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

Summit Global Investments grew its stake in shares of Myers Industries, Inc. (NYSE:MYE) by 53.3% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 16,470 shares of the industrial products company’s stock after buying an additional 5,725 shares during the period. Summit Global Investments’ holdings in Myers Industries were worth $322,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Swiss National Bank boosted its stake in shares of Myers Industries by 1.5% in the 3rd quarter. Swiss National Bank now owns 68,700 shares of the industrial products company’s stock valued at $1,232,000 after purchasing an additional 1,000 shares in the last quarter. Barclays PLC increased its holdings in shares of Myers Industries by 6.1% during the third quarter. Barclays PLC now owns 23,985 shares of the industrial products company’s stock worth $429,000 after buying an additional 1,389 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Myers Industries by 28.3% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,478 shares of the industrial products company’s stock valued at $134,000 after acquiring an additional 1,648 shares during the last quarter. TD Asset Management Inc boosted its stake in shares of Myers Industries by 13.0% in the 3rd quarter. TD Asset Management Inc now owns 32,100 shares of the industrial products company’s stock valued at $576,000 after purchasing an additional 3,700 shares during the last quarter. Finally, Quantbot Technologies LP bought a new stake in shares of Myers Industries during the third quarter worth approximately $87,000. Institutional investors own 90.82% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently weighed in on MYE. KeyCorp increased their price target on Myers Industries from $22.00 to $30.00 and gave the company an “overweight” rating in a research note on Friday, March 22nd. StockNews.com raised shares of Myers Industries from a “buy” rating to a “strong-buy” rating in a research note on Saturday, March 16th.

Myers Industries Stock Performance

Shares of NYSE MYE opened at $22.82 on Monday. The stock has a market capitalization of $842.97 million, a PE ratio of 17.29 and a beta of 1.31. Myers Industries, Inc. has a 52 week low of $15.65 and a 52 week high of $23.63. The stock has a 50 day moving average price of $21.63 and a 200 day moving average price of $19.50. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.00 and a current ratio of 1.55.

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

Myers Industries Dividend Announcement

The firm also recently declared 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. This represents a $0.54 dividend on an annualized basis and a yield of 2.37%. The ex-dividend date was Thursday, March 14th. Myers Industries’s dividend payout ratio (DPR) is presently 40.91%.

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.