Teton Advisors Inc. Sells 51,500 Shares of Myers Industries, Inc. $MYE

Key Points

• Teton Advisors Inc. reduced its stake in Myers Industries by 12.9%, selling 51,500 shares and bringing its total holdings down to 347,500 shares, worth approximately $4.15 million.
• Despite the reduction from Teton Advisors, other institutional investors like Gamco Investors and Vanguard Group increased their positions in Myers Industries during the same quarter.
• Myers Industries recently reported a quarterly earnings miss with earnings per share at $0.31, falling short of the estimated $0.32, and a revenue of $209.58 million below analyst expectations of $220.60 million.

Teton Advisors Inc. cut its holdings in Myers Industries, Inc. (NYSE:MYE - Free Report) by 12.9% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 347,500 shares of the industrial products company's stock after selling 51,500 shares during the quarter. Myers Industries comprises approximately 2.6% of Teton Advisors Inc.'s holdings, making the stock its 3rd largest position. Teton Advisors Inc. owned about 0.93% of Myers Industries worth $4,146,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Gamco Investors INC. ET AL boosted its holdings in shares of Myers Industries by 2.9% during the 1st quarter. Gamco Investors INC. ET AL now owns 3,482,902 shares of the industrial products company's stock worth $41,551,000 after buying an additional 99,417 shares during the period. Vanguard Group Inc. lifted its position in shares of Myers Industries by 3.2% during the 1st quarter. Vanguard Group Inc. now owns 2,684,971 shares of the industrial products company's stock worth $32,032,000 after purchasing an additional 82,223 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its stake in Myers Industries by 6.0% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 2,171,055 shares of the industrial products company's stock valued at $26,726,000 after purchasing an additional 123,516 shares during the period. Gabelli Funds LLC increased its position in Myers Industries by 0.8% in the 1st quarter. Gabelli Funds LLC now owns 1,575,150 shares of the industrial products company's stock worth $18,792,000 after buying an additional 12,000 shares during the period. Finally, Millennium Management LLC boosted its position in shares of Myers Industries by 824.9% in the fourth quarter. Millennium Management LLC now owns 887,760 shares of the industrial products company's stock valued at $9,801,000 after acquiring an additional 791,780 shares during the period. Institutional investors own 90.82% of the company's stock.

Myers Industries Stock Performance

Shares of NYSE:MYE opened at $16.5050 on Tuesday. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.12 and a current ratio of 1.77. Myers Industries, Inc. has a twelve month low of $9.06 and a twelve month high of $16.85. The business has a fifty day moving average of $15.32 and a 200-day moving average of $13.01. The firm has a market cap of $617.45 million, a PE ratio of 63.48 and a beta of 1.15.

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

Myers Industries Dividend Announcement

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 $0.135 dividend. This represents a $0.54 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date was Wednesday, June 18th. Myers Industries's dividend payout ratio (DPR) is 207.69%.

Analyst Ratings Changes

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

About Myers Industries

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.

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