Summit Global Investments Buys 5,725 Shares of Myers Industries, Inc. (NYSE:MYE)

Summit Global Investments boosted its position in shares of Myers Industries, Inc. (NYSE:MYE) by 53.3% during the fourth quarter, Holdings Channel.com reports. The fund owned 16,470 shares of the industrial products company’s stock after acquiring an additional 5,725 shares during the quarter. Summit Global Investments’ holdings in Myers Industries were worth $322,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also added to or reduced their stakes in MYE. Pacer Advisors Inc. bought a new position in Myers Industries in the 4th quarter worth approximately $16,196,000. LSV Asset Management boosted its position in shares of Myers Industries by 18.2% during the third quarter. LSV Asset Management now owns 450,526 shares of the industrial products company’s stock worth $8,078,000 after acquiring an additional 69,231 shares during the last quarter. Strs Ohio bought a new stake in Myers Industries in the 3rd quarter valued at $234,000. Illinois Municipal Retirement Fund purchased a new stake in Myers Industries in the 3rd quarter worth $389,000. Finally, Charles Schwab Investment Management Inc. boosted its holdings in shares of Myers Industries by 3.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 463,843 shares of the industrial products company’s stock valued at $8,317,000 after purchasing an additional 16,557 shares during the last quarter. Hedge funds and other institutional investors own 90.82% of the company’s stock.

Myers Industries Stock Performance

Shares of NYSE:MYE opened at $22.82 on Monday. The firm has a fifty day simple moving average of $21.63 and a two-hundred day simple moving average of $19.50. Myers Industries, Inc. has a 52 week low of $15.65 and a 52 week high of $23.63. The company has a quick ratio of 1.00, a current ratio of 1.55 and a debt-to-equity ratio of 0.14. The stock has a market capitalization of $842.97 million, a P/E ratio of 17.29 and a beta of 1.31.

Myers Industries (NYSE:MYE) last released its quarterly earnings results on Tuesday, March 5th. The industrial products company reported $0.29 EPS for the quarter, topping the consensus estimate of $0.26 by $0.03. Myers Industries had a return on equity of 18.55% and a net margin of 6.01%. The company had revenue of $191.08 million during the quarter, compared to analyst estimates of $191.60 million. During the same quarter last year, the business posted $0.32 earnings per share. On average, analysts expect that Myers Industries, Inc. will post 1.38 earnings per share for the current fiscal year.

Myers Industries Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, April 4th. Shareholders of record on Saturday, March 16th were given a dividend of $0.135 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.54 annualized dividend and a dividend yield of 2.37%. Myers Industries’s dividend payout ratio (DPR) is presently 40.91%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on MYE shares. KeyCorp lifted their target price on Myers Industries from $22.00 to $30.00 and gave the stock an “overweight” rating in a report on Friday, March 22nd. StockNews.com raised Myers Industries from a “buy” rating to a “strong-buy” rating in a report on Saturday, March 16th.

Myers Industries Profile

Myers Industries, Inc engages in distribution of tire service supplies in Ohio. It operates through two segments, The Material Handling and Distribution. The Material Handling segment offers pallets, small parts bins, bulk shipping containers, and OEM parts, as well as storage and organization, and custom plastic products; and injection molded, rotationally molded or blow molded products, consumer fuel containers and tanks for water, fuel, and waste handling.