Myers Industries, Inc. $MYE Shares Bought by Vanguard Group Inc.

Key Points

• Vanguard Group Inc. increased its stake in Myers Industries by acquiring 82,223 shares, bringing its total holdings to 2,684,971 shares worth approximately $32 million.
• Myers Industries recently reported earnings per share (EPS) of $0.31, which fell short of estimates, and had revenue of $209.58 million for the last quarter.
• The company announced a quarterly dividend of $0.135 per share, with a notable dividend yield of 3.2% and a high payout ratio of 207.69%.

Vanguard Group Inc. lifted its stake in shares of Myers Industries, Inc. (NYSE:MYE - Free Report) by 3.2% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 2,684,971 shares of the industrial products company's stock after purchasing an additional 82,223 shares during the quarter. Vanguard Group Inc. owned about 7.18% of Myers Industries worth $32,032,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. GAMMA Investing LLC grew its stake in shares of Myers Industries by 586.6% during the 1st quarter. GAMMA Investing LLC now owns 2,609 shares of the industrial products company's stock worth $31,000 after purchasing an additional 2,229 shares during the period. Teacher Retirement System of Texas lifted its holdings in Myers Industries by 102.2% in the 1st quarter. Teacher Retirement System of Texas now owns 98,877 shares of the industrial products company's stock valued at $1,180,000 after purchasing an additional 49,979 shares in the last quarter. Rhumbline Advisers lifted its holdings in Myers Industries by 4.6% in the 1st quarter. Rhumbline Advisers now owns 54,098 shares of the industrial products company's stock valued at $645,000 after purchasing an additional 2,389 shares in the last quarter. Nuveen Asset Management LLC lifted its holdings in Myers Industries by 2.8% in the 4th quarter. Nuveen Asset Management LLC now owns 437,753 shares of the industrial products company's stock valued at $4,833,000 after purchasing an additional 11,985 shares in the last quarter. Finally, GSA Capital Partners LLP purchased a new position in Myers Industries in the 1st quarter valued at about $680,000. 90.82% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

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

Myers Industries Trading Down 0.8%

Shares of MYE stock traded down $0.14 during trading hours on Tuesday, hitting $16.60. 194,206 shares of the company were exchanged, compared to its average volume of 205,975. The firm has a market cap of $620.97 million, a PE ratio of 63.84 and a beta of 1.19. Myers Industries, Inc. has a 1 year low of $9.06 and a 1 year high of $17.12. 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 firm has a fifty day moving average of $15.60 and a 200 day moving average of $13.20.

Myers Industries (NYSE:MYE - Get Free Report) last posted its earnings results on Thursday, July 31st. The industrial products company reported $0.31 earnings per share (EPS) 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 return on equity of 13.02% and a net margin of 1.20%. Analysts expect that Myers Industries, Inc. will post 0.95 earnings per share for the current year.

Myers Industries Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 3rd. Investors of record on Wednesday, June 18th were given a dividend of $0.135 per share. This represents a $0.54 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date of this dividend was Wednesday, June 18th. Myers Industries's dividend payout ratio is 207.69%.

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.