Russell Investments Group Ltd. Grows Position in Myers Industries, Inc. $MYE

Key Points

• Russell Investments Group Ltd. increased its stake in Myers Industries by 16.3%, acquiring 33,686 shares during the first quarter, bringing its total ownership to approximately $2,862,000.
• Several analysts have upgraded Myers Industries' rating recently, with KeyCorp setting a price target of $21.00, and the stock currently holds an average rating of "Buy."
• Myers Industries announced a quarterly dividend of $0.135 per share, resulting in a dividend yield of 3.3%, although its payout ratio is notably high at 207.69%.

Russell Investments Group Ltd. raised its stake in Myers Industries, Inc. (NYSE:MYE - Free Report) by 16.3% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 239,883 shares of the industrial products company's stock after acquiring an additional 33,686 shares during the period. Russell Investments Group Ltd. owned approximately 0.64% of Myers Industries worth $2,862,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. GAMMA Investing LLC increased its holdings in Myers Industries by 586.6% in the 1st quarter. GAMMA Investing LLC now owns 2,609 shares of the industrial products company's stock valued at $31,000 after acquiring an additional 2,229 shares during the last quarter. Teacher Retirement System of Texas increased its holdings in Myers Industries by 102.2% in the 1st quarter. Teacher Retirement System of Texas now owns 98,877 shares of the industrial products company's stock valued at $1,180,000 after acquiring an additional 49,979 shares during the last quarter. Rhumbline Advisers increased its holdings in Myers Industries by 4.6% in the 1st quarter. Rhumbline Advisers now owns 54,098 shares of the industrial products company's stock valued at $645,000 after acquiring an additional 2,389 shares during the last quarter. Nuveen Asset Management LLC increased its holdings in Myers Industries by 2.8% in the 4th quarter. Nuveen Asset Management LLC now owns 437,753 shares of the industrial products company's stock valued at $4,833,000 after acquiring an additional 11,985 shares during the last quarter. Finally, HighTower Advisors LLC increased its holdings in Myers Industries by 1,347.8% in the 1st quarter. HighTower Advisors LLC now owns 172,183 shares of the industrial products company's stock valued at $2,054,000 after acquiring an additional 160,290 shares during the last quarter. 90.82% of the stock is currently owned by institutional investors.

Myers Industries Price Performance

Shares of Myers Industries stock traded down $0.05 during trading hours on Friday, reaching $16.75. The company's stock had a trading volume of 178,357 shares, compared to its average volume of 223,658. Myers Industries, Inc. has a one year low of $9.06 and a one year high of $17.12. The company has a debt-to-equity ratio of 1.24, a current ratio of 1.77 and a quick ratio of 1.12. The firm has a 50 day moving average price of $15.51 and a 200-day moving average price of $13.13. The stock has a market cap of $626.62 million, a P/E ratio of 64.42 and a beta of 1.15.

Myers Industries (NYSE:MYE - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The industrial products company reported $0.31 EPS for the quarter, missing analysts' consensus estimates 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. On average, analysts predict that Myers Industries, Inc. will post 0.95 EPS for the current year.

Myers Industries Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, July 3rd. Investors of record on Wednesday, June 18th were paid a dividend of $0.135 per share. The ex-dividend date of this dividend was Wednesday, June 18th. This represents a $0.54 dividend on an annualized basis and a dividend yield of 3.2%. Myers Industries's payout ratio is currently 207.69%.

Wall Street Analysts Forecast Growth

MYE has been the topic of a number of research reports. Wall Street Zen upgraded shares of Myers Industries from a "hold" rating to a "buy" rating in a report on Sunday, June 22nd. KeyCorp upgraded shares of Myers Industries from a "sector weight" rating to an "overweight" rating and set a $21.00 target price on the stock in a report on Friday, June 13th. One investment analyst has rated the stock with a Buy rating, Based on data from MarketBeat, the company has a consensus rating of "Buy" and an average price target of $21.00.

Myers Industries 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.