Principal Financial Group Inc. Makes New Investment in Myers Industries, Inc. $MYE

Principal Financial Group Inc. acquired a new stake in shares of Myers Industries, Inc. (NYSE:MYE) during the 3rd quarter, HoldingsChannel.com reports. The institutional investor acquired 26,218 shares of the industrial products company’s stock, valued at approximately $444,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. AlphaQuest LLC increased its stake in Myers Industries by 45.5% in the third quarter. AlphaQuest LLC now owns 54,144 shares of the industrial products company’s stock valued at $917,000 after acquiring an additional 16,920 shares during the last quarter. SummerHaven Investment Management LLC purchased a new position in shares of Myers Industries in the 3rd quarter worth about $931,000. Strs Ohio bought a new position in shares of Myers Industries during the 3rd quarter valued at about $154,000. Covestor Ltd raised its holdings in shares of Myers Industries by 310,800.0% during the 3rd quarter. Covestor Ltd now owns 18,654 shares of the industrial products company’s stock valued at $316,000 after buying an additional 18,648 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC raised its holdings in shares of Myers Industries by 5.0% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 14,871 shares of the industrial products company’s stock valued at $248,000 after buying an additional 708 shares in the last quarter. 90.82% of the stock is currently owned by hedge funds and other institutional investors.

Myers Industries Trading Down 1.0%

NYSE MYE opened at $22.50 on Friday. Myers Industries, Inc. has a fifty-two week low of $9.06 and a fifty-two week high of $23.14. The company has a debt-to-equity ratio of 1.18, a quick ratio of 1.09 and a current ratio of 1.67. The stock has a 50 day simple moving average of $20.26 and a two-hundred day simple moving average of $18.08. The stock has a market cap of $841.58 million, a P/E ratio of 30.40 and a beta of 1.08.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on MYE. Wall Street Zen raised Myers Industries from a “buy” rating to a “strong-buy” rating in a research note on Friday, November 28th. Zacks Research upgraded shares of Myers Industries from a “strong sell” rating to a “hold” rating in a report on Tuesday, December 16th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Myers Industries in a report on Thursday, January 22nd. One analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $21.00.

About Myers Industries

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.