Myers Industries, Inc. (NYSE:MYE) Shares Purchased by Millennium Management LLC

Millennium Management LLC lifted its position in shares of Myers Industries, Inc. (NYSE:MYE - Free Report) by 824.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 887,760 shares of the industrial products company's stock after buying an additional 791,780 shares during the quarter. Millennium Management LLC owned approximately 2.38% of Myers Industries worth $9,801,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of MYE. Janney Montgomery Scott LLC purchased a new stake in Myers Industries in the fourth quarter valued at approximately $290,000. Inspire Investing LLC grew its holdings in Myers Industries by 20.4% in the fourth quarter. Inspire Investing LLC now owns 36,291 shares of the industrial products company's stock valued at $401,000 after purchasing an additional 6,153 shares during the period. Exchange Traded Concepts LLC grew its holdings in Myers Industries by 18.1% in the fourth quarter. Exchange Traded Concepts LLC now owns 24,778 shares of the industrial products company's stock valued at $274,000 after purchasing an additional 3,793 shares during the period. Access Investment Management LLC grew its holdings in Myers Industries by 75.0% in the fourth quarter. Access Investment Management LLC now owns 111,315 shares of the industrial products company's stock valued at $1,229,000 after purchasing an additional 47,710 shares during the period. Finally, Y Intercept Hong Kong Ltd grew its holdings in Myers Industries by 25.7% in the fourth quarter. Y Intercept Hong Kong Ltd now owns 33,119 shares of the industrial products company's stock valued at $366,000 after purchasing an additional 6,766 shares during the period. 90.82% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, Wall Street Zen upgraded shares of Myers Industries from a "sell" rating to a "hold" rating in a report on Friday, March 7th.

Myers Industries Trading Up 1.1%

Myers Industries stock traded up $0.14 during trading on Thursday, reaching $12.81. The company had a trading volume of 26,861 shares, compared to its average volume of 306,528. Myers Industries, Inc. has a 12-month low of $9.06 and a 12-month high of $17.39. The stock's 50 day moving average price is $11.16 and its two-hundred day moving average price is $11.53. The firm has a market capitalization of $478.68 million, a price-to-earnings ratio of 30.49 and a beta of 1.08. The company has a debt-to-equity ratio of 1.36, a quick ratio of 1.11 and a current ratio of 1.80.

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

Myers Industries Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, April 4th. Shareholders of record on Friday, March 14th were given a dividend of $0.135 per share. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.54 dividend on an annualized basis and a yield of 4.22%. Myers Industries's dividend payout ratio (DPR) is 192.86%.

Myers Industries declared that its Board of Directors has authorized a share repurchase plan on Thursday, March 6th that allows the company to buyback $10.00 million in outstanding shares. This buyback authorization allows the industrial products company to purchase up to 2.2% of its shares through open market purchases. Shares buyback plans are usually an indication that the company's leadership believes its stock is undervalued.

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.