Marshall Wace LLP Takes Position in Myers Industries, Inc. (NYSE:MYE)

Marshall Wace LLP bought a new position in shares of Myers Industries, Inc. (NYSE:MYE) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 257,518 shares of the industrial products company’s stock, valued at approximately $2,843,000.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Aigen Investment Management LP purchased a new position in shares of Myers Industries during the 4th quarter valued at $138,000. Polymer Capital Management US LLC bought a new stake in Myers Industries during the fourth quarter valued at $228,000. Wells Fargo & Company MN grew its position in Myers Industries by 32.9% during the fourth quarter. Wells Fargo & Company MN now owns 22,464 shares of the industrial products company’s stock worth $248,000 after buying an additional 5,566 shares in the last quarter. Fox Run Management L.L.C. bought a new position in Myers Industries in the 4th quarter worth about $251,000. Finally, Versor Investments LP raised its holdings in shares of Myers Industries by 49.4% in the 4th quarter. Versor Investments LP now owns 23,600 shares of the industrial products company’s stock valued at $261,000 after acquiring an additional 7,800 shares in the last quarter. 90.82% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

Myers Industries Price Performance

Shares of NYSE:MYE opened at $10.30 on Friday. The company’s fifty day moving average price is $11.10 and its 200-day moving average price is $11.60. 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 firm has a market capitalization of $384.15 million, a price-to-earnings ratio of 24.52 and a beta of 1.08. Myers Industries, Inc. has a one year low of $9.06 and a one year high of $23.05.

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

Myers Industries Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, April 4th. Investors of record on Friday, March 14th were given a $0.135 dividend. The ex-dividend date was Friday, March 14th. This represents a $0.54 dividend on an annualized basis and a yield of 5.24%. Myers Industries’s payout ratio is 284.21%.

Myers Industries declared that its board has approved a stock repurchase program on Thursday, March 6th that allows the company to buyback $10.00 million in outstanding shares. This buyback authorization allows the industrial products company to purchase up to 2.2% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board 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.