Y Intercept Hong Kong Ltd Reduces Stock Holdings in Myers Industries, Inc. $MYE

Key Points

• Y Intercept Hong Kong Ltd cut its Myers Industries stake by 75.2% in the first quarter, leaving it with 17,526 shares valued at about $371,000.
• Myers Industries recently reported better-than-expected earnings of $0.44 per share, though revenue came in below estimates at $164.58 million.
• Wall Street sentiment on MYE is mixed, with a consensus Hold rating and an average price target of $37; the stock was trading around $30.95 and also pays a quarterly dividend yielding about 1.7%.

Y Intercept Hong Kong Ltd reduced its position in shares of Myers Industries, Inc. (NYSE:MYE - Free Report) by 75.2% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 17,526 shares of the industrial products company's stock after selling 53,112 shares during the quarter. Y Intercept Hong Kong Ltd's holdings in Myers Industries were worth $371,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in MYE. EverSource Wealth Advisors LLC boosted its holdings in shares of 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 worth $28,000 after buying an additional 1,498 shares during the last quarter. Kestra Advisory Services LLC purchased a new stake in Myers Industries during the fourth quarter valued at approximately $38,000. Quarry LP purchased a new stake in Myers Industries during the third quarter valued at approximately $48,000. Aquatic Capital Management LLC bought a new position in Myers Industries in the third quarter worth approximately $61,000. Finally, Clearstead Advisors LLC raised its position in Myers Industries by 56.0% in the fourth quarter. Clearstead Advisors LLC now owns 3,438 shares of the industrial products company's stock worth $64,000 after acquiring an additional 1,234 shares during the period. Hedge funds and other institutional investors own 90.82% of the company's stock.

Wall Street Analyst Weigh In

MYE has been the subject of a number of recent research reports. Wall Street Zen downgraded shares of Myers Industries from a "buy" rating to a "hold" rating in a research report on Saturday, May 9th. KeyCorp raised their target price on Myers Industries from $26.00 to $37.00 and gave the stock an "overweight" rating in a report on Tuesday, June 30th. Finally, Weiss Ratings downgraded Myers Industries from a "hold (c+)" rating to a "hold (c)" rating in a research report on Monday, May 11th. One research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat, Myers Industries currently has a consensus rating of "Hold" and an average price target of $37.00.

Myers Industries Trading Up 1.7%

Myers Industries stock opened at $30.95 on Wednesday. The firm has a 50 day moving average of $26.23 and a 200 day moving average of $22.83. The firm has a market capitalization of $1.16 billion, a price-to-earnings ratio of 44.21 and a beta of 0.88. Myers Industries, Inc. has a 12-month low of $12.96 and a 12-month high of $35.75. The company has a current ratio of 1.65, a quick ratio of 1.29 and a debt-to-equity ratio of 1.04.

Myers Industries (NYSE:MYE - Get Free Report) last issued its quarterly earnings results on Thursday, May 7th. The industrial products company reported $0.44 earnings per share for the quarter, beating the consensus estimate of $0.28 by $0.16. The business had revenue of $164.58 million for the quarter, compared to the consensus estimate of $209.30 million. Myers Industries had a net margin of 3.36% and a return on equity of 17.23%.

Myers Industries Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 2nd. Stockholders of record on Wednesday, June 17th were given a dividend of $0.135 per share. This represents a $0.54 annualized dividend and a dividend yield of 1.7%. The ex-dividend date was Wednesday, June 17th. Myers Industries's dividend payout ratio (DPR) is presently 77.14%.

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.

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