Inspire Investing LLC Purchases 79,837 Shares of Myers Industries, Inc. $MYE

Inspire Investing LLC lifted its position in shares of Myers Industries, Inc. (NYSE:MYE) by 320.0% in the 1st quarter, Holdings Channel reports. The fund owned 104,788 shares of the industrial products company’s stock after buying an additional 79,837 shares during the quarter. Inspire Investing LLC’s holdings in Myers Industries were worth $2,219,000 as of its most recent filing with the SEC.

Other large investors also recently added to or reduced their stakes in the company. Janney Montgomery Scott LLC purchased a new stake in Myers Industries during the first quarter valued at about $690,000. Ritholtz Wealth Management raised its position in shares of Myers Industries by 144.8% in the first quarter. Ritholtz Wealth Management now owns 125,888 shares of the industrial products company’s stock valued at $2,666,000 after purchasing an additional 74,468 shares during the period. Diversified Trust Co lifted its stake in shares of 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 buying an additional 1,063 shares in the last quarter. Invesco Ltd. lifted its stake in shares of Myers Industries by 12.5% during the 4th quarter. Invesco Ltd. now owns 76,177 shares of the industrial products company’s stock valued at $1,426,000 after buying an additional 8,489 shares in the last quarter. Finally, Mercer Global Advisors Inc. ADV boosted its holdings in Myers Industries by 23.4% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 12,641 shares of the industrial products company’s stock worth $237,000 after buying an additional 2,394 shares during the period. Hedge funds and other institutional investors own 90.82% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on MYE shares. Weiss Ratings cut shares of Myers Industries from a “hold (c+)” rating to a “hold (c)” rating in a report on Monday, May 11th. KeyCorp raised their price target on Myers Industries to $37.00 and gave the stock an “overweight” rating in a report on Tuesday. Finally, Wall Street Zen cut Myers Industries from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. One investment analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $37.00.

Myers Industries Price Performance

Shares of NYSE:MYE opened at $35.38 on Wednesday. The company has a 50 day moving average of $24.20 and a 200 day moving average of $22.00. 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 stock has a market cap of $1.33 billion, a P/E ratio of 50.55 and a beta of 0.98. Myers Industries, Inc. has a 12 month low of $12.96 and a 12 month high of $35.74.

Myers Industries (NYSE:MYE) last announced its quarterly earnings results 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 firm had revenue of $164.58 million during the quarter, compared to the consensus estimate 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 disclosed a quarterly dividend, which will be paid on Thursday, July 2nd. Investors of record on Wednesday, June 17th will be paid a dividend of $0.135 per share. The ex-dividend date of this dividend is Wednesday, June 17th. This represents a $0.54 annualized dividend and a yield of 1.5%. Myers Industries’s dividend payout ratio (DPR) is currently 77.14%.

Myers Industries Company 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.