Tectonic Advisors LLC Invests $961,000 in Myers Industries, Inc. $MYE

Key Points

• Tectonic Advisors LLC bought a new position of 51,354 shares in Myers Industries (NYSE:MYE) during Q4, valued at about $961,000, representing roughly 0.14% of the company.
• Institutional investors hold about 90.82% of MYE, and several other funds have recently added small positions, indicating continued institutional interest.
• Analysts' consensus is a Hold with an average target of $21; the stock trades at $22.35 (market cap ≈ $835.7M), recently reported an earnings beat, and yields about 2.4% annually from its dividend.

Tectonic Advisors LLC purchased a new position in shares of Myers Industries, Inc. (NYSE:MYE - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 51,354 shares of the industrial products company's stock, valued at approximately $961,000. Tectonic Advisors LLC owned 0.14% of Myers Industries as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also bought and sold shares of MYE. State of Alaska Department of Revenue acquired a new position in Myers Industries in the third quarter valued at $25,000. EverSource Wealth Advisors LLC lifted its holdings in Myers Industries by 372.6% in the second quarter. EverSource Wealth Advisors LLC now owns 1,900 shares of the industrial products company's stock valued at $28,000 after buying an additional 1,498 shares during the period. Quarry LP acquired a new position in Myers Industries in the third quarter valued at $48,000. New York State Teachers Retirement System acquired a new position in Myers Industries in the third quarter valued at $57,000. Finally, Aquatic Capital Management LLC acquired a new position in Myers Industries in the third quarter valued at $61,000. Institutional investors and hedge funds own 90.82% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on MYE. Wall Street Zen lowered shares of Myers Industries from a "strong-buy" rating to a "buy" rating in a report on Saturday, March 28th. Weiss Ratings restated a "hold (c)" rating on shares of Myers Industries in a report on Thursday, January 22nd. Finally, Zacks Research upgraded shares of Myers Industries from a "strong sell" rating to a "hold" rating in a report on Tuesday, December 16th. One equities research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat, the stock has an average rating of "Hold" and an average target price of $21.00.

Myers Industries Price Performance

Shares of NYSE MYE opened at $22.35 on Tuesday. The firm's 50-day moving average price is $21.63 and its 200-day moving average price is $19.45. Myers Industries, Inc. has a 1-year low of $9.07 and a 1-year high of $24.03. The firm has a market capitalization of $835.70 million, a P/E ratio of 24.03 and a beta of 1.09. The company has a current ratio of 1.67, a quick ratio of 1.16 and a debt-to-equity ratio of 1.08.

Myers Industries (NYSE:MYE - Get Free Report) last announced its quarterly earnings data on Thursday, March 5th. The industrial products company reported $0.31 earnings per share for the quarter, beating the consensus estimate of $0.23 by $0.08. Myers Industries had a net margin of 4.23% and a return on equity of 14.46%. The firm had revenue of $203.97 million for the quarter, compared to analyst estimates of $202.60 million. Equities research analysts anticipate that Myers Industries, Inc. will post 0.95 earnings per share for the current fiscal year.

Myers Industries Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 3rd. Stockholders of record on Friday, March 13th were issued a dividend of $0.135 per share. The ex-dividend date was Friday, March 13th. This represents a $0.54 annualized dividend and a dividend yield of 2.4%. Myers Industries's dividend payout ratio is currently 58.06%.

Myers Industries Company 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.

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