Myers Industries, Inc. (NYSE:MYE) Shares Sold by Victory Capital Management Inc.

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 position in Myers Industries, Inc. (NYSE:MYE - Free Report) by 92.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 77,645 shares of the industrial products company's stock after selling 915,378 shares during the quarter. Victory Capital Management Inc. owned approximately 0.21% of Myers Industries worth $926,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in MYE. Barington Capital Group L.P. purchased a new stake in Myers Industries in the fourth quarter valued at approximately $9,055,000. Millennium Management LLC raised its stake in shares of Myers Industries by 824.9% during the fourth quarter. Millennium Management LLC now owns 887,760 shares of the industrial products company's stock worth $9,801,000 after purchasing an additional 791,780 shares during the last quarter. Ameriprise Financial Inc. raised its stake in shares of Myers Industries by 175.7% during the fourth quarter. Ameriprise Financial Inc. now owns 805,608 shares of the industrial products company's stock worth $8,895,000 after purchasing an additional 513,431 shares during the last quarter. Invenomic Capital Management LP purchased a new stake in shares of Myers Industries during the fourth quarter worth approximately $4,269,000. Finally, Jane Street Group LLC raised its stake in shares of Myers Industries by 605.4% during the fourth quarter. Jane Street Group LLC now owns 388,873 shares of the industrial products company's stock worth $4,293,000 after purchasing an additional 333,746 shares during the last quarter. Hedge funds and other institutional investors own 90.82% of the company's stock.

Myers Industries Price Performance

MYE stock traded up $0.23 on Friday, reaching $14.88. 266,839 shares of the company's stock were exchanged, compared to its average volume of 188,976. The stock has a fifty day moving average of $14.50 and a 200-day moving average of $12.54. Myers Industries, Inc. has a twelve month low of $9.06 and a twelve month high of $15.77. The firm has a market cap of $556.21 million, a PE ratio of 57.23 and a beta of 1.15. The company has a quick ratio of 1.14, a current ratio of 1.77 and a debt-to-equity ratio of 1.24.

Myers Industries (NYSE:MYE - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The industrial products company reported $0.31 earnings per share for the quarter, missing analysts' consensus estimates of $0.32 by ($0.01). The business had revenue of $209.58 million for the quarter, compared to analyst estimates of $220.60 million. Myers Industries had a return on equity of 13.02% and a net margin of 1.20%. As a group, equities analysts predict 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 was paid on Thursday, July 3rd. Investors of record on Wednesday, June 18th were paid a dividend of $0.135 per share. The ex-dividend date of this dividend was Wednesday, June 18th. This represents a $0.54 dividend on an annualized basis and a dividend yield of 3.6%. Myers Industries's dividend payout ratio (DPR) is presently 192.86%.

Analyst Upgrades and Downgrades

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

Myers Industries 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.