ExodusPoint Capital Management LP Sells 104,965 Shares of Myers Industries, Inc. (NYSE:MYE)

ExodusPoint Capital Management LP decreased its holdings in Myers Industries, Inc. (NYSE:MYE) by 63.1% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 61,346 shares of the industrial products company’s stock after selling 104,965 shares during the quarter. ExodusPoint Capital Management LP’s holdings in Myers Industries were worth $677,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently made changes to their positions in the business. Point72 Asset Management L.P. acquired a new position in shares of Myers Industries during the 3rd quarter worth approximately $72,000. Aigen Investment Management LP acquired a new position in shares of Myers Industries in the fourth quarter valued at $138,000. Fox Run Management L.L.C. acquired a new position in shares of Myers Industries in the fourth quarter valued at $251,000. Versor Investments LP raised its position in shares of Myers Industries by 49.4% in the fourth quarter. Versor Investments LP now owns 23,600 shares of the industrial products company’s stock valued at $261,000 after purchasing an additional 7,800 shares during the period. Finally, Exchange Traded Concepts LLC lifted its stake in shares of Myers Industries by 18.1% during the 4th quarter. Exchange Traded Concepts LLC now owns 24,778 shares of the industrial products company’s stock worth $274,000 after buying an additional 3,793 shares during the last quarter. 90.82% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Separately, StockNews.com raised shares of Myers Industries from a “sell” rating to a “hold” rating in a report on Friday, March 7th.

Myers Industries Stock Performance

MYE opened at $9.70 on Friday. The company has a debt-to-equity ratio of 1.36, a current ratio of 1.80 and a quick ratio of 1.11. The business has a fifty day simple moving average of $11.59 and a 200 day simple moving average of $11.83. Myers Industries, Inc. has a 1 year low of $9.06 and a 1 year high of $23.05. The company has a market capitalization of $361.58 million, a PE ratio of 23.08 and a beta of 1.08.

Myers Industries (NYSE:MYE) last announced its earnings results on Thursday, March 6th. The industrial products company reported $0.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.10 by $0.09. Myers Industries had a net margin of 1.88% and a return on equity of 14.75%. The company had revenue of $203.88 million during the quarter, compared to analysts’ expectations of $203.10 million. Research analysts expect that Myers Industries, Inc. will post 0.95 EPS for the current year.

Myers Industries Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, April 4th. Stockholders of record on Friday, March 14th were issued a dividend of $0.135 per share. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.54 annualized dividend and a dividend yield of 5.57%. Myers Industries’s dividend payout ratio is presently 284.21%.

Myers Industries announced that its Board of Directors has initiated a stock repurchase plan on Thursday, March 6th that authorizes the company to repurchase $10.00 million in shares. This repurchase authorization authorizes the industrial products company to purchase up to 2.2% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

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.