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

Several other hedge funds have also recently added to or reduced their stakes in the company. Wells Fargo & Company MN increased its stake in shares of 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 valued at $248,000 after acquiring an additional 5,566 shares in the last quarter. Jane Street Group LLC boosted its holdings in shares of 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 buying an additional 333,746 shares during the last quarter. Ameriprise Financial Inc. boosted its holdings in shares of 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 buying an additional 513,431 shares during the last quarter. BNP Paribas Financial Markets lifted its holdings in Myers Industries by 224.2% during the fourth quarter. BNP Paribas Financial Markets now owns 104,346 shares of the industrial products company's stock valued at $1,152,000 after purchasing an additional 72,165 shares during the last quarter. Finally, Balyasny Asset Management L.P. purchased a new stake in Myers Industries during the fourth quarter valued at about $758,000. Institutional investors own 90.82% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Wall Street Zen raised shares of Myers Industries from a "hold" rating to a "buy" rating in a report on Sunday, June 22nd. KeyCorp upgraded shares of Myers Industries from a "sector weight" rating to an "overweight" rating and set a $21.00 price objective on the stock in a research report on Friday, June 13th. One equities research analyst has rated the stock with a Buy rating, According to MarketBeat, Myers Industries has an average rating of "Buy" and a consensus target price of $21.00.

Myers Industries Price Performance

MYE stock opened at $16.70 on Friday. Myers Industries, Inc. has a 1 year low of $9.06 and a 1 year high of $17.12. The company has a market cap of $624.71 million, a P/E ratio of 64.23 and a beta of 1.19. The firm has a 50-day moving average of $15.67 and a 200 day moving average of $13.25. The company has a debt-to-equity ratio of 1.24, a current ratio of 1.77 and a quick ratio of 1.12.

Myers Industries (NYSE:MYE - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The industrial products company reported $0.31 EPS for the quarter, missing the consensus estimate of $0.32 by ($0.01). The business 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, sell-side analysts forecast that Myers Industries, Inc. will post 0.95 EPS for the current year.

Myers Industries Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 2nd. Investors of record on Friday, September 12th will be issued a $0.135 dividend. The ex-dividend date of this dividend is Friday, September 12th. This represents a $0.54 dividend on an annualized basis and a yield of 3.2%. Myers Industries's payout ratio is currently 207.69%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.