Principal Financial Group Inc. Sells 7,223 Shares of Myers Industries, Inc. (NYSE:MYE)

Principal Financial Group Inc. decreased its holdings in shares of Myers Industries, Inc. (NYSE:MYE) by 3.8% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 184,732 shares of the industrial products company’s stock after selling 7,223 shares during the quarter. Principal Financial Group Inc. owned approximately 0.50% of Myers Industries worth $2,472,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in MYE. Texas Permanent School Fund Corp increased its holdings in Myers Industries by 1.4% during the first quarter. Texas Permanent School Fund Corp now owns 32,240 shares of the industrial products company’s stock worth $747,000 after buying an additional 442 shares during the last quarter. Quest Partners LLC bought a new stake in Myers Industries in the fourth quarter valued at approximately $54,000. Quantbot Technologies LP raised its stake in Myers Industries by 52.9% in the 1st quarter. Quantbot Technologies LP now owns 11,349 shares of the industrial products company’s stock valued at $263,000 after acquiring an additional 3,927 shares during the period. DekaBank Deutsche Girozentrale bought a new position in shares of Myers Industries in the first quarter valued at about $91,000. Finally, Covestor Ltd boosted its holdings in shares of Myers Industries by 712,200.0% during the 1st quarter. Covestor Ltd now owns 7,123 shares of the industrial products company’s stock worth $165,000 after buying an additional 7,122 shares during the period. Institutional investors own 90.82% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have commented on the company. StockNews.com lowered Myers Industries from a “buy” rating to a “hold” rating in a report on Thursday, May 16th. KeyCorp decreased their price target on shares of Myers Industries from $30.00 to $27.00 and set an “overweight” rating on the stock in a research note on Friday, August 2nd.

Myers Industries Price Performance

Shares of MYE stock opened at $13.38 on Thursday. Myers Industries, Inc. has a twelve month low of $12.47 and a twelve month high of $23.63. The company has a quick ratio of 1.16, a current ratio of 1.81 and a debt-to-equity ratio of 1.32. The business has a fifty day simple moving average of $14.23 and a 200 day simple moving average of $17.19. The company has a market cap of $497.51 million, a P/E ratio of 12.62 and a beta of 1.22.

Myers Industries (NYSE:MYE) last issued its quarterly earnings data on Thursday, August 1st. The industrial products company reported $0.39 EPS for the quarter, beating the consensus estimate of $0.31 by $0.08. The business had revenue of $220.24 million during the quarter. Myers Industries had a net margin of 4.79% and a return on equity of 16.27%. During the same period in the previous year, the company earned $0.35 EPS. On average, sell-side analysts forecast that Myers Industries, Inc. will post 1.13 EPS for the current fiscal year.

Myers Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 3rd. Stockholders of record on Friday, September 13th will be issued a dividend of $0.135 per share. The ex-dividend date is Friday, September 13th. This represents a $0.54 dividend on an annualized basis and a dividend yield of 4.04%. Myers Industries’s dividend payout ratio (DPR) is presently 50.94%.

Myers Industries Company 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.