Invenomic Capital Management LP Purchases 631,463 Shares of Myers Industries, Inc. $MYE

Key Points

• Invenomic Capital Management LP increased its stake in Myers Industries by 163.3%, acquiring an additional 631,463 shares, bringing its total ownership to over 1 million shares, valued at approximately $12.1 million.
• Several hedge funds also significantly boosted their investments in Myers Industries, indicating a trend of increased institutional interest, with over 90.82% of the company's stock now held by institutional investors.
• Wall Street analysts have upgraded Myers Industries, with analysts collectively issuing a "Buy" rating and setting a consensus target price of $21.00 per share.

Invenomic Capital Management LP boosted its stake in Myers Industries, Inc. (NYSE:MYE - Free Report) by 163.3% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,018,116 shares of the industrial products company's stock after purchasing an additional 631,463 shares during the period. Invenomic Capital Management LP owned about 2.72% of Myers Industries worth $12,146,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. GAMMA Investing LLC raised its position in shares of Myers Industries by 586.6% during the first quarter. GAMMA Investing LLC now owns 2,609 shares of the industrial products company's stock worth $31,000 after acquiring an additional 2,229 shares during the last quarter. Teacher Retirement System of Texas raised its position in shares of Myers Industries by 102.2% during the first quarter. Teacher Retirement System of Texas now owns 98,877 shares of the industrial products company's stock worth $1,180,000 after acquiring an additional 49,979 shares during the last quarter. Rhumbline Advisers raised its position in shares of Myers Industries by 4.6% during the first quarter. Rhumbline Advisers now owns 54,098 shares of the industrial products company's stock worth $645,000 after acquiring an additional 2,389 shares during the last quarter. Nuveen Asset Management LLC raised its position in shares of Myers Industries by 2.8% during the fourth quarter. Nuveen Asset Management LLC now owns 437,753 shares of the industrial products company's stock worth $4,833,000 after acquiring an additional 11,985 shares during the last quarter. Finally, HighTower Advisors LLC raised its position in shares of Myers Industries by 1,347.8% during the first quarter. HighTower Advisors LLC now owns 172,183 shares of the industrial products company's stock worth $2,054,000 after acquiring an additional 160,290 shares during the last quarter. 90.82% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have recently issued reports on MYE. 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 report on Friday, June 13th. Wall Street Zen raised Myers Industries from a "hold" rating to a "buy" rating in a research note on Sunday, June 22nd. One investment analyst has rated the stock with a Buy rating, According to data from MarketBeat, the company presently has an average rating of "Buy" and an average target price of $21.00.

Myers Industries Stock Down 1.5%

NYSE:MYE traded down $0.24 on Wednesday, hitting $15.93. The stock had a trading volume of 84,872 shares, compared to its average volume of 279,286. The business's fifty day moving average is $15.76 and its 200 day moving average is $13.35. The company has a market cap of $595.75 million, a PE ratio of 61.35 and a beta of 1.19. The company has a quick ratio of 1.12, a current ratio of 1.77 and a debt-to-equity ratio of 1.24. Myers Industries, Inc. has a 52 week low of $9.06 and a 52 week high of $17.12.

Myers Industries (NYSE:MYE - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The industrial products company reported $0.31 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.32 by ($0.01). The firm had revenue of $209.58 million during the quarter, compared to the consensus estimate of $220.60 million. Myers Industries had a return on equity of 13.02% and a net margin of 1.20%. On average, equities research analysts expect that Myers Industries, Inc. will post 0.95 EPS for the current fiscal year.

Myers Industries Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 2nd. Stockholders of record on Friday, September 12th will be paid a $0.135 dividend. The ex-dividend date of this dividend is Friday, September 12th. This represents a $0.54 annualized dividend and a dividend yield of 3.4%. Myers Industries's dividend payout ratio is 207.69%.

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.