Allspring Global Investments Holdings LLC Sells 132,505 Shares of Myers Industries, Inc. $MYE

Allspring Global Investments Holdings LLC decreased its position in Myers Industries, Inc. (NYSE:MYE) by 6.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,061,840 shares of the industrial products company’s stock after selling 132,505 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.06% of Myers Industries worth $44,020,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the company. Pzena Investment Management LLC boosted its position in Myers Industries by 813.5% during the 4th quarter. Pzena Investment Management LLC now owns 1,302,309 shares of the industrial products company’s stock worth $24,379,000 after acquiring an additional 1,159,746 shares during the last quarter. Advisory Research Inc. lifted its position in Myers Industries by 84.5% during the 4th quarter. Advisory Research Inc. now owns 1,302,928 shares of the industrial products company’s stock worth $24,391,000 after buying an additional 596,848 shares in the last quarter. Capital World Investors acquired a new position in shares of Myers Industries during the 4th quarter worth about $5,671,000. AQR Capital Management LLC boosted its stake in shares of Myers Industries by 137.9% during the 2nd quarter. AQR Capital Management LLC now owns 397,242 shares of the industrial products company’s stock worth $5,756,000 after buying an additional 230,252 shares during the last quarter. Finally, Jane Street Group LLC grew its holdings in shares of Myers Industries by 52.5% in the 1st quarter. Jane Street Group LLC now owns 593,017 shares of the industrial products company’s stock valued at $7,075,000 after acquiring an additional 204,144 shares in the last quarter. 90.82% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. KeyCorp boosted their price target on Myers Industries from $26.00 to $37.00 and gave the stock an “overweight” rating in a research report on Tuesday, June 30th. Weiss Ratings downgraded Myers Industries from a “hold (c+)” rating to a “hold (c)” rating in a report on Monday, May 11th. Finally, Wall Street Zen cut shares of Myers Industries from a “buy” rating to a “hold” rating in a research note on Saturday, May 9th. One analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $37.00.

Myers Industries Stock Down 0.7%

MYE opened at $31.11 on Friday. The stock’s fifty day simple moving average is $26.78 and its 200 day simple moving average is $23.06. Myers Industries, Inc. has a 1-year low of $12.96 and a 1-year high of $35.75. The stock has a market cap of $1.17 billion, a PE ratio of 44.44 and a beta of 0.88. The company has a current ratio of 1.65, a quick ratio of 1.29 and a debt-to-equity ratio of 1.04.

Myers Industries (NYSE:MYE) last posted its earnings results on Thursday, May 7th. The industrial products company reported $0.44 EPS for the quarter, beating the consensus estimate of $0.28 by $0.16. The company had revenue of $164.58 million for the quarter, compared to the consensus estimate of $209.30 million. Myers Industries had a return on equity of 17.23% and a net margin of 3.36%.

Myers Industries Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 2nd. Stockholders of record on Wednesday, June 17th were given a $0.135 dividend. This represents a $0.54 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date of this dividend was Wednesday, June 17th. Myers Industries’s payout ratio is presently 77.14%.

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.