Hillsdale Investment Management Inc. Grows Stock Position in Myers Industries, Inc. $MYE

Hillsdale Investment Management Inc. grew its holdings in Myers Industries, Inc. (NYSE:MYE) by 10.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 176,760 shares of the industrial products company’s stock after acquiring an additional 17,200 shares during the quarter. Hillsdale Investment Management Inc. owned 0.47% of Myers Industries worth $3,744,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. EverSource Wealth Advisors LLC raised its position in shares of Myers Industries by 36.1% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,904 shares of the industrial products company’s stock valued at $36,000 after purchasing an additional 505 shares during the last quarter. Strs Ohio grew its position in Myers Industries by 5.5% during the 1st quarter. Strs Ohio now owns 13,500 shares of the industrial products company’s stock worth $286,000 after purchasing an additional 700 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Myers Industries by 4.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 21,835 shares of the industrial products company’s stock worth $260,000 after purchasing an additional 936 shares during the last quarter. Diversified Trust Co increased its stake in Myers Industries by 8.9% during the 1st quarter. Diversified Trust Co now owns 12,981 shares of the industrial products company’s stock valued at $275,000 after purchasing an additional 1,063 shares in the last quarter. Finally, Franklin Resources Inc. increased its stake in Myers Industries by 3.9% during the 3rd quarter. Franklin Resources Inc. now owns 28,708 shares of the industrial products company’s stock valued at $486,000 after purchasing an additional 1,081 shares in the last quarter. Hedge funds and other institutional investors own 90.82% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on MYE shares. KeyCorp lifted their price objective on shares of Myers Industries from $26.00 to $37.00 and gave the stock an “overweight” rating in a research note on Tuesday, June 30th. Wall Street Zen downgraded Myers Industries from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. Finally, Weiss Ratings lowered Myers Industries from a “hold (c+)” rating to a “hold (c)” rating in a research note on Monday, May 11th. One investment analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $37.00.

Myers Industries Price Performance

Shares of NYSE:MYE opened at $30.69 on Thursday. Myers Industries, Inc. has a twelve month low of $12.96 and a twelve month high of $35.75. The company has a current ratio of 1.65, a quick ratio of 1.29 and a debt-to-equity ratio of 1.04. The company has a market cap of $1.15 billion, a PE ratio of 43.84 and a beta of 0.88. The company’s 50 day moving average is $26.43 and its 200 day moving average is $22.91.

Myers Industries (NYSE:MYE) last announced its quarterly earnings data on Thursday, May 7th. The industrial products company reported $0.44 EPS for the quarter, beating the consensus estimate of $0.28 by $0.16. The business had revenue of $164.58 million during the quarter, compared to analysts’ expectations of $209.30 million. Myers Industries had a net margin of 3.36% and a return on equity of 17.23%.

Myers Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, July 2nd. Shareholders of record on Wednesday, June 17th were issued a $0.135 dividend. This represents a $0.54 annualized dividend and a yield of 1.8%. The ex-dividend date of this dividend was Wednesday, June 17th. Myers Industries’s dividend payout ratio is presently 77.14%.

Myers Industries 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.