Myers Industries, Inc. $MYE Shares Newly Acquired by Bank of America Corp DE

Key Points

• Bank of America acquired 281,663 Myers Industries shares in the second quarter, valued at approximately $9.95 million, giving it a 0.75% stake. Institutional investors collectively owned 90.82% of the company.
• Myers Industries reported quarterly EPS of $0.53, beating the $0.36 consensus estimate, while revenue reached $179.2 million versus expectations of $166 million.
• The company declared a quarterly dividend of $0.135 per share, or $0.54 annualized, representing a 1.7% yield. Analysts’ consensus rating remains Hold, with a $37 average price target.

Bank of America Corp DE bought a new position in Myers Industries, Inc. (NYSE:MYE - Free Report) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 281,663 shares of the industrial products company's stock, valued at approximately $9,946,000. Bank of America Corp DE owned 0.75% of Myers Industries at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in the company. EverSource Wealth Advisors LLC boosted its position in shares of Myers Industries by 36.1% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,904 shares of the industrial products company's stock worth $36,000 after buying an additional 505 shares during the period. NewEdge Advisors LLC acquired a new position in Myers Industries during the first quarter valued at $43,000. Clearstead Advisors LLC raised its position in Myers Industries by 56.0% during the fourth quarter. Clearstead Advisors LLC now owns 3,438 shares of the industrial products company's stock valued at $64,000 after buying an additional 1,234 shares during the period. Quantbot Technologies LP purchased a new stake in Myers Industries in the 2nd quarter worth about $192,000. Finally, Caxton Associates LLP purchased a new stake in Myers Industries in the 1st quarter worth about $205,000. 90.82% of the stock is owned by hedge funds and other institutional investors.

Myers Industries Price Performance

Shares of NYSE:MYE opened at $31.45 on Friday. The company has a current ratio of 1.61, a quick ratio of 1.21 and a debt-to-equity ratio of 0.91. Myers Industries, Inc. has a 1 year low of $15.54 and a 1 year high of $37.45. The business has a fifty day simple moving average of $32.33 and a 200 day simple moving average of $27.05. The firm has a market cap of $1.18 billion, a price-to-earnings ratio of 32.42 and a beta of 0.87.

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

Myers Industries Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 5th. Investors of record on Friday, September 18th will be given a dividend of $0.1350 per share. This represents a $0.54 annualized dividend and a yield of 1.7%. The ex-dividend date of this dividend is Friday, September 18th. Myers Industries's dividend payout ratio (DPR) is presently 55.67%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. Weiss Ratings lowered Myers Industries from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Monday, September 14th. Wall Street Zen raised shares of Myers Industries from a "buy" rating to a "strong-buy" rating in a research report on Saturday. Finally, KeyCorp raised their price target 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. One analyst has rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat, Myers Industries presently has an average rating of "Hold" and a consensus price target of $37.00.

Myers Industries Profile

Myers Industries, Inc is an industrial manufacturing and distribution company headquartered in Akron, Ohio. The company serves customers primarily in North America through two principal business areas: material handling and distribution.

Its material handling business manufactures reusable plastic products used to store, transport and protect materials. Products include pallets, totes, containers, drums, tanks, carts and other custom plastic components for industrial, agricultural, automotive, food processing and commercial applications.

Through its distribution operations, including Myers Tire Supply, the company provides tire service supplies, equipment and related products to tire dealers, automotive service businesses and commercial customers.

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