Tieton Capital Management LLC Invests $16.32 Million in Myers Industries, Inc. $MYE

Tieton Capital Management LLC bought a new position in shares of Myers Industries, Inc. (NYSE:MYE) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 462,230 shares of the industrial products company’s stock, valued at approximately $16,321,000. Myers Industries comprises about 4.7% of Tieton Capital Management LLC’s holdings, making the stock its 4th largest position. Tieton Capital Management LLC owned 1.23% of Myers Industries at the end of the most recent reporting period.

Other institutional investors have also bought and sold shares of the company. EverSource Wealth Advisors LLC raised its position in shares of Myers Industries by 372.6% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,900 shares of the industrial products company’s stock worth $28,000 after acquiring an additional 1,498 shares in the last quarter. Kestra Advisory Services LLC bought a new stake in shares of Myers Industries during the 4th quarter valued at about $38,000. NewEdge Advisors LLC bought a new stake in shares of Myers Industries during the 1st quarter valued at about $43,000. Quarry LP acquired a new stake in Myers Industries during the third quarter worth approximately $48,000. Finally, Clearstead Advisors LLC increased its holdings in Myers Industries by 56.0% in the fourth quarter. Clearstead Advisors LLC now owns 3,438 shares of the industrial products company’s stock worth $64,000 after purchasing an additional 1,234 shares in the last quarter. Institutional investors own 90.82% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on MYE. Weiss Ratings raised Myers Industries from a “hold (c)” rating to a “hold (c+)” rating in a research note on Friday, July 31st. Wall Street Zen upgraded shares of Myers Industries from a “hold” rating to a “buy” rating in a research report on Saturday, August 1st. Finally, KeyCorp increased their target price on shares of Myers Industries from $26.00 to $37.00 and gave the stock an “overweight” rating in a research note on Tuesday, June 30th. One research 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 has a consensus rating of “Hold” and an average target price of $37.00.

Myers Industries Trading Up 3.9%

Shares of Myers Industries stock opened at $33.40 on Thursday. The stock has a market capitalization of $1.26 billion, a PE ratio of 34.43 and a beta of 0.89. Myers Industries, Inc. has a 52 week low of $15.54 and a 52 week high of $37.45. The stock has a 50 day moving average price of $31.40 and a two-hundred day moving average price of $25.25. The company has a debt-to-equity ratio of 0.91, a quick ratio of 1.21 and a current ratio of 1.61.

Myers Industries (NYSE:MYE) last issued its earnings results on Thursday, July 30th. The industrial products company reported $0.53 earnings per share for the quarter, topping analysts’ consensus estimates of $0.36 by $0.17. Myers Industries had a return on equity of 19.86% and a net margin of 4.86%.The company had revenue of $179.20 million for the quarter, compared to analyst estimates of $166.00 million.

Myers Industries Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 2nd. Stockholders of record on Wednesday, June 17th were issued a dividend of $0.135 per share. This represents a $0.54 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date was Wednesday, June 17th. Myers Industries’s dividend payout ratio (DPR) is currently 55.67%.

Myers Industries 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.