SummerHaven Investment Management LLC Buys Shares of 54,966 Myers Industries, Inc. $MYE

SummerHaven Investment Management LLC purchased a new position in shares of Myers Industries, Inc. (NYSE:MYE) during the third quarter, HoldingsChannel.com reports. The institutional investor purchased 54,966 shares of the industrial products company’s stock, valued at approximately $931,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. State of Alaska Department of Revenue acquired a new position in Myers Industries during the third quarter worth about $25,000. EverSource Wealth Advisors LLC boosted its stake in shares of Myers Industries by 372.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,900 shares of the industrial products company’s stock worth $28,000 after acquiring an additional 1,498 shares in the last quarter. Huntington National Bank acquired a new stake in shares of Myers Industries in the 2nd quarter worth approximately $29,000. New York State Teachers Retirement System purchased a new position in Myers Industries in the 3rd quarter valued at approximately $57,000. Finally, Nisa Investment Advisors LLC increased its stake in Myers Industries by 30.2% in the 2nd quarter. Nisa Investment Advisors LLC now owns 3,714 shares of the industrial products company’s stock valued at $54,000 after purchasing an additional 861 shares in the last quarter. Institutional investors and hedge funds own 90.82% of the company’s stock.

Insiders Place Their Bets

In other Myers Industries news, CFO Samantha Rutty purchased 3,000 shares of the firm’s stock in a transaction on Friday, November 14th. The shares were purchased at an average cost of $17.50 per share, with a total value of $52,500.00. Following the purchase, the chief financial officer owned 3,000 shares in the company, valued at approximately $52,500. This represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Helmuth Ludwig purchased 5,000 shares of the stock in a transaction on Monday, November 3rd. The stock was acquired at an average price of $17.21 per share, with a total value of $86,050.00. Following the acquisition, the director directly owned 13,436 shares in the company, valued at $231,233.56. This trade represents a 59.27% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last ninety days, insiders bought 9,000 shares of company stock valued at $156,000. Company insiders own 1.85% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have commented on MYE shares. Wall Street Zen upgraded Myers Industries from a “buy” rating to a “strong-buy” rating in a research report on Friday, November 28th. Zacks Research upgraded shares of Myers Industries from a “strong sell” rating to a “hold” rating in a research report on Tuesday, December 16th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Myers Industries in a report on Thursday, January 22nd. One equities research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, Myers Industries presently has a consensus rating of “Hold” and an average target price of $21.00.

Myers Industries Stock Up 0.8%

Shares of NYSE:MYE opened at $20.61 on Wednesday. The company has a quick ratio of 1.09, a current ratio of 1.67 and a debt-to-equity ratio of 1.18. The company has a market capitalization of $771.02 million, a P/E ratio of 27.85 and a beta of 1.09. Myers Industries, Inc. has a 52-week low of $9.06 and a 52-week high of $20.81. The stock’s fifty day simple moving average is $19.06 and its 200-day simple moving average is $17.32.

Myers Industries (NYSE:MYE) last announced its earnings results on Thursday, October 30th. The industrial products company reported $0.26 earnings per share for the quarter, beating the consensus estimate of $0.25 by $0.01. Myers Industries had a net margin of 3.38% and a return on equity of 13.15%. The firm had revenue of $205.44 million during the quarter, compared to the consensus estimate of $206.40 million. As a group, equities research analysts forecast that Myers Industries, Inc. will post 0.95 earnings per share for the current fiscal year.

About Myers Industries

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.