Federated Hermes Inc. Has $2.31 Million Stock Position in Myers Industries, Inc. (NYSE:MYE)

Federated Hermes Inc. reduced its position in Myers Industries, Inc. (NYSE:MYE) by 1.2% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 118,142 shares of the industrial products company’s stock after selling 1,489 shares during the period. Federated Hermes Inc.’s holdings in Myers Industries were worth $2,310,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in MYE. Pacer Advisors Inc. acquired a new stake in shares of Myers Industries during the fourth quarter worth $16,196,000. Assenagon Asset Management S.A. acquired a new stake in shares of Myers Industries during the third quarter worth $5,110,000. Tieton Capital Management LLC acquired a new stake in shares of Myers Industries during the third quarter worth $1,308,000. LSV Asset Management grew its stake in shares of Myers Industries by 18.2% during the third quarter. LSV Asset Management now owns 450,526 shares of the industrial products company’s stock worth $8,078,000 after purchasing an additional 69,231 shares during the period. Finally, Ruggaard & Associates LLC acquired a new stake in shares of Myers Industries during the third quarter worth $934,000. 90.82% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on MYE. StockNews.com raised Myers Industries from a “buy” rating to a “strong-buy” rating in a research note on Saturday, March 16th. KeyCorp lifted their target price on Myers Industries from $22.00 to $30.00 and gave the stock an “overweight” rating in a report on Friday, March 22nd.

Myers Industries Stock Performance

MYE stock opened at $22.04 on Monday. The business’s 50-day moving average price is $21.31 and its two-hundred day moving average price is $19.32. The company has a current ratio of 1.55, a quick ratio of 1.00 and a debt-to-equity ratio of 0.14. The firm has a market cap of $814.16 million, a PE ratio of 16.70 and a beta of 1.31. Myers Industries, Inc. has a 1-year low of $15.65 and a 1-year high of $23.63.

Myers Industries (NYSE:MYE) last posted its earnings results on Tuesday, March 5th. The industrial products company reported $0.29 earnings per share for the quarter, topping the consensus estimate of $0.26 by $0.03. The firm had revenue of $191.08 million for the quarter, compared to analyst estimates of $191.60 million. Myers Industries had a return on equity of 18.55% and a net margin of 6.01%. During the same period in the previous year, the company posted $0.32 earnings per share. As a group, research analysts forecast that Myers Industries, Inc. will post 1.38 earnings per share for the current year.

Myers Industries Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, April 4th. Stockholders of record on Saturday, March 16th were issued a $0.135 dividend. The ex-dividend date was Thursday, March 14th. This represents a $0.54 dividend on an annualized basis and a dividend yield of 2.45%. Myers Industries’s dividend payout ratio (DPR) is 40.91%.

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.