Pzena Investment Management LLC Makes New $27.58 Million Investment in Myers Industries, Inc. $MYE

Pzena Investment Management LLC purchased a new position in shares of Myers Industries, Inc. (NYSE:MYE) in the 2nd quarter, HoldingsChannel.com reports. The institutional investor purchased 781,014 shares of the industrial products company’s stock, valued at approximately $27,578,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. EverSource Wealth Advisors LLC grew its stake in shares of Myers Industries by 372.6% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,900 shares of the industrial products company’s stock valued at $28,000 after buying an additional 1,498 shares in the last quarter. Kestra Advisory Services LLC acquired a new stake in shares of Myers Industries in the fourth quarter worth about $38,000. NewEdge Advisors LLC bought a new stake in shares of Myers Industries during the 1st quarter worth about $43,000. Quarry LP bought a new stake in shares of Myers Industries during the 3rd quarter worth about $48,000. Finally, Aquatic Capital Management LLC acquired a new position in shares of Myers Industries during the 3rd quarter valued at about $61,000. Hedge funds and other institutional investors own 90.82% of the company’s stock.

Myers Industries Stock Up 0.0%

Myers Industries stock opened at $33.01 on Tuesday. The firm has a market cap of $1.24 billion, a price-to-earnings ratio of 34.03 and a beta of 0.89. The company has a debt-to-equity ratio of 0.91, a current ratio of 1.61 and a quick ratio of 1.21. Myers Industries, Inc. has a fifty-two week low of $15.54 and a fifty-two week high of $37.45. The firm has a fifty day moving average price of $31.12 and a two-hundred day moving average price of $25.08.

Myers Industries (NYSE:MYE) last released its quarterly earnings results on Thursday, July 30th. The industrial products company reported $0.53 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.36 by $0.17. The company had revenue of $179.20 million during the quarter, compared to analysts’ expectations of $166.00 million. Myers Industries had a net margin of 4.86% and a return on equity of 19.86%.

Myers Industries Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 2nd. Investors of record on Wednesday, June 17th were paid a dividend of $0.135 per share. The ex-dividend date was Wednesday, June 17th. This represents a $0.54 annualized dividend and a yield of 1.6%. Myers Industries’s dividend payout ratio is presently 55.67%.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on MYE shares. Wall Street Zen raised Myers Industries from a “hold” rating to a “buy” rating in a research note on Saturday, August 1st. Weiss Ratings raised Myers Industries from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, July 31st. Finally, KeyCorp increased their price target on Myers Industries from $26.00 to $37.00 and gave the company an “overweight” rating in a report on Tuesday, June 30th. One analyst has rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, Myers Industries has a consensus rating of “Hold” and an average price target of $37.00.

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.