Comerica Bank Boosts Stake in Myers Industries, Inc. (MYE)
Comerica Bank lifted its holdings in Myers Industries, Inc. (NYSE:MYE) by 24.4% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 28,385 shares of the industrial products company’s stock after buying an additional 5,574 shares during the period. Comerica Bank owned approximately 0.08% of Myers Industries worth $514,000 as of its most recent filing with the Securities and Exchange Commission.
Other large investors have also bought and sold shares of the company. Wedge Capital Management L L P NC increased its holdings in shares of Myers Industries by 43.5% in the 2nd quarter. Wedge Capital Management L L P NC now owns 96,741 shares of the industrial products company’s stock valued at $1,857,000 after acquiring an additional 29,341 shares during the period. Los Angeles Capital Management & Equity Research Inc. increased its holdings in shares of Myers Industries by 120.1% in the 2nd quarter. Los Angeles Capital Management & Equity Research Inc. now owns 116,402 shares of the industrial products company’s stock valued at $2,235,000 after acquiring an additional 63,516 shares during the period. TD Asset Management Inc. acquired a new position in shares of Myers Industries in the 2nd quarter valued at $879,000. Piedmont Investment Advisors LLC acquired a new position in shares of Myers Industries in the 2nd quarter valued at $122,000. Finally, Acadian Asset Management LLC acquired a new position in shares of Myers Industries in the 2nd quarter valued at $500,000. 86.74% of the stock is currently owned by hedge funds and other institutional investors.
Shares of MYE opened at $22.80 on Wednesday. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.34 and a current ratio of 1.90. The firm has a market capitalization of $800.89 million, a price-to-earnings ratio of 44.51 and a beta of 1.60. Myers Industries, Inc. has a 1 year low of $17.70 and a 1 year high of $24.60.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 2nd. Shareholders of record on Friday, September 7th will be paid a $0.135 dividend. The ex-dividend date of this dividend is Thursday, September 6th. This represents a $0.54 annualized dividend and a yield of 2.37%. Myers Industries’s dividend payout ratio is currently 105.88%.
A number of equities analysts have recently commented on the stock. KeyCorp reaffirmed a “sector weight” rating on shares of Myers Industries in a report on Tuesday. ValuEngine raised shares of Myers Industries from a “hold” rating to a “buy” rating in a report on Monday, July 30th. Robert W. Baird assumed coverage on shares of Myers Industries in a report on Wednesday, July 11th. They issued a “neutral” rating and a $21.00 target price on the stock. Zacks Investment Research cut shares of Myers Industries from a “buy” rating to a “hold” rating in a report on Wednesday, May 9th. Finally, JPMorgan Chase & Co. assumed coverage on shares of Myers Industries in a report on Wednesday, July 11th. They issued a “neutral” rating and a $22.00 target price on the stock. Four investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $21.60.
Myers Industries Company Profile
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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