JPMorgan Chase & Co. Boosts Stake in Myers Industries, Inc. $MYE

JPMorgan Chase & Co. increased its holdings in shares of Myers Industries, Inc. (NYSE:MYE) by 105.0% during the third quarter, HoldingsChannel reports. The fund owned 343,045 shares of the industrial products company’s stock after buying an additional 175,684 shares during the period. JPMorgan Chase & Co.’s holdings in Myers Industries were worth $5,811,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. State of Alaska Department of Revenue acquired a new stake in Myers Industries in the third quarter valued at $25,000. EverSource Wealth Advisors LLC grew 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 purchasing an additional 1,498 shares during the period. Quarry LP acquired a new position in shares of Myers Industries during the 3rd quarter worth $48,000. New York State Teachers Retirement System purchased a new position in shares of Myers Industries in the 3rd quarter valued at about $57,000. Finally, Aquatic Capital Management LLC purchased a new position in shares of Myers Industries in the 3rd quarter valued at about $61,000. Hedge funds and other institutional investors own 90.82% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently commented on the stock. Wall Street Zen downgraded shares of Myers Industries from a “strong-buy” rating to a “buy” rating in a report on Saturday, March 28th. Zacks Research raised shares of Myers Industries from a “strong sell” rating to a “hold” rating in a report on Tuesday, December 16th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Myers Industries in a research report on Thursday, January 22nd. One analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $21.00.

Myers Industries Stock Up 1.0%

Myers Industries stock opened at $21.39 on Thursday. Myers Industries, Inc. has a fifty-two week low of $9.06 and a fifty-two week high of $24.03. The firm has a market capitalization of $799.99 million, a price-to-earnings ratio of 23.00 and a beta of 1.09. The stock’s fifty day moving average is $21.45 and its two-hundred day moving average is $19.14. The company has a debt-to-equity ratio of 1.08, a quick ratio of 1.16 and a current ratio of 1.67.

Myers Industries (NYSE:MYE) last released its quarterly earnings results on Thursday, March 5th. The industrial products company reported $0.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.23 by $0.08. Myers Industries had a return on equity of 14.46% and a net margin of 4.23%.The business had revenue of $203.97 million during the quarter, compared to the consensus estimate of $202.60 million. Analysts predict that Myers Industries, Inc. will post 0.95 EPS for the current fiscal year.

Myers Industries Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 3rd. Shareholders of record on Friday, March 13th will be given a dividend of $0.135 per share. The ex-dividend date is Friday, March 13th. This represents a $0.54 dividend on an annualized basis and a yield of 2.5%. Myers Industries’s payout ratio is presently 58.06%.

Myers Industries Company Profile

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.