in a research report on Friday, July 31st. One equities research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $37.00.

Myers Industries Company Profile

Myers Industries, Inc is a diversified manufacturer of polymer products serving industrial, commercial and consumer markets. The company designs, produces and markets a broad range of molded and fabricated plastic components, including pallets, bulk containers, tanks and drums used in material handling and storage applications. Myers Industries leverages proprietary polymer technologies to provide durable, reusable solutions that help customers optimize supply chain efficiency and reduce environmental impact.

Myers operates primarily through two business segments.

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