State Street Corp Raises Stake in Myers Industries, Inc. (NYSE:MYE)

State Street Corp increased its stake in Myers Industries, Inc. (NYSE:MYE) by 2.6% in the third quarter, HoldingsChannel.com reports. The firm owned 1,374,246 shares of the industrial products company’s stock after acquiring an additional 35,456 shares during the quarter. State Street Corp’s holdings in Myers Industries were worth $19,176,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. nVerses Capital LLC acquired a new position in Myers Industries during the second quarter worth about $25,000. Point72 DIFC Ltd purchased a new stake in shares of Myers Industries during the 3rd quarter worth approximately $28,000. Point72 Asset Management L.P. acquired a new stake in shares of Myers Industries in the 3rd quarter worth approximately $72,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in Myers Industries in the 3rd quarter valued at approximately $85,000. Finally, Quest Partners LLC acquired a new position in Myers Industries during the third quarter worth $150,000. Institutional investors and hedge funds own 90.82% of the company’s stock.

Insider Buying and Selling

In other Myers Industries news, CEO Dave Basque bought 5,000 shares of Myers Industries stock in a transaction that occurred on Tuesday, December 3rd. The shares were purchased at an average cost of $11.33 per share, for a total transaction of $56,650.00. Following the completion of the transaction, the chief executive officer now owns 29,152 shares of the company’s stock, valued at $330,292.16. This represents a 20.70 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Over the last 90 days, insiders have bought 19,500 shares of company stock worth $232,575. 1.40% of the stock is owned by insiders.

Myers Industries Price Performance

MYE stock opened at $11.33 on Tuesday. The stock’s 50 day moving average price is $12.01 and its 200 day moving average price is $13.35. The firm has a market cap of $422.16 million, a P/E ratio of 26.98 and a beta of 1.22. The company has a debt-to-equity ratio of 1.36, a quick ratio of 1.11 and a current ratio of 1.80. Myers Industries, Inc. has a 1 year low of $10.35 and a 1 year high of $23.63.

Myers Industries (NYSE:MYE) last posted its quarterly earnings data on Monday, November 4th. The industrial products company reported $0.25 EPS for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.04). Myers Industries had a net margin of 1.88% and a return on equity of 14.75%. The company had revenue of $205.07 million for the quarter. During the same quarter in the prior year, the firm posted $0.38 earnings per share. On average, sell-side analysts expect that Myers Industries, Inc. will post 0.95 earnings per share for the current fiscal year.

Myers Industries Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 3rd. Stockholders of record on Tuesday, December 3rd will be given a $0.135 dividend. This represents a $0.54 dividend on an annualized basis and a dividend yield of 4.77%. The ex-dividend date of this dividend is Tuesday, December 3rd. Myers Industries’s dividend payout ratio is presently 128.57%.

Analyst Upgrades and Downgrades

MYE has been the topic of several research reports. StockNews.com lowered Myers Industries from a “hold” rating to a “sell” rating in a report on Monday, December 16th. KeyCorp cut shares of Myers Industries from an “overweight” rating to a “sector weight” rating in a research note on Wednesday, November 6th.

Myers Industries Company 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.