Balyasny Asset Management L.P. Takes Position in Myers Industries, Inc. (NYSE:MYE)

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

A number of other hedge funds have also recently added to or reduced their stakes in the company. BNP Paribas Financial Markets increased its holdings in Myers Industries by 224.2% in the fourth quarter. BNP Paribas Financial Markets now owns 104,346 shares of the industrial products company's stock worth $1,152,000 after buying an additional 72,165 shares during the last quarter. Ameriprise Financial Inc. increased its holdings in Myers Industries by 175.7% in the fourth quarter. Ameriprise Financial Inc. now owns 805,608 shares of the industrial products company's stock worth $8,895,000 after buying an additional 513,431 shares during the last quarter. Jane Street Group LLC increased its holdings in Myers Industries by 605.4% in the fourth quarter. Jane Street Group LLC now owns 388,873 shares of the industrial products company's stock worth $4,293,000 after buying an additional 333,746 shares during the last quarter. Tudor Investment Corp ET AL increased its holdings in Myers Industries by 55.0% in the fourth quarter. Tudor Investment Corp ET AL now owns 125,441 shares of the industrial products company's stock worth $1,385,000 after buying an additional 44,522 shares during the last quarter. Finally, Barington Capital Group L.P. bought a new stake in Myers Industries during the fourth quarter worth approximately $9,055,000. Institutional investors and hedge funds own 90.82% of the company's stock.

Myers Industries Stock Performance

Myers Industries stock traded up $0.20 during trading hours on Friday, reaching $12.57. 192,721 shares of the company were exchanged, compared to its average volume of 328,852. The firm has a market cap of $469.97 million, a price-to-earnings ratio of 29.93 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 stock has a 50-day moving average of $11.21 and a 200 day moving average of $11.50. Myers Industries, Inc. has a 12 month low of $9.06 and a 12 month high of $17.39.

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

Myers Industries announced that its board has authorized a stock repurchase 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 repurchase up to 2.2% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company's management believes its shares are undervalued.

Myers Industries Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 4th. Stockholders of record on Friday, March 14th were given a $0.135 dividend. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.54 annualized dividend and a dividend yield of 4.30%. Myers Industries's dividend payout ratio is 192.86%.

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 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.