Principal Financial Group Inc. Has $2.44 Million Stake in Myers Industries, Inc. (NYSE:MYE)

Principal Financial Group Inc. lessened its stake in shares of Myers Industries, Inc. (NYSE:MYE) by 4.6% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 176,298 shares of the industrial products company’s stock after selling 8,434 shares during the period. Principal Financial Group Inc. owned 0.47% of Myers Industries worth $2,436,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Vanguard Group Inc. raised its holdings in shares of Myers Industries by 6.8% during the first quarter. Vanguard Group Inc. now owns 2,846,620 shares of the industrial products company’s stock valued at $65,956,000 after purchasing an additional 182,215 shares during the period. Dimensional Fund Advisors LP boosted its holdings in Myers Industries by 0.3% in the second quarter. Dimensional Fund Advisors LP now owns 1,604,324 shares of the industrial products company’s stock worth $21,466,000 after acquiring an additional 4,777 shares in the last quarter. Gabelli Funds LLC grew its stake in Myers Industries by 3.9% in the second quarter. Gabelli Funds LLC now owns 1,572,250 shares of the industrial products company’s stock valued at $21,037,000 after acquiring an additional 58,500 shares during the period. Renaissance Technologies LLC increased its holdings in shares of Myers Industries by 8.3% during the second quarter. Renaissance Technologies LLC now owns 1,480,597 shares of the industrial products company’s stock valued at $19,810,000 after acquiring an additional 113,100 shares in the last quarter. Finally, Victory Capital Management Inc. acquired a new position in shares of Myers Industries during the second quarter worth approximately $13,684,000. 90.82% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Separately, KeyCorp downgraded shares of Myers Industries from an “overweight” rating to a “sector weight” rating in a research report on Wednesday, November 6th.

Myers Industries Price Performance

Shares of NYSE MYE opened at $11.13 on Friday. The stock has a market cap of $414.52 million, a price-to-earnings ratio of 26.49 and a beta of 1.23. The company has a debt-to-equity ratio of 1.36, a quick ratio of 1.11 and a current ratio of 1.80. Myers Industries, Inc. has a fifty-two week low of $10.35 and a fifty-two week high of $23.63. The firm’s 50-day simple moving average is $12.65 and its 200 day simple moving average is $13.99.

Myers Industries (NYSE:MYE) last posted its earnings results on Monday, November 4th. The industrial products company reported $0.25 earnings per share for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.04). Myers Industries had a net margin of 1.88% and a return on equity of 14.75%. The company had revenue of $205.07 million during the quarter. During the same quarter in the previous year, the company earned $0.38 EPS. As a group, research analysts anticipate that Myers Industries, Inc. will post 0.95 earnings per share for the current fiscal year.

Myers Industries Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, January 3rd. Stockholders of record on Tuesday, December 3rd will be issued a $0.135 dividend. The ex-dividend date of this dividend is Tuesday, December 3rd. This represents a $0.54 annualized dividend and a dividend yield of 4.85%. Myers Industries’s dividend payout ratio is currently 128.57%.

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.