Shares of Myers Industries, Inc. (NYSE:MYE – Get Free Report) gapped up prior to trading on Thursday . The stock had previously closed at $14.90, but opened at $16.35. Myers Industries shares last traded at $15.94, with a volume of 52,359 shares trading hands.
Analysts Set New Price Targets
Separately, StockNews.com cut Myers Industries from a “buy” rating to a “hold” rating in a research note on Thursday, May 16th.
View Our Latest Analysis on Myers Industries
Myers Industries Stock Up 3.6 %
Myers Industries (NYSE:MYE – Get Free Report) last posted its earnings results on Tuesday, May 7th. The industrial products company reported $0.21 earnings per share for the quarter. The company had revenue of $207.10 million for the quarter. Myers Industries had a return on equity of 15.99% and a net margin of 4.90%.
Myers Industries Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Friday, July 5th. Shareholders of record on Tuesday, June 18th were given a $0.135 dividend. This represents a $0.54 dividend on an annualized basis and a yield of 3.50%. The ex-dividend date was Tuesday, June 18th. Myers Industries’s dividend payout ratio is currently 50.94%.
Hedge Funds Weigh In On Myers Industries
Hedge funds have recently made changes to their positions in the stock. ClariVest Asset Management LLC purchased a new position in shares of Myers Industries in the first quarter valued at $2,900,000. Russell Investments Group Ltd. boosted its stake in Myers Industries by 135.5% during the first quarter. Russell Investments Group Ltd. now owns 178,330 shares of the industrial products company’s stock valued at $4,132,000 after buying an additional 102,621 shares during the period. Acadian Asset Management LLC bought a new stake in Myers Industries during the first quarter valued at $4,698,000. BNP Paribas Financial Markets boosted its stake in Myers Industries by 27.7% during the fourth quarter. BNP Paribas Financial Markets now owns 74,388 shares of the industrial products company’s stock valued at $1,454,000 after buying an additional 16,150 shares during the period. Finally, Hodges Capital Management Inc. bought a new stake in Myers Industries during the first quarter valued at $562,000. 90.82% of the stock is currently owned by hedge funds and other institutional investors.
About Myers Industries
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.
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