Walleye Capital LLC Takes Position in Myers Industries, Inc. $MYE

Key Points

• Walleye Capital LLC acquired 15,580 shares of Myers Industries valued at approximately $186,000 as part of its new position, highlighting increasing interest from institutional investors.
• The company reported quarterly earnings of $0.31 per share, missing estimates of $0.32, with revenue of $209.58 million falling short of the anticipated $220.60 million.
• Myers Industries announced a quarterly dividend of $0.135 per share, with a dividend yield of 3.2% and a payout ratio of 207.69%.

Walleye Capital LLC bought a new position in Myers Industries, Inc. (NYSE:MYE - Free Report) in the first quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 15,580 shares of the industrial products company's stock, valued at approximately $186,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in MYE. Wells Fargo & Company MN raised its stake in Myers Industries by 32.9% in the 4th quarter. Wells Fargo & Company MN now owns 22,464 shares of the industrial products company's stock worth $248,000 after acquiring an additional 5,566 shares during the last quarter. Jane Street Group LLC raised its stake in Myers Industries by 605.4% in the 4th quarter. Jane Street Group LLC now owns 388,873 shares of the industrial products company's stock worth $4,293,000 after acquiring an additional 333,746 shares during the last quarter. Ameriprise Financial Inc. raised its stake in Myers Industries by 175.7% in the 4th quarter. Ameriprise Financial Inc. now owns 805,608 shares of the industrial products company's stock worth $8,895,000 after acquiring an additional 513,431 shares during the last quarter. BNP Paribas Financial Markets raised its stake in Myers Industries by 224.2% in the 4th quarter. BNP Paribas Financial Markets now owns 104,346 shares of the industrial products company's stock worth $1,152,000 after acquiring an additional 72,165 shares during the last quarter. Finally, Balyasny Asset Management L.P. purchased a new position in Myers Industries in the 4th quarter worth $758,000. Hedge funds and other institutional investors own 90.82% of the company's stock.

Myers Industries Price Performance

Shares of NYSE:MYE traded down $0.13 during trading on Wednesday, reaching $16.03. 300,380 shares of the company's stock traded hands, compared to its average volume of 208,978. Myers Industries, Inc. has a fifty-two week low of $9.06 and a fifty-two week high of $17.12. The company has a quick ratio of 1.12, a current ratio of 1.77 and a debt-to-equity ratio of 1.24. The firm has a market cap of $599.61 million, a PE ratio of 61.65 and a beta of 1.19. The company has a 50-day simple moving average of $15.76 and a 200-day simple moving average of $13.37.

Myers Industries (NYSE:MYE - Get Free Report) last posted its earnings results on Thursday, July 31st. The industrial products company reported $0.31 EPS for the quarter, missing analysts' consensus estimates of $0.32 by ($0.01). Myers Industries had a net margin of 1.20% and a return on equity of 13.02%. The business had revenue of $209.58 million for the quarter, compared to analyst estimates of $220.60 million. As a group, analysts predict that Myers Industries, Inc. will post 0.95 earnings per share for the current year.

Myers Industries Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 2nd. Stockholders of record on Friday, September 12th will be given a dividend of $0.135 per share. The ex-dividend date is Friday, September 12th. This represents a $0.54 dividend on an annualized basis and a dividend yield of 3.4%. Myers Industries's dividend payout ratio (DPR) is 207.69%.

Analyst Ratings Changes

MYE has been the subject of a number of research analyst reports. Wall Street Zen upgraded Myers Industries from a "hold" rating to a "buy" rating in a research note on Sunday, June 22nd. KeyCorp upgraded Myers Industries from a "sector weight" rating to an "overweight" rating and set a $21.00 price objective for the company in a research note on Friday, June 13th. One research analyst has rated the stock with a Buy rating, According to MarketBeat, the company presently has an average rating of "Buy" and a consensus target price of $21.00.

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.