Quantessence Capital LLC Makes New $690,000 Investment in Myers Industries, Inc. (NYSE:MYE)

Quantessence Capital LLC acquired a new stake in shares of Myers Industries, Inc. (NYSE:MYE) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 62,544 shares of the industrial products company’s stock, valued at approximately $690,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. State Street Corp grew its position in Myers Industries by 2.6% in the third quarter. State Street Corp now owns 1,374,246 shares of the industrial products company’s stock valued at $19,176,000 after acquiring an additional 35,456 shares during the last quarter. Barclays PLC increased its holdings in shares of Myers Industries by 464.7% during the third quarter. Barclays PLC now owns 74,072 shares of the industrial products company’s stock worth $1,024,000 after buying an additional 60,954 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Myers Industries by 1.3% during the 3rd quarter. Geode Capital Management LLC now owns 832,442 shares of the industrial products company’s stock valued at $11,507,000 after acquiring an additional 10,666 shares in the last quarter. JPMorgan Chase & Co. raised its position in Myers Industries by 78.6% in the third quarter. JPMorgan Chase & Co. now owns 133,506 shares of the industrial products company’s stock valued at $1,845,000 after purchasing an additional 58,761 shares during the last quarter. Finally, Janney Montgomery Scott LLC acquired a new stake in shares of Myers Industries during the fourth quarter valued at about $290,000. 90.82% of the stock is currently owned by institutional investors.

Myers Industries Trading Down 3.1 %

NYSE:MYE opened at $9.17 on Tuesday. The firm’s fifty day moving average is $11.26 and its 200-day moving average is $11.66. Myers Industries, Inc. has a 52 week low of $9.06 and a 52 week high of $23.05. The company has a debt-to-equity ratio of 1.36, a quick ratio of 1.11 and a current ratio of 1.80. The firm has a market cap of $342.00 million, a P/E ratio of 21.83 and a beta of 1.08.

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

Myers Industries announced that its Board of Directors has approved a share buyback plan on Thursday, March 6th that permits the company to repurchase $10.00 million in shares. This repurchase authorization permits the industrial products company to buy up to 2.2% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

Myers Industries Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, April 4th. Shareholders of record on Friday, March 14th were paid a $0.135 dividend. This represents a $0.54 annualized dividend and a yield of 5.89%. The ex-dividend date of this dividend was Friday, March 14th. Myers Industries’s dividend payout ratio (DPR) is currently 284.21%.

Analysts Set New Price Targets

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

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.