CastleKnight Management LP Takes Position in Myers Industries, Inc. (NYSE:MYE)

CastleKnight Management LP acquired a new stake in Myers Industries, Inc. (NYSE:MYE - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 34,032 shares of the industrial products company's stock, valued at approximately $376,000. CastleKnight Management LP owned about 0.09% of Myers Industries as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Aquatic Capital Management LLC lifted its holdings in Myers Industries by 103.1% during the 4th quarter. Aquatic Capital Management LLC now owns 5,484 shares of the industrial products company's stock valued at $61,000 after purchasing an additional 2,784 shares during the last quarter. Aigen Investment Management LP acquired a new stake in shares of Myers Industries during the 4th quarter worth about $138,000. Polymer Capital Management US LLC acquired a new stake in shares of Myers Industries during the 4th quarter worth about $228,000. Wells Fargo & Company MN boosted its holdings in shares of Myers Industries by 32.9% during the 4th 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 during the period. Finally, Fox Run Management L.L.C. acquired a new position in Myers Industries in the 4th quarter valued at about $251,000. 90.82% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

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

Myers Industries Stock Performance

MYE stock traded up $0.07 during trading hours on Friday, hitting $12.19. 199,126 shares of the stock were exchanged, compared to its average volume of 332,752. Myers Industries, Inc. has a 12 month low of $9.06 and a 12 month high of $17.39. The company has a current ratio of 1.80, a quick ratio of 1.11 and a debt-to-equity ratio of 1.36. The firm has a market capitalization of $455.69 million, a P/E ratio of 29.02 and a beta of 1.08. The company has a 50-day simple moving average of $11.19 and a two-hundred day simple moving average of $11.50.

Myers Industries (NYSE:MYE - Get Free Report) last released its quarterly earnings results on Thursday, May 1st. The industrial products company reported $0.22 EPS for the quarter, topping analysts' consensus estimates of $0.19 by $0.03. The business had revenue of $206.75 million for the quarter, compared to analyst estimates of $206.80 million. Myers Industries had a net margin of 1.88% and a return on equity of 14.75%. On average, analysts forecast that Myers Industries, Inc. will post 0.95 earnings per share for the current fiscal year.

Myers Industries Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, April 4th. Investors of record on Friday, March 14th were paid a $0.135 dividend. This represents a $0.54 annualized dividend and a dividend yield of 4.43%. The ex-dividend date of this dividend was Friday, March 14th. Myers Industries's dividend payout ratio (DPR) is currently 192.86%.

Myers Industries declared that its Board of Directors has authorized a stock buyback 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 repurchase up to 2.2% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company's board of directors believes its shares are 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.