Invenomic Capital Management LP Takes Position in Myers Industries, Inc. (NYSE:MYE)

Invenomic Capital Management LP bought a new stake in Myers Industries, Inc. (NYSE:MYE - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 386,653 shares of the industrial products company's stock, valued at approximately $4,269,000. Invenomic Capital Management LP owned 1.04% of Myers Industries as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in MYE. Aquatic Capital Management LLC lifted its position in shares of Myers Industries by 103.1% during the 4th quarter. Aquatic Capital Management LLC now owns 5,484 shares of the industrial products company's stock worth $61,000 after buying an additional 2,784 shares during the last quarter. Sei Investments Co. lifted its position in shares of Myers Industries by 3.8% during the 4th quarter. Sei Investments Co. now owns 76,288 shares of the industrial products company's stock worth $842,000 after buying an additional 2,788 shares during the last quarter. Exchange Traded Concepts LLC grew its holdings in shares of Myers Industries by 18.1% during the fourth quarter. Exchange Traded Concepts LLC now owns 24,778 shares of the industrial products company's stock worth $274,000 after purchasing an additional 3,793 shares during the last quarter. Wells Fargo & Company MN grew its holdings in shares of Myers Industries by 32.9% during the fourth quarter. Wells Fargo & Company MN now owns 22,464 shares of the industrial products company's stock worth $248,000 after purchasing an additional 5,566 shares during the last quarter. Finally, Inspire Investing LLC grew its holdings in shares of Myers Industries by 20.4% during the fourth quarter. Inspire Investing LLC now owns 36,291 shares of the industrial products company's stock worth $401,000 after purchasing an additional 6,153 shares during the last quarter. Hedge funds and other institutional investors own 90.82% of the company's stock.

Myers Industries Stock Performance

Shares of MYE stock traded down $0.14 during mid-day trading on Wednesday, hitting $12.45. 142,363 shares of the stock were exchanged, compared to its average volume of 330,879. Myers Industries, Inc. has a 12-month low of $9.06 and a 12-month high of $17.39. The stock has a market capitalization of $465.41 million, a price-to-earnings ratio of 29.64 and a beta of 1.08. The stock's fifty day simple moving average is $11.24 and its two-hundred day simple moving average is $11.50. 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 earnings results on Thursday, May 1st. The industrial products company reported $0.22 earnings per share for the quarter, topping the consensus estimate of $0.19 by $0.03. Myers Industries had a net margin of 1.88% and a return on equity of 14.75%. The business had revenue of $206.75 million during the quarter, compared to the consensus estimate of $206.80 million. On average, analysts forecast that Myers Industries, Inc. will post 0.95 EPS for the current year.

Myers Industries Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 4th. Investors of record on Friday, March 14th were given a $0.135 dividend. 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 4.34%. Myers Industries's payout ratio is currently 192.86%.

Myers Industries announced that its Board of Directors has approved 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 reacquire up to 2.2% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company's leadership believes its shares are undervalued.

Analyst Ratings Changes

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

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.