Myers Industries, Inc. $MYE Stock Sold by Pzena Investment Management LLC

Key Points

• Pzena Investment Management cut its Myers Industries stake by 94.2% in the third quarter, selling 735,836 shares; it retained 45,178 shares valued at about $1.39 million.
• Myers Industries reported quarterly EPS of $0.32, below the $0.45 analyst consensus, while revenue of $171.34 million topped estimates of $163.80 million.
• The company declared a quarterly dividend of $0.135 per share, equivalent to $0.54 annually and a 2.0% yield. Analysts’ average rating was “Moderate Buy,” with a $37 average price target.

Pzena Investment Management LLC lowered its stake in Myers Industries, Inc. (NYSE:MYE - Free Report) by 94.2% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 45,178 shares of the industrial products company's stock after selling 735,836 shares during the quarter. Pzena Investment Management LLC owned 0.12% of Myers Industries worth $1,390,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the stock. Strs Ohio grew its holdings in shares of Myers Industries by 5.5% in the first quarter. Strs Ohio now owns 13,500 shares of the industrial products company's stock worth $286,000 after purchasing an additional 700 shares during the last quarter. Public Employees Retirement System of Ohio purchased a new position in shares of Myers Industries in the second quarter worth $40,000. Inspire Investing LLC raised its holdings in Myers Industries by 6.4% during the 3rd quarter. Inspire Investing LLC now owns 20,667 shares of the industrial products company's stock valued at $636,000 after buying an additional 1,250 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in Myers Industries by 0.4% during the 1st quarter. Bank of New York Mellon Corp now owns 417,591 shares of the industrial products company's stock valued at $8,845,000 after buying an additional 1,525 shares during the last quarter. Finally, NewEdge Advisors LLC bought a new stake in Myers Industries during the 1st quarter valued at $43,000. Hedge funds and other institutional investors own 90.82% of the company's stock.

Myers Industries Trading Down 6.1%

NYSE MYE opened at $26.84 on Friday. Myers Industries, Inc. has a fifty-two week low of $16.66 and a fifty-two week high of $37.45. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.37 and a current ratio of 1.89. The stock has a 50 day simple moving average of $31.05 and a two-hundred day simple moving average of $26.72. The stock has a market cap of $1.01 billion, a P/E ratio of 35.32 and a beta of 0.84.

Myers Industries (NYSE:MYE - Get Free Report) last issued its quarterly earnings data on Thursday, October 29th. The industrial products company reported $0.32 earnings per share for the quarter, missing analysts' consensus estimates of $0.45 by ($0.13). Myers Industries had a return on equity of 20.34% and a net margin of 3.99%. The business had revenue of $171.34 million during the quarter, compared to the consensus estimate of $163.80 million. During the same quarter in the prior year, the business posted $0.19 earnings per share.

Myers Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 6th. Investors of record on Friday, December 4th will be paid a $0.1350 dividend. The ex-dividend date of this dividend is Friday, December 4th. This represents a $0.54 dividend on an annualized basis and a yield of 2.0%. Myers Industries's dividend payout ratio (DPR) is presently 71.05%.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the stock. Wall Street Zen cut shares of Myers Industries from a "buy" rating to a "hold" rating in a research report on Saturday, October 31st. Weiss Ratings upgraded shares of Myers Industries from a "buy (b-)" rating to a "buy (b)" rating in a research report on Tuesday, October 27th. Two research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $37.00.

Myers Industries Company Profile

Myers Industries, Inc is a manufacturer and distributor of products serving industrial, agricultural, automotive, commercial and consumer markets. Founded in 1933 and headquartered in Akron, Ohio, the company operates primarily in North America.

Through its material-handling businesses, Myers Industries produces reusable plastic containers, totes, pallets, drums, tanks and other molded products. These products are used to store, transport and protect materials across industries such as manufacturing, food processing, agriculture, healthcare and logistics.

The company also distributes tire-service supplies, equipment and related products to tire dealers, retreaders, commercial fleets and automotive service providers.

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