Goldman Sachs Group Inc. increased its position in Myers Industries, Inc. (NYSE:MYE) by 67.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 91,419 shares of the industrial products company’s stock after buying an additional 36,748 shares during the period. Goldman Sachs Group Inc. owned 0.30% of Myers Industries worth $1,449,000 as of its most recent SEC filing.
Several other large investors also recently modified their holdings of MYE. Hartford Investment Management Co. acquired a new stake in shares of Myers Industries during the first quarter valued at about $167,000. Arizona State Retirement System increased its position in shares of Myers Industries by 0.9% in the first quarter. Arizona State Retirement System now owns 11,386 shares of the industrial products company’s stock worth $180,000 after buying an additional 100 shares during the period. UBS Asset Management Americas Inc. bought a new stake in shares of Myers Industries during the first quarter valued at approximately $187,000. Sei Investments Co. bought a new stake in shares of Myers Industries during the first quarter valued at approximately $194,000. Finally, Trexquant Investment LP bought a new stake in shares of Myers Industries during the first quarter valued at approximately $348,000. Institutional investors and hedge funds own 83.05% of the company’s stock.
Myers Industries, Inc. (NYSE:MYE) opened at 18.10 on Friday. The company’s 50-day moving average is $17.89 and its 200 day moving average is $16.46. The company has a market capitalization of $547.62 million, a price-to-earnings ratio of 136.09 and a beta of 1.76. Myers Industries, Inc. has a 52 week low of $11.35 and a 52 week high of $19.45.
Myers Industries (NYSE:MYE) last released its quarterly earnings results on Tuesday, August 1st. The industrial products company reported $0.17 earnings per share for the quarter, beating the consensus estimate of $0.15 by $0.02. The business had revenue of $142.30 million for the quarter, compared to analysts’ expectations of $142.95 million. Myers Industries had a net margin of 0.74% and a return on equity of 10.71%. The firm’s revenue for the quarter was down 1.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.21 earnings per share. On average, analysts forecast that Myers Industries, Inc. will post $0.51 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 3rd. Stockholders of record on Friday, September 8th will be issued a dividend of $0.135 per share. This represents a $0.54 dividend on an annualized basis and a dividend yield of 2.98%. The ex-dividend date is Thursday, September 7th. Myers Industries’s dividend payout ratio (DPR) is presently 415.38%.
Several brokerages have recently commented on MYE. Zacks Investment Research cut shares of Myers Industries from a “buy” rating to a “hold” rating in a research report on Friday, June 9th. TheStreet raised shares of Myers Industries from a “c” rating to a “b-” rating in a report on Monday, May 8th. BidaskClub lowered shares of Myers Industries from a “hold” rating to a “sell” rating in a research note on Monday, July 31st. Finally, KeyCorp reissued a “sell” rating on shares of Myers Industries in a research note on Tuesday, August 1st. Two equities research analysts have rated the stock with a sell rating and two have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $16.50.
In other news, major shareholder Gamco Investors, Inc. Et Al sold 3,000 shares of the business’s stock in a transaction on Thursday, June 8th. The shares were sold at an average price of $18.44, for a total transaction of $55,320.00. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 0.75% of the company’s stock.
About Myers Industries
Myers Industries, Inc is an international manufacturing and distribution company. The Company operates through two segments: Material Handling and Distribution. As of December 31, 2016, the Company operated 15 manufacturing facilities, 20 sales offices, four distribution centers and three distribution branches located throughout North, Central and South America.
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