JPMorgan Chase & Co. Boosts Position in Myers Industries, Inc. (NYSE:MYE)

JPMorgan Chase & Co. lifted its stake in shares of Myers Industries, Inc. (NYSE:MYE) by 78.6% during the 3rd quarter, Holdings Channel reports. The fund owned 133,506 shares of the industrial products company’s stock after buying an additional 58,761 shares during the quarter. JPMorgan Chase & Co.’s holdings in Myers Industries were worth $1,845,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the stock. Hotchkis & Wiley Capital Management LLC raised its holdings in Myers Industries by 60.2% in the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 624,010 shares of the industrial products company’s stock valued at $8,624,000 after buying an additional 234,390 shares during the period. Intech Investment Management LLC purchased a new stake in Myers Industries in the 3rd quarter valued at about $972,000. Bank of Montreal Can purchased a new stake in Myers Industries in the 2nd quarter valued at about $989,000. Access Investment Management LLC purchased a new stake in Myers Industries in the 3rd quarter valued at about $879,000. Finally, Barclays PLC raised its holdings in Myers Industries by 464.7% in the 3rd quarter. Barclays PLC now owns 74,072 shares of the industrial products company’s stock valued at $1,024,000 after buying an additional 60,954 shares during the period. Hedge funds and other institutional investors own 90.82% of the company’s stock.

Myers Industries Stock Performance

Shares of MYE opened at $11.77 on Thursday. The stock has a 50 day moving average price of $11.50 and a 200 day moving average price of $12.88. The company has a quick ratio of 1.11, a current ratio of 1.80 and a debt-to-equity ratio of 1.36. The company has a market capitalization of $438.36 million, a price-to-earnings ratio of 28.01 and a beta of 1.22. Myers Industries, Inc. has a 52-week low of $10.35 and a 52-week 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 earnings per share for the quarter, missing the consensus estimate of $0.29 by ($0.04). Myers Industries had a net margin of 1.88% and a return on equity of 14.75%. The firm had revenue of $205.07 million during the quarter. During the same period in the prior year, the firm earned $0.38 earnings per share. Research analysts predict that Myers Industries, Inc. will post 0.95 EPS for the current fiscal year.

Myers Industries Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, January 3rd. Shareholders of record on Tuesday, December 3rd were issued a $0.135 dividend. This represents a $0.54 annualized dividend and a yield of 4.59%. The ex-dividend date was Tuesday, December 3rd. Myers Industries’s dividend payout ratio (DPR) is 128.57%.

Insider Buying and Selling at Myers Industries

In other Myers Industries news, CEO Dave Basque purchased 5,000 shares of the firm’s stock in a transaction on Monday, December 9th. The shares were purchased at an average cost of $12.41 per share, with a total value of $62,050.00. Following the purchase, the chief executive officer now owns 39,152 shares in the company, valued at approximately $485,876.32. This represents a 14.64 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Over the last 90 days, insiders have bought 19,500 shares of company stock valued at $232,575. Insiders own 1.40% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have issued reports on MYE shares. StockNews.com lowered shares of Myers Industries from a “hold” rating to a “sell” rating in a research note on Friday, January 17th. KeyCorp lowered shares of Myers Industries from an “overweight” rating to a “sector weight” rating in a research note on Wednesday, November 6th.

Myers Industries 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.