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In a recent filing with the Securities and Exchange Commission, Myers Industries Inc . (NYSE:MYE), a company specializing in plastic products with a market capitalization of $384 million and annual revenue of $836 million, reported the results of its annual shareholder meeting held on April 24, 2025. According to InvestingPro analysis, the company appears slightly undervalued based on its Fair Value calculations. The filing disclosed the outcomes of several key votes, including the election of directors, executive compensation, and the ratification of the company’s independent auditor.
At the meeting, a significant majority of the shareholders elected eight directors to the company’s board to serve until the 2026 annual meeting. The directors elected were Yvette Dapremont Bright, Ronald M. De Feo, William A. Foley, Jeffrey Kramer, F. Jack Liebau, Jr., Bruce M. Lisman, Lori Lutey, and Aaron Schapper. Notably, Aaron Schapper received the highest number of favorable votes, with over 30 million shares voting in his favor. The company has maintained a strong track record of shareholder returns, having paid dividends for 54 consecutive years, with a current dividend yield of 5.24%.
Additionally, the shareholders cast an advisory vote to approve the compensation of the company’s named executive officers for 2024. The proposal received overwhelming support, with approximately 96.65% of the votes cast in favor.
The appointment of Ernst & Young LLP as Myers Industries’ independent registered public accounting firm for the fiscal year ending December 31, 2025, was also ratified by the shareholders with a substantial majority.
The turnout for the meeting was robust, with around 86.90% of the outstanding common shares represented in person or by proxy. This included over 2 million broker non-votes, which are shares held by brokers that have not received voting instructions from the beneficial owners and therefore cannot be voted on certain matters.
The filing did not include any additional proposals or business matters addressed at the meeting. The information provided in this article is based on a press release statement from Myers Industries Inc. Investors should note that Myers Industries is scheduled to report its next earnings on May 1, 2025. InvestingPro subscribers have access to additional insights, including 8 key ProTips and comprehensive financial analysis through the Pro Research Report, helping investors make more informed decisions.
In other recent news, Myers Industries reported a strong performance in the fourth quarter of 2024, surpassing analyst expectations. The company achieved an earnings per share (EPS) of $0.19, significantly beating the forecasted $0.10, and reported revenues of $203.9 million, slightly above the anticipated $203.1 million. This marked a 6.7% increase in net sales for the quarter, contributing to full-year net sales of $836.3 million, a 2.9% rise. The company’s strategic focus on innovation and acquisitions, including the integration of Signature Systems, played a crucial role in these results.
Additionally, KeyBanc Capital Markets maintained a Sector Weight rating on Myers Industries, with analyst Christian Zyla noting the company’s strategic initiatives under the new CEO, Aaron Schapper. Zyla highlighted the need for comprehensive changes across the firm for sustained growth and suggested that investors might adopt a cautious stance until further clarity on the company’s long-term framework is provided. Myers Industries’ management has indicated that an update to its long-term target framework will be shared by the end of 2025.
The company has also temporarily suspended formal annual guidance but anticipates continued growth in its Signature Systems and military products, with plans for a $20 million cost reduction by the end of 2025. The focus remains on optimizing underperforming segments and leveraging growth opportunities in the RV and marine markets.
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