Gabelli Funds LLC Purchases 58,500 Shares of Myers Industries, Inc. (NYSE:MYE)

Gabelli Funds LLC increased its position in Myers Industries, Inc. (NYSE:MYE) by 3.9% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 1,572,250 shares of the industrial products company’s stock after purchasing an additional 58,500 shares during the quarter. Gabelli Funds LLC owned approximately 4.23% of Myers Industries worth $21,037,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in MYE. nVerses Capital LLC bought a new position in shares of Myers Industries during the second quarter valued at approximately $25,000. Quest Partners LLC purchased a new stake in shares of Myers Industries in the 4th quarter worth approximately $54,000. DekaBank Deutsche Girozentrale bought a new position in Myers Industries during the 1st quarter valued at approximately $91,000. Covestor Ltd raised its stake in Myers Industries by 712,200.0% during the first quarter. Covestor Ltd now owns 7,123 shares of the industrial products company’s stock valued at $165,000 after buying an additional 7,122 shares during the last quarter. Finally, Gallacher Capital Management LLC bought a new stake in Myers Industries in the second quarter worth $186,000. 90.82% of the stock is currently owned by institutional investors.

Myers Industries Stock Down 1.7 %

Shares of Myers Industries stock opened at $14.21 on Monday. The company has a 50-day simple moving average of $14.36 and a two-hundred day simple moving average of $16.89. The stock has a market capitalization of $528.37 million, a PE ratio of 13.41 and a beta of 1.22. Myers Industries, Inc. has a 52-week low of $12.47 and a 52-week high of $23.63. The company has a debt-to-equity ratio of 1.32, a quick ratio of 1.16 and a current ratio of 1.81.

Myers Industries (NYSE:MYE) last announced its quarterly earnings results on Thursday, August 1st. The industrial products company reported $0.39 earnings per share for the quarter, beating the consensus estimate of $0.31 by $0.08. The company 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 last year, the business earned $0.35 EPS. On average, analysts anticipate 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 paid a $0.135 dividend. This represents a $0.54 annualized dividend and a dividend yield of 3.80%. The ex-dividend date is Friday, September 13th. Myers Industries’s dividend payout ratio is currently 50.94%.

Wall Street Analysts Forecast Growth

Separately, KeyCorp reduced their price target on Myers Industries from $30.00 to $27.00 and set an “overweight” rating for the company in a report on Friday, August 2nd.

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.