Ameriprise Financial Inc. Boosts Stock Position in Myers Industries, Inc. (NYSE:MYE)

Ameriprise Financial Inc. raised its position in shares of Myers Industries, Inc. (NYSE:MYE - Free Report) by 175.7% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 805,608 shares of the industrial products company's stock after purchasing an additional 513,431 shares during the period. Ameriprise Financial Inc. owned about 2.16% of Myers Industries worth $8,895,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. JPMorgan Chase & Co. raised its position in shares of Myers Industries by 78.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 133,506 shares of the industrial products company's stock worth $1,845,000 after acquiring an additional 58,761 shares in the last quarter. Janney Montgomery Scott LLC purchased a new stake in Myers Industries during the 4th quarter valued at about $290,000. Inspire Investing LLC boosted its stake in shares of Myers Industries by 20.4% in the fourth quarter. Inspire Investing LLC now owns 36,291 shares of the industrial products company's stock worth $401,000 after buying an additional 6,153 shares during the last quarter. Exchange Traded Concepts LLC boosted its stake in shares of 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 worth $274,000 after buying an additional 3,793 shares during the last quarter. Finally, Access Investment Management LLC boosted its stake in shares of 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 worth $1,229,000 after buying an additional 47,710 shares during the last quarter. 90.82% of the stock is owned by institutional investors.

Myers Industries Price Performance

Shares of NYSE MYE traded down $0.14 during midday trading on Monday, hitting $12.08. The stock had a trading volume of 183,733 shares, compared to its average volume of 327,270. Myers Industries, Inc. has a 1 year low of $9.06 and a 1 year high of $17.39. The company has a market capitalization of $451.57 million, a PE ratio of 28.76 and a beta of 1.08. The company has a quick ratio of 1.11, a current ratio of 1.80 and a debt-to-equity ratio of 1.36. The stock has a 50 day simple moving average of $11.14 and a 200-day simple moving average of $11.51.

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

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

Myers Industries Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, April 4th. Shareholders of record on Friday, March 14th were paid a dividend of $0.135 per share. The ex-dividend date was Friday, March 14th. This represents a $0.54 annualized dividend and a yield of 4.47%. Myers Industries's dividend payout ratio (DPR) is 192.86%.

Wall Street Analysts Forecast Growth

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

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.