KBC Group NV Boosts Position in Myers Industries, Inc. (MYE)
KBC Group NV increased its position in shares of Myers Industries, Inc. (NYSE:MYE) by 183.5% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 5,695 shares of the industrial products company’s stock after buying an additional 3,686 shares during the quarter. KBC Group NV’s holdings in Myers Industries were worth $102,000 at the end of the most recent quarter.
A number of other hedge funds have also recently bought and sold shares of the stock. BNP Paribas Arbitrage SA raised its stake in Myers Industries by 99.8% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 8,637 shares of the industrial products company’s stock worth $155,000 after buying an additional 4,315 shares during the period. Legal & General Group Plc raised its stake in Myers Industries by 12.1% during the 2nd quarter. Legal & General Group Plc now owns 40,231 shares of the industrial products company’s stock worth $723,000 after buying an additional 4,329 shares during the period. Smith Asset Management Group LP acquired a new position in Myers Industries during the 2nd quarter worth approximately $582,000. Arizona State Retirement System raised its stake in Myers Industries by 0.9% during the 2nd quarter. Arizona State Retirement System now owns 11,486 shares of the industrial products company’s stock worth $206,000 after buying an additional 100 shares during the period. Finally, Schwab Charles Investment Management Inc. raised its stake in Myers Industries by 0.6% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 88,832 shares of the industrial products company’s stock worth $1,595,000 after buying an additional 513 shares during the period. 84.39% of the stock is currently owned by institutional investors and hedge funds.
Shares of Myers Industries, Inc. (MYE) opened at 18.75 on Wednesday. The firm’s 50-day moving average price is $17.89 and its 200-day moving average price is $16.97. Myers Industries, Inc. has a one year low of $11.35 and a one year high of $19.45. The company has a market capitalization of $567.28 million, a price-to-earnings ratio of 140.98 and a beta of 1.77.
Myers Industries (NYSE:MYE) last announced its quarterly earnings results on Tuesday, August 1st. The industrial products company reported $0.17 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.15 by $0.02. The company had revenue of $142.30 million during the quarter, compared to the consensus estimate of $142.95 million. Myers Industries had a net margin of 0.74% and a return on equity of 10.71%. The firm’s quarterly revenue was down 1.2% compared to the same quarter last year. During the same quarter last year, the firm earned $0.21 earnings per share. Analysts anticipate that Myers Industries, Inc. will post $0.51 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 3rd. Investors of record on Friday, September 8th will be given a dividend of $0.135 per share. This represents a $0.54 annualized dividend and a dividend yield of 2.88%. The ex-dividend date is Thursday, September 7th. Myers Industries’s dividend payout ratio (DPR) is currently 415.38%.
A number of analysts have commented on MYE shares. Zacks Investment Research raised Myers Industries from a “hold” rating to a “buy” rating and set a $22.00 price objective for the company in a report on Saturday, June 10th. BidaskClub lowered Myers Industries from a “hold” rating to a “sell” rating in a report on Monday, July 31st. Finally, KeyCorp reissued a “sell” rating on shares of Myers Industries in a report on Tuesday, August 1st. Two research analysts have rated the stock with a sell rating and two have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $16.50.
Myers Industries Company Profile
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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