Rafferty Asset Management LLC purchased a new stake in Myers Industries, Inc. (NYSE:MYE) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 295,332 shares of the industrial products company’s stock, valued at approximately $5,301,000. Rafferty Asset Management LLC owned 0.98% of Myers Industries at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Acrospire Investment Management LLC bought a new stake in Myers Industries in the 2nd quarter valued at $136,000. Thrivent Financial For Lutherans boosted its stake in Myers Industries by 2.2% in the 2nd quarter. Thrivent Financial For Lutherans now owns 291,630 shares of the industrial products company’s stock valued at $5,235,000 after purchasing an additional 6,260 shares during the period. Ameriprise Financial Inc. boosted its stake in Myers Industries by 0.3% in the 2nd quarter. Ameriprise Financial Inc. now owns 115,911 shares of the industrial products company’s stock valued at $2,080,000 after purchasing an additional 362 shares during the period. TIAA CREF Investment Management LLC boosted its stake in Myers Industries by 5.7% in the 2nd quarter. TIAA CREF Investment Management LLC now owns 75,326 shares of the industrial products company’s stock valued at $1,352,000 after purchasing an additional 4,054 shares during the period. Finally, Teachers Advisors LLC boosted its stake in Myers Industries by 12.2% in the 2nd quarter. Teachers Advisors LLC now owns 45,659 shares of the industrial products company’s stock valued at $820,000 after purchasing an additional 4,970 shares during the period. Institutional investors and hedge funds own 84.39% of the company’s stock.
Several equities analysts have weighed in on MYE shares. KeyCorp reaffirmed a “sell” rating on shares of Myers Industries in a report on Tuesday, August 1st. BidaskClub cut Myers Industries from a “hold” rating to a “sell” rating in a report on Monday, July 31st. Finally, Zacks Investment Research cut Myers Industries from a “buy” rating to a “hold” rating in a report on Tuesday, July 11th. Two research analysts have rated the stock with a sell rating and two have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $16.50.
Shares of Myers Industries, Inc. (MYE) traded down 1.03% during trading on Tuesday, reaching $19.25. The company’s stock had a trading volume of 9,850 shares. The stock has a 50-day moving average of $18.05 and a 200-day moving average of $17.13. The stock has a market cap of $582.41 million, a P/E ratio of 144.74 and a beta of 1.77. Myers Industries, Inc. has a 52-week low of $11.35 and a 52-week high of $19.55.
Myers Industries (NYSE:MYE) last posted its quarterly earnings results on Tuesday, August 1st. The industrial products company reported $0.17 EPS for the quarter, topping the Zacks’ 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 firm had revenue of $142.30 million during the quarter, compared to analyst estimates of $142.95 million. During the same period last year, the company earned $0.21 earnings per share. The business’s revenue for the quarter was down 1.2% on a year-over-year basis. Analysts predict that Myers Industries, Inc. will post $0.51 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 3rd. Stockholders of record on Friday, September 8th will be issued a $0.135 dividend. This represents a $0.54 dividend on an annualized basis and a dividend yield of 2.78%. The ex-dividend date of this dividend is Thursday, September 7th. Myers Industries’s payout ratio is currently 415.38%.
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Myers Industries Profile
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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