Allspring Global Investments Holdings LLC Decreases Stock Position in Myers Industries, Inc. $MYE

Allspring Global Investments Holdings LLC trimmed its position in shares of Myers Industries, Inc. (NYSE:MYE) by 4.2% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,194,345 shares of the industrial products company’s stock after selling 96,789 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 5.87% of Myers Industries worth $40,837,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently added to or reduced their stakes in the company. Royal Bank of Canada raised its position in shares of Myers Industries by 44.5% in the first quarter. Royal Bank of Canada now owns 24,684 shares of the industrial products company’s stock valued at $295,000 after buying an additional 7,607 shares during the last quarter. AQR Capital Management LLC boosted its position in Myers Industries by 148.8% during the first quarter. AQR Capital Management LLC now owns 166,990 shares of the industrial products company’s stock worth $1,992,000 after acquiring an additional 99,881 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Myers Industries by 4.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 21,835 shares of the industrial products company’s stock valued at $260,000 after acquiring an additional 936 shares in the last quarter. Millennium Management LLC grew its stake in Myers Industries by 2.7% during the 1st quarter. Millennium Management LLC now owns 911,626 shares of the industrial products company’s stock valued at $10,876,000 after acquiring an additional 23,866 shares in the last quarter. Finally, Goldman Sachs Group Inc. raised its holdings in Myers Industries by 12.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 320,996 shares of the industrial products company’s stock valued at $3,829,000 after acquiring an additional 34,787 shares during the last quarter. 90.82% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on MYE. Zacks Research upgraded Myers Industries from a “strong sell” rating to a “hold” rating in a report on Tuesday, December 16th. Weiss Ratings reiterated a “hold (c)” rating on shares of Myers Industries in a research report on Thursday, January 22nd. Finally, Wall Street Zen lowered Myers Industries from a “strong-buy” rating to a “buy” rating in a research note on Saturday, March 28th. One research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $21.00.

Myers Industries Stock Performance

NYSE:MYE opened at $21.08 on Friday. The company’s 50-day moving average is $21.46 and its two-hundred day moving average is $19.15. Myers Industries, Inc. has a 1-year low of $9.06 and a 1-year high of $24.03. The company has a debt-to-equity ratio of 1.08, a current ratio of 1.67 and a quick ratio of 1.16. The firm has a market capitalization of $788.39 million, a price-to-earnings ratio of 22.67 and a beta of 1.09.

Myers Industries (NYSE:MYE) last announced its quarterly earnings results on Thursday, March 5th. The industrial products company reported $0.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.23 by $0.08. The business had revenue of $203.97 million during the quarter, compared to the consensus estimate of $202.60 million. Myers Industries had a net margin of 4.23% and a return on equity of 14.46%. Analysts forecast that Myers Industries, Inc. will post 0.95 EPS for the current year.

Myers Industries Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 3rd. Investors of record on Friday, March 13th will be issued a $0.135 dividend. This represents a $0.54 annualized dividend and a yield of 2.6%. The ex-dividend date is Friday, March 13th. Myers Industries’s payout ratio is 58.06%.

About Myers Industries

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.