Janney Montgomery Scott LLC Invests $690,000 in Myers Industries, Inc. $MYE

Key Points

• Janney Montgomery Scott LLC bought 32,558 shares of Myers Industries in the first quarter, a new position valued at about $690,000. The stake represented roughly 0.09% of the company.
• Institutional ownership in Myers Industries remains high, with several other hedge funds also increasing their positions; 90.82% of the stock is held by hedge funds and other institutional investors.
• Analysts are mixed on MYE, with a consensus rating of Hold and a target price of $37.00. KeyCorp was notably bullish, raising its target from $26 to $37 and assigning an Overweight rating.

Janney Montgomery Scott LLC purchased a new position in shares of Myers Industries, Inc. (NYSE:MYE - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 32,558 shares of the industrial products company's stock, valued at approximately $690,000. Janney Montgomery Scott LLC owned about 0.09% of Myers Industries as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Royal Bank of Canada increased its stake in Myers Industries by 44.5% during the 1st quarter. Royal Bank of Canada now owns 24,684 shares of the industrial products company's stock worth $295,000 after buying an additional 7,607 shares in the last quarter. AQR Capital Management LLC lifted its position in shares of Myers Industries by 148.8% in the first quarter. AQR Capital Management LLC now owns 166,990 shares of the industrial products company's stock valued at $1,992,000 after acquiring an additional 99,881 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Myers Industries by 4.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 21,835 shares of the industrial products company's stock worth $260,000 after acquiring an additional 936 shares during the last quarter. Millennium Management LLC boosted its stake in shares of Myers Industries by 2.7% in the first quarter. Millennium Management LLC now owns 911,626 shares of the industrial products company's stock worth $10,876,000 after acquiring an additional 23,866 shares during the last quarter. Finally, Goldman Sachs Group Inc. increased its position in shares of Myers Industries by 12.2% during the first quarter. Goldman Sachs Group Inc. now owns 320,996 shares of the industrial products company's stock worth $3,829,000 after purchasing an additional 34,787 shares in the last quarter. 90.82% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently commented on MYE shares. Weiss Ratings downgraded Myers Industries from a "hold (c+)" rating to a "hold (c)" rating in a research note on Monday, May 11th. KeyCorp upped their target price on shares of Myers Industries from $26.00 to $37.00 and gave the stock an "overweight" rating in a report on Tuesday, June 30th. Finally, Wall Street Zen cut shares of Myers Industries from a "buy" rating to a "hold" rating in a research report on Saturday, May 9th. One analyst has rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, Myers Industries has a consensus rating of "Hold" and a consensus target price of $37.00.

Myers Industries Trading Up 1.7%

Shares of MYE stock opened at $30.95 on Wednesday. The company has a current ratio of 1.65, a quick ratio of 1.29 and a debt-to-equity ratio of 1.04. Myers Industries, Inc. has a twelve month low of $12.96 and a twelve month high of $35.75. The company's 50-day moving average price is $26.23 and its 200-day moving average price is $22.83. The stock has a market cap of $1.16 billion, a price-to-earnings ratio of 44.21 and a beta of 0.88.

Myers Industries (NYSE:MYE - Get Free Report) last posted its earnings results on Thursday, May 7th. The industrial products company reported $0.44 earnings per share for the quarter, beating the consensus estimate of $0.28 by $0.16. Myers Industries had a net margin of 3.36% and a return on equity of 17.23%. The company had revenue of $164.58 million for the quarter, compared to analyst estimates of $209.30 million.

Myers Industries Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, July 2nd. Shareholders of record on Wednesday, June 17th were given a $0.135 dividend. The ex-dividend date of this dividend was Wednesday, June 17th. This represents a $0.54 dividend on an annualized basis and a yield of 1.7%. Myers Industries's dividend payout ratio (DPR) is currently 77.14%.

About Myers Industries

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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