Allspring Global Investments Holdings LLC Trims Stock Position in Myers Industries, Inc. (NYSE:MYE)

Allspring Global Investments Holdings LLC lessened its stake in Myers Industries, Inc. (NYSE:MYE) by 0.8% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 2,130,794 shares of the industrial products company’s stock after selling 16,805 shares during the quarter. Allspring Global Investments Holdings LLC owned 5.78% of Myers Industries worth $41,657,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the stock. Pacer Advisors Inc. acquired a new position in Myers Industries in the fourth quarter valued at approximately $16,196,000. LSV Asset Management boosted its holdings in Myers Industries by 18.2% during the third quarter. LSV Asset Management now owns 450,526 shares of the industrial products company’s stock worth $8,078,000 after buying an additional 69,231 shares in the last quarter. Strs Ohio purchased a new stake in Myers Industries during the third quarter worth $234,000. Illinois Municipal Retirement Fund acquired a new stake in Myers Industries during the third quarter valued at $389,000. Finally, Charles Schwab Investment Management Inc. increased its holdings in Myers Industries by 3.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 463,843 shares of the industrial products company’s stock valued at $8,317,000 after buying an additional 16,557 shares in the last quarter. Hedge funds and other institutional investors own 90.82% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on MYE shares. KeyCorp increased their target price on shares of Myers Industries from $22.00 to $30.00 and gave the stock an “overweight” rating in a research note on Friday, March 22nd. StockNews.com raised Myers Industries from a “buy” rating to a “strong-buy” rating in a report on Saturday, March 16th.

Myers Industries Price Performance

Shares of NYSE MYE opened at $21.78 on Friday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.00 and a current ratio of 1.55. The firm has a fifty day moving average of $20.71 and a 200 day moving average of $19.01. The firm has a market cap of $804.55 million, a PE ratio of 16.50 and a beta of 1.31. Myers Industries, Inc. has a one year low of $15.65 and a one year high of $23.63.

Myers Industries (NYSE:MYE) last announced its earnings results on Tuesday, March 5th. The industrial products company reported $0.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.26 by $0.03. Myers Industries had a net margin of 6.01% and a return on equity of 18.55%. The business had revenue of $191.08 million for the quarter, compared to analyst estimates of $191.60 million. During the same quarter last year, the business earned $0.32 earnings per share. As a group, research analysts predict that Myers Industries, Inc. will post 1.38 EPS for the current fiscal year.

Myers Industries Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, April 4th. Shareholders of record on Saturday, March 16th were paid a dividend of $0.135 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.54 annualized dividend and a yield of 2.48%. Myers Industries’s dividend payout ratio (DPR) is currently 40.91%.

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.