Victory Capital Management Inc. Lowers Stock Holdings in Myers Industries, Inc. (NYSE:MYE)

Key Points

• Victory Capital Management Inc. significantly reduced its stake in Myers Industries by 92.2%, now holding only 77,645 shares after selling 915,378 shares in the first quarter.
• Myers Industries reported a quarterly earnings miss with earnings per share of $0.31, below analysts' expectations of $0.32, and revenue of $209.58 million compared to a forecast of $220.60 million.
• The company recently announced a dividend payout of $0.135 per share, leading to an annualized dividend yield of 3.6%, although its dividend payout ratio is notably high at 192.86%.

Victory Capital Management Inc. lowered its stake in shares of Myers Industries, Inc. (NYSE:MYE - Free Report) by 92.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 77,645 shares of the industrial products company's stock after selling 915,378 shares during the period. Victory Capital Management Inc. owned 0.21% of Myers Industries worth $926,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Sei Investments Co. increased its stake in Myers Industries by 3.8% in the fourth quarter. Sei Investments Co. now owns 76,288 shares of the industrial products company's stock valued at $842,000 after acquiring an additional 2,788 shares during the last quarter. KLP Kapitalforvaltning AS bought a new position in shares of Myers Industries during the fourth quarter valued at about $309,000. LPL Financial LLC grew its stake in shares of Myers Industries by 75.9% during the fourth quarter. LPL Financial LLC now owns 28,844 shares of the industrial products company's stock valued at $318,000 after buying an additional 12,443 shares during the last quarter. JPMorgan Chase & Co. grew its stake in shares of Myers Industries by 70.5% during the fourth quarter. JPMorgan Chase & Co. now owns 227,635 shares of the industrial products company's stock valued at $2,513,000 after buying an additional 94,129 shares during the last quarter. Finally, Norges Bank bought a new position in shares of Myers Industries during the fourth quarter valued at about $3,180,000. Hedge funds and other institutional investors own 90.82% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on MYE shares. Wall Street Zen raised Myers Industries from a "hold" rating to a "buy" rating in a research note on Sunday, June 22nd. KeyCorp raised Myers Industries from a "sector weight" rating to an "overweight" rating and set a $21.00 target price on the stock in a research note on Friday, June 13th.

Myers Industries Stock Up 4.5%

MYE traded up $0.68 on Monday, hitting $15.54. The company had a trading volume of 69,228 shares, compared to its average volume of 290,687. 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, Inc. has a 52-week low of $9.06 and a 52-week high of $15.77. The stock has a fifty day simple moving average of $14.50 and a 200-day simple moving average of $12.56. The firm has a market capitalization of $580.73 million, a P/E ratio of 59.73 and a beta of 1.15.

Myers Industries (NYSE:MYE - Get Free Report) last issued 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). Myers Industries had a return on equity of 13.02% and a net margin of 1.20%. The company had revenue of $209.58 million during the quarter, compared to analysts' expectations of $220.60 million. As a group, equities analysts expect that Myers Industries, Inc. will post 0.95 EPS for the current fiscal year.

Myers Industries Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 3rd. Shareholders of record on Wednesday, June 18th were issued a $0.135 dividend. The ex-dividend date was Wednesday, June 18th. This represents a $0.54 annualized dividend and a yield of 3.5%. Myers Industries's dividend payout ratio (DPR) is 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.