Russell Investments Group Ltd. Acquires 33,686 Shares of 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. boosted its position in Myers Industries, Inc. (NYSE:MYE - Free Report) by 16.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 239,883 shares of the industrial products company's stock after buying an additional 33,686 shares during the quarter. Russell Investments Group Ltd. owned approximately 0.64% of Myers Industries worth $2,862,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also bought and sold shares of the company. GAMMA Investing LLC boosted its stake in shares of Myers Industries by 586.6% during the first quarter. GAMMA Investing LLC now owns 2,609 shares of the industrial products company's stock valued at $31,000 after purchasing an additional 2,229 shares during the period. Rhumbline Advisers grew its stake in shares of Myers Industries by 4.6% in the first quarter. Rhumbline Advisers now owns 54,098 shares of the industrial products company's stock worth $645,000 after acquiring an additional 2,389 shares during the last quarter. Aquatic Capital Management LLC grew its stake in shares of Myers Industries by 103.1% in the fourth quarter. Aquatic Capital Management LLC now owns 5,484 shares of the industrial products company's stock worth $61,000 after acquiring an additional 2,784 shares during the last quarter. CWM LLC grew its stake in shares of Myers Industries by 829.7% in the first quarter. CWM LLC now owns 4,695 shares of the industrial products company's stock worth $56,000 after acquiring an additional 4,190 shares during the last quarter. Finally, Wells Fargo & Company MN grew its stake in shares of Myers Industries by 32.9% in the fourth quarter. Wells Fargo & Company MN now owns 22,464 shares of the industrial products company's stock worth $248,000 after acquiring an additional 5,566 shares during the last quarter. Hedge funds and other institutional investors own 90.82% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have recently commented on MYE. KeyCorp raised Myers Industries from a "sector weight" rating to an "overweight" rating and set a $21.00 target price on the stock in a research note on Friday, June 13th. Wall Street Zen raised Myers Industries from a "hold" rating to a "buy" rating in a research report on Sunday, June 22nd. One investment analyst has rated the stock with a Buy rating, Based on data from MarketBeat, Myers Industries currently has a consensus rating of "Buy" and an average target price of $21.00.

Myers Industries Stock Performance

NYSE:MYE traded down $0.20 on Friday, hitting $16.60. The stock had a trading volume of 62,167 shares, compared to its average volume of 282,711. The stock has a market cap of $621.01 million, a price-to-earnings ratio of 63.83 and a beta of 1.15. The company has a quick ratio of 1.12, a current ratio of 1.77 and a debt-to-equity ratio of 1.24. The business's 50-day simple moving average is $15.46 and its two-hundred day simple moving average is $13.09. Myers Industries, Inc. has a 52-week low of $9.06 and a 52-week high of $17.12.

Myers Industries (NYSE:MYE - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The industrial products company reported $0.31 EPS for the quarter, missing the consensus estimate of $0.32 by ($0.01). Myers Industries had a return on equity of 13.02% and a net margin of 1.20%.The company had revenue of $209.58 million during the quarter, compared to the consensus estimate of $220.60 million. As a group, research analysts predict that Myers Industries, Inc. will post 0.95 earnings per share for the current year.

Myers Industries Announces Dividend

The firm also recently announced 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. This represents a $0.54 annualized dividend and a yield of 3.3%. The ex-dividend date of this dividend was Wednesday, June 18th. Myers Industries's dividend payout ratio (DPR) is 207.69%.

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.