Hodges Capital Management Inc. Has $2.52 Million Stake in Myers Industries, Inc. $MYE

Hodges Capital Management Inc. reduced its holdings in Myers Industries, Inc. (NYSE:MYE) by 17.4% in the 1st quarter, Holdings Channel reports. The fund owned 118,945 shares of the industrial products company’s stock after selling 25,105 shares during the quarter. Hodges Capital Management Inc.’s holdings in Myers Industries were worth $2,519,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the business. EverSource Wealth Advisors LLC grew 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 valued at $28,000 after purchasing an additional 1,498 shares during the period. Kestra Advisory Services LLC acquired a new stake in Myers Industries during the 4th quarter worth approximately $38,000. Quarry LP acquired a new stake in Myers Industries during the 3rd quarter worth approximately $48,000. Clearstead Advisors LLC lifted its stake 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 valued at $64,000 after buying an additional 1,234 shares in the last quarter. Finally, Aquatic Capital Management LLC acquired a new stake in shares of Myers Industries during the third quarter worth $61,000. Institutional investors and hedge funds own 90.82% of the company’s stock.

Analysts Set New Price Targets

MYE has been the topic of several research reports. Weiss Ratings cut shares of Myers Industries from a “hold (c+)” rating to a “hold (c)” rating in a research report on Monday, May 11th. KeyCorp increased their target price on Myers Industries from $26.00 to $37.00 and gave the stock an “overweight” rating in a report on Tuesday, June 30th. Finally, Wall Street Zen downgraded 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 given a Hold rating to the company. Based on data from MarketBeat, Myers Industries presently has a consensus rating of “Hold” and a consensus price target of $37.00.

Myers Industries Stock Performance

Shares of MYE opened at $30.66 on Tuesday. The firm has a 50-day moving average of $25.06 and a 200-day moving average of $22.36. Myers Industries, Inc. has a one year low of $12.96 and a one year high of $35.75. The company has a market cap of $1.15 billion, a PE ratio of 43.80 and a beta of 0.88. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.65 and a quick ratio of 1.29.

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

Myers Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, July 2nd. Shareholders of record on Wednesday, June 17th were given a dividend of $0.135 per share. This represents a $0.54 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date of this dividend was Wednesday, June 17th. Myers Industries’s payout ratio is 77.14%.

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.