Balyasny Asset Management L.P. Makes New $758,000 Investment in Myers Industries, Inc. (NYSE:MYE)

Balyasny Asset Management L.P. purchased a new position in shares of Myers Industries, Inc. (NYSE:MYE - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 68,666 shares of the industrial products company's stock, valued at approximately $758,000. Balyasny Asset Management L.P. owned approximately 0.18% of Myers Industries as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of MYE. Barclays PLC lifted its position in Myers Industries by 464.7% during the 3rd quarter. Barclays PLC now owns 74,072 shares of the industrial products company's stock worth $1,024,000 after acquiring an additional 60,954 shares in the last quarter. JPMorgan Chase & Co. lifted its position in Myers Industries by 78.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 133,506 shares of the industrial products company's stock worth $1,845,000 after acquiring an additional 58,761 shares in the last quarter. Janney Montgomery Scott LLC acquired a new position in Myers Industries during the 4th quarter worth approximately $290,000. Inspire Investing LLC lifted its position in Myers Industries by 20.4% during the 4th quarter. Inspire Investing LLC now owns 36,291 shares of the industrial products company's stock worth $401,000 after acquiring an additional 6,153 shares in the last quarter. Finally, Exchange Traded Concepts LLC lifted its position in 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 acquiring an additional 3,793 shares in the last quarter. 90.82% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

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

Myers Industries Stock Down 0.6%

MYE stock traded down $0.07 during midday trading on Tuesday, hitting $12.38. 5,355 shares of the company's stock were exchanged, compared to its average volume of 326,748. Myers Industries, Inc. has a 12-month low of $9.06 and a 12-month high of $17.39. The stock has a market capitalization of $462.79 million, a price-to-earnings ratio of 29.48 and a beta of 1.08. 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 50 day moving average price of $11.20 and a 200-day moving average price of $11.50.

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

Myers Industries declared that its board has initiated a share buyback plan on Thursday, March 6th that authorizes the company to buyback $10.00 million in shares. This buyback authorization authorizes the industrial products company to reacquire up to 2.2% of its stock through open market purchases. Stock buyback plans are often a sign that the company's board of directors believes its stock is undervalued.

Myers Industries Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 4th. Investors of record on Friday, March 14th were given a dividend of $0.135 per share. The ex-dividend date was Friday, March 14th. This represents a $0.54 dividend on an annualized basis and a yield of 4.36%. Myers Industries's dividend payout ratio is currently 192.86%.

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.