Sowell Financial Services LLC Purchases 106,537 Shares of Myers Industries, Inc. $MYE

Key Points

• Sowell Financial Services acquired 106,537 shares of Myers Industries in the third quarter, valued at approximately $3.28 million and representing about 0.28% of the company. Institutional investors collectively own 90.82% of Myers Industries.
• Myers Industries reported quarterly earnings of $0.53 per share, exceeding the $0.36 consensus estimate, while revenue reached $179.2 million versus expectations of $166 million.
• The stock opened at $32.85, with analysts maintaining a “Moderate Buy” consensus and an average price target of $37.00. The company also pays a $0.54 annualized dividend, yielding approximately 1.6%.

Sowell Financial Services LLC purchased a new stake in Myers Industries, Inc. (NYSE:MYE - Free Report) in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 106,537 shares of the industrial products company's stock, valued at approximately $3,278,000. Sowell Financial Services LLC owned approximately 0.28% of Myers Industries as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. CWA Asset Management Group LLC boosted its stake in Myers Industries by 12.7% in the 3rd quarter. CWA Asset Management Group LLC now owns 29,209 shares of the industrial products company's stock worth $899,000 after purchasing an additional 3,284 shares during the period. Tidal Investments LLC purchased a new position in Myers Industries during the 2nd quarter valued at about $926,000. WINTON GROUP Ltd purchased a new position in Myers Industries during the 2nd quarter valued at about $304,000. Integrated Wealth Concepts LLC bought a new stake in shares of Myers Industries during the second quarter valued at about $112,000. Finally, HighTower Advisors LLC increased its position in shares of Myers Industries by 34.7% during the second quarter. HighTower Advisors LLC now owns 16,947 shares of the industrial products company's stock valued at $598,000 after buying an additional 4,363 shares during the period. 90.82% of the stock is currently owned by institutional investors.

Myers Industries Price Performance

NYSE:MYE opened at $32.85 on Thursday. The firm has a market capitalization of $1.24 billion, a price-to-earnings ratio of 33.87 and a beta of 0.83. Myers Industries, Inc. has a 52-week low of $16.46 and a 52-week high of $37.45. The stock has a fifty day moving average of $31.64 and a 200 day moving average of $28.39. The company has a debt-to-equity ratio of 0.91, a quick ratio of 1.21 and a current ratio of 1.61.

Myers Industries (NYSE:MYE - Get Free Report) last posted its earnings results on Thursday, July 30th. The industrial products company reported $0.53 EPS for the quarter, topping the consensus estimate of $0.36 by $0.17. The business 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 declared a quarterly dividend, which was paid on Monday, October 5th. Stockholders of record on Friday, September 18th were given a dividend of $0.1350 per share. This represents a $0.54 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date was Friday, September 18th. Myers Industries's dividend payout ratio (DPR) is 55.67%.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. KeyCorp raised their price objective on shares of Myers Industries from $26.00 to $37.00 and gave the company an "overweight" rating in a research report on Tuesday, June 30th. Wall Street Zen lowered shares of Myers Industries from a "strong-buy" rating to a "buy" rating in a report on Tuesday. Finally, Weiss Ratings upgraded shares of Myers Industries from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Friday, October 2nd. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target 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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