SeaBridge Investment Advisors LLC lifted its stake in shares of Myers Industries, Inc. (NYSE:MYE) by 41.1% in the third quarter, according to the company in its most recent filing with the SEC. The fund owned 29,836 shares of the industrial products company’s stock after buying an additional 8,695 shares during the quarter. SeaBridge Investment Advisors LLC owned about 0.08% of Myers Industries worth $527,000 as of its most recent SEC filing.
A number of other institutional investors have also modified their holdings of MYE. Trust Co. of Vermont acquired a new stake in Myers Industries in the 2nd quarter worth about $39,000. Aperio Group LLC acquired a new stake in Myers Industries in the 2nd quarter worth about $92,000. Bank of Montreal Can raised its stake in Myers Industries by 118.4% in the 2nd quarter. Bank of Montreal Can now owns 5,453 shares of the industrial products company’s stock worth $105,000 after purchasing an additional 2,956 shares in the last quarter. Marshall Wace North America L.P. acquired a new stake in Myers Industries in the 1st quarter worth about $144,000. Finally, Convergence Investment Partners LLC acquired a new stake in Myers Industries in the 2nd quarter worth about $169,000. Institutional investors and hedge funds own 87.10% of the company’s stock.
Myers Industries stock traded down $0.06 during midday trading on Wednesday, hitting $16.41. The company’s stock had a trading volume of 971 shares, compared to its average volume of 132,082. Myers Industries, Inc. has a 1-year low of $14.24 and a 1-year high of $19.55. The company has a debt-to-equity ratio of 0.50, a current ratio of 2.26 and a quick ratio of 1.77. The company has a 50-day moving average price of $16.98 and a two-hundred day moving average price of $17.44. The company has a market cap of $583.52 million, a price-to-earnings ratio of 21.58 and a beta of 1.57.
Myers Industries (NYSE:MYE) last released its earnings results on Tuesday, July 30th. The industrial products company reported $0.27 EPS for the quarter, beating the consensus estimate of $0.25 by $0.02. Myers Industries had a negative net margin of 0.99% and a positive return on equity of 17.51%. The firm had revenue of $134.30 million for the quarter, compared to analyst estimates of $138.00 million. During the same period last year, the firm earned $0.27 EPS. The business’s quarterly revenue was down 4.5% compared to the same quarter last year. Sell-side analysts forecast that Myers Industries, Inc. will post 0.79 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, October 2nd. Shareholders of record on Tuesday, September 3rd were issued a $0.135 dividend. This represents a $0.54 annualized dividend and a yield of 3.29%. The ex-dividend date was Friday, August 30th. Myers Industries’s dividend payout ratio is currently 71.05%.
Several analysts have weighed in on the stock. Cowen upgraded shares of Myers Industries from a “market perform” rating to an “outperform” rating and lifted their price objective for the stock from $20.00 to $22.00 in a research note on Tuesday, August 27th. Zacks Investment Research cut shares of Myers Industries from a “hold” rating to a “sell” rating in a research note on Friday, October 18th. Finally, ValuEngine cut shares of Myers Industries from a “hold” rating to a “sell” rating in a research note on Monday.
About Myers Industries
Myers Industries, Inc manufactures and sells polymer products for industrial, agricultural, automotive, commercial, and consumer markets worldwide. The company's Material Handling segment provides plastic reusable material handling containers, pallets, small parts bins, bulk shipping containers, storage and organization products, and rotationally-molded plastic tanks for water, fuel, and waste handling applications; welded steel service carts, platform trucks, mobile work centers, racks, and cabinets; plastic trim and interior parts used in the production of seat components, consoles, and other applications in the recreational vehicle, marine, and industrial markets; and plastic fuel containers, portable marine fuel tanks and water containers, ammunition containers, and storage totes under the Buckhorn, Akro-Mils, Jamco Products, Ameri-Kart, and Scepter brands.
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