Myers Industries, Inc. (MYE) Shares Bought by Vanguard Group Inc.

Vanguard Group Inc. raised its position in Myers Industries, Inc. (NYSE:MYE) by 4.5% during the first quarter, according to its most recent 13F filing with the SEC. The fund owned 1,400,774 shares of the industrial products company’s stock after buying an additional 59,870 shares during the period. Vanguard Group Inc. owned about 4.67% of Myers Industries worth $22,202,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Hartford Investment Management Co. acquired a new position in Myers Industries during the first quarter worth approximately $167,000. Comerica Bank boosted its position in Myers Industries by 4.3% in the first quarter. Comerica Bank now owns 24,085 shares of the industrial products company’s stock worth $401,000 after buying an additional 1,003 shares in the last quarter. Norges Bank acquired a new position in Myers Industries during the fourth quarter worth approximately $4,726,000. Wedge Capital Management L L P NC boosted its position in Myers Industries by 59.7% in the first quarter. Wedge Capital Management L L P NC now owns 89,900 shares of the industrial products company’s stock worth $1,425,000 after buying an additional 33,600 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its position in Myers Industries by 3.6% in the first quarter. Principal Financial Group Inc. now owns 166,212 shares of the industrial products company’s stock worth $2,634,000 after buying an additional 5,836 shares in the last quarter. 83.05% of the stock is currently owned by institutional investors.

Shares of Myers Industries, Inc. (NYSE MYE) traded up 0.56% during mid-day trading on Tuesday, hitting $18.05. The stock had a trading volume of 17,023 shares. Myers Industries, Inc. has a one year low of $11.35 and a one year high of $19.45. The firm has a 50 day moving average of $17.89 and a 200-day moving average of $16.53. The stock has a market cap of $546.10 million, a P/E ratio of 135.71 and a beta of 1.76.

Myers Industries (NYSE:MYE) last released its earnings results on Tuesday, August 1st. The industrial products company reported $0.17 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.15 by $0.02. Myers Industries had a return on equity of 10.71% and a net margin of 0.74%. The company had revenue of $142.30 million for the quarter, compared to analysts’ expectations of $142.95 million. During the same quarter in the previous year, the firm posted $0.21 EPS. The firm’s quarterly revenue was down 1.2% on a year-over-year basis. Equities research analysts expect that Myers Industries, Inc. will post $0.51 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 3rd. Shareholders of record on Friday, September 8th will be given a dividend of $0.135 per share. This represents a $0.54 annualized dividend and a yield of 3.01%. The ex-dividend date of this dividend is Thursday, September 7th. Myers Industries’s payout ratio is 415.38%.

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MYE has been the topic of a number of research analyst reports. Zacks Investment Research cut Myers Industries from a “buy” rating to a “hold” rating in a report on Friday, June 9th. TheStreet raised Myers Industries from a “c” rating to a “b-” rating in a report on Monday, May 8th. BidaskClub cut Myers Industries from a “hold” rating to a “sell” rating in a report on Monday, July 31st. Finally, KeyCorp reaffirmed a “sell” rating on shares of Myers Industries in a report on Tuesday, August 1st. Two analysts have rated the stock with a sell rating and two have given a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $16.50.

In other Myers Industries news, major shareholder Gamco Investors, Inc. Et Al sold 3,000 shares of the business’s stock in a transaction that occurred on Thursday, June 8th. The stock was sold at an average price of $18.44, for a total transaction of $55,320.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.75% of the company’s stock.

About Myers Industries

Myers Industries, Inc is an international manufacturing and distribution company. The Company operates through two segments: Material Handling and Distribution. As of December 31, 2016, the Company operated 15 manufacturing facilities, 20 sales offices, four distribution centers and three distribution branches located throughout North, Central and South America.

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