Invenomic Capital Management LP Acquires Shares of 386,653 Myers Industries, Inc. (NYSE:MYE)

Invenomic Capital Management LP acquired a new stake in shares of Myers Industries, Inc. (NYSE:MYE) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 386,653 shares of the industrial products company’s stock, valued at approximately $4,269,000. Invenomic Capital Management LP owned approximately 1.04% of Myers Industries as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in MYE. Barclays PLC raised its position in shares of Myers Industries by 464.7% in the third quarter. Barclays PLC now owns 74,072 shares of the industrial products company’s stock valued at $1,024,000 after buying an additional 60,954 shares during the last quarter. JPMorgan Chase & Co. increased its position in Myers Industries by 78.6% during the third quarter. JPMorgan Chase & Co. now owns 133,506 shares of the industrial products company’s stock worth $1,845,000 after purchasing an additional 58,761 shares during the last quarter. Janney Montgomery Scott LLC acquired a new stake in Myers Industries during the fourth quarter worth about $290,000. Inspire Investing LLC increased its position in Myers Industries by 20.4% during the fourth quarter. Inspire Investing LLC now owns 36,291 shares of the industrial products company’s stock worth $401,000 after purchasing an additional 6,153 shares during the last quarter. Finally, Exchange Traded Concepts LLC increased its position in Myers Industries by 18.1% during the fourth quarter. Exchange Traded Concepts LLC now owns 24,778 shares of the industrial products company’s stock worth $274,000 after purchasing an additional 3,793 shares during the last quarter. 90.82% of the stock is owned by hedge funds and other institutional investors.

Myers Industries Price Performance

Myers Industries stock opened at $12.19 on Monday. Myers Industries, Inc. has a 12-month low of $9.06 and a 12-month high of $17.39. The stock has a market cap of $455.69 million, a P/E ratio of 29.02 and a beta of 1.08. The company has a 50-day moving average price of $11.19 and a 200 day moving average price of $11.48. The company has a current ratio of 1.80, a quick ratio of 1.11 and a debt-to-equity ratio of 1.36.

Myers Industries (NYSE:MYE) last announced its quarterly earnings results on Thursday, May 1st. The industrial products company reported $0.22 earnings per share for the quarter, beating analysts’ consensus estimates of $0.19 by $0.03. Myers Industries had a net margin of 1.88% and a return on equity of 14.75%. The business had revenue of $206.75 million during the quarter, compared to analysts’ expectations of $206.80 million. Sell-side analysts anticipate that Myers Industries, Inc. will post 0.95 earnings per share for the current year.

Myers Industries declared that its board has approved a stock buyback plan on Thursday, March 6th that allows the company to repurchase $10.00 million in shares. This repurchase authorization allows the industrial products company to buy up to 2.2% of its shares through open market purchases. Shares repurchase plans are usually an indication 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 given a dividend of $0.135 per share. This represents a $0.54 dividend on an annualized basis and a dividend yield of 4.43%. The ex-dividend date was Friday, March 14th. Myers Industries’s dividend payout ratio is presently 192.86%.

Wall Street Analyst Weigh In

Separately, StockNews.com upgraded shares of Myers Industries from a “sell” rating to a “hold” rating in a research 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.