Susquehanna International Group LLP Raises Holdings in Myers Industries, Inc. $MYE

Key Points

• Susquehanna International Group increased its Myers Industries stake by 335.8% in the second quarter, bringing its holdings to 54,089 shares worth approximately $1.91 million. Institutional investors and hedge funds now own 90.82% of the company.
• Analyst sentiment remains mixed: Wall Street Zen upgraded the stock to “buy,” while two analysts maintain “hold” ratings. KeyCorp raised its price target from $26 to $37, matching the current average target.
• Myers Industries reported quarterly earnings of $0.53 per share, beating estimates of $0.36, while revenue of $179.2 million exceeded expectations. The company also pays a quarterly dividend of $0.135, equivalent to a 1.6% annual yield.

Susquehanna International Group LLP grew its stake in shares of Myers Industries, Inc. (NYSE:MYE - Free Report) by 335.8% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 54,089 shares of the industrial products company's stock after acquiring an additional 41,677 shares during the quarter. Susquehanna International Group LLP owned about 0.14% of Myers Industries worth $1,910,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of MYE. EverSource Wealth Advisors LLC increased its stake in Myers Industries by 372.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,900 shares of the industrial products company's stock valued at $28,000 after purchasing an additional 1,498 shares in the last quarter. Kestra Advisory Services LLC purchased a new stake in shares of Myers Industries during the fourth quarter valued at $38,000. Public Employees Retirement System of Ohio acquired a new position in shares of Myers Industries in the 2nd quarter valued at $40,000. NewEdge Advisors LLC acquired a new position in shares of Myers Industries in the 1st quarter valued at $43,000. Finally, Quarry LP purchased a new position in Myers Industries in the 3rd quarter worth $48,000. 90.82% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on MYE shares. Wall Street Zen raised Myers Industries from a "hold" rating to a "buy" rating in a report on Saturday, August 1st. Weiss Ratings raised Myers Industries from a "hold (c)" rating to a "hold (c+)" rating in a report on Friday, July 31st. Finally, KeyCorp increased 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 research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $37.00.

Myers Industries Stock Down 0.2%

Shares of MYE opened at $32.74 on Monday. The company has a market capitalization of $1.23 billion, a price-to-earnings ratio of 33.75 and a beta of 0.89. Myers Industries, Inc. has a 52 week low of $15.54 and a 52 week high of $37.45. The stock's 50-day moving average price is $32.27 and its 200-day moving average price is $25.83. The company has a quick ratio of 1.21, a current ratio of 1.61 and a debt-to-equity ratio of 0.91.

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

Myers Industries Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 2nd. Shareholders of record on Wednesday, June 17th were issued a $0.135 dividend. The ex-dividend date of this dividend was Wednesday, June 17th. This represents a $0.54 dividend on an annualized basis and a yield of 1.6%. Myers Industries's payout ratio is presently 55.67%.

Myers Industries Profile

Myers Industries, Inc is a diversified manufacturer of polymer products serving industrial, commercial and consumer markets. The company designs, produces and markets a broad range of molded and fabricated plastic components, including pallets, bulk containers, tanks and drums used in material handling and storage applications. Myers Industries leverages proprietary polymer technologies to provide durable, reusable solutions that help customers optimize supply chain efficiency and reduce environmental impact.

Myers operates primarily through two business segments.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source