Y Intercept Hong Kong Ltd Reduces Stake in Myers Industries, Inc. $MYE

Y Intercept Hong Kong Ltd lessened its stake in shares of Myers Industries, Inc. (NYSE:MYE) by 76.1% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 22,841 shares of the industrial products company’s stock after selling 72,665 shares during the quarter. Y Intercept Hong Kong Ltd owned about 0.06% of Myers Industries worth $387,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of MYE. State of Alaska Department of Revenue bought a new position in shares of Myers Industries in the third quarter valued at approximately $25,000. EverSource Wealth Advisors LLC boosted its holdings in 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. Huntington National Bank purchased a new position in shares of Myers Industries during the 2nd quarter valued at $29,000. New York State Teachers Retirement System purchased a new position in shares of Myers Industries during the 3rd quarter valued at $57,000. Finally, Nisa Investment Advisors LLC boosted its stake in Myers Industries by 30.2% during the second quarter. Nisa Investment Advisors LLC now owns 3,714 shares of the industrial products company’s stock valued at $54,000 after buying an additional 861 shares during the period. 90.82% of the stock is owned by hedge funds and other institutional investors.

Myers Industries Stock Up 2.9%

Shares of NYSE MYE opened at $21.77 on Thursday. The stock has a market capitalization of $814.42 million, a P/E ratio of 29.42 and a beta of 1.08. Myers Industries, Inc. has a one year low of $9.06 and a one year high of $21.86. The firm’s 50 day simple moving average is $19.47 and its two-hundred day simple moving average is $17.55. The company has a debt-to-equity ratio of 1.18, a current ratio of 1.67 and a quick ratio of 1.09.

Insider Activity

In related news, CFO Samantha Rutty bought 3,000 shares of the stock in a transaction dated Friday, November 14th. The stock was bought at an average price of $17.50 per share, with a total value of $52,500.00. Following the purchase, the chief financial officer owned 3,000 shares in the company, valued at approximately $52,500. The trade was a ∞ increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 1.85% of the company’s stock.

Analyst Upgrades and Downgrades

MYE has been the topic of a number of research analyst reports. Zacks Research upgraded Myers Industries from a “strong sell” rating to a “hold” rating in a research note on Tuesday, December 16th. Wall Street Zen raised shares of Myers Industries from a “buy” rating to a “strong-buy” rating in a research note on Friday, November 28th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Myers Industries in a research report on Thursday, January 22nd. One analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, Myers Industries currently has a consensus rating of “Hold” and an average target price of $21.00.

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.