Hodges Capital Management Inc. Acquires New Position in Myers Industries, Inc. (NYSE:MYE)

Hodges Capital Management Inc. bought a new position in shares of Myers Industries, Inc. (NYSE:MYE) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 24,250 shares of the industrial products company’s stock, valued at approximately $562,000. Hodges Capital Management Inc. owned 0.07% of Myers Industries at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the stock. Counterpoint Mutual Funds LLC purchased a new position in Myers Industries during the first quarter worth about $268,000. Los Angeles Capital Management LLC purchased a new position in Myers Industries during the first quarter worth about $336,000. Tieton Capital Management LLC boosted its stake in Myers Industries by 151.5% during the fourth quarter. Tieton Capital Management LLC now owns 183,450 shares of the industrial products company’s stock worth $3,586,000 after buying an additional 110,505 shares during the period. Quest Partners LLC purchased a new position in Myers Industries during the fourth quarter worth about $54,000. Finally, Trexquant Investment LP purchased a new position in Myers Industries during the fourth quarter worth about $1,130,000. Hedge funds and other institutional investors own 90.82% of the company’s stock.

Wall Street Analyst Weigh In

MYE has been the subject of several research analyst reports. KeyCorp increased their target price on shares of Myers Industries from $22.00 to $30.00 and gave the stock an “overweight” rating in a research note on Friday, March 22nd. StockNews.com cut shares of Myers Industries from a “buy” rating to a “hold” rating in a research report on Thursday, May 16th.

Myers Industries Stock Up 1.1 %

Shares of MYE opened at $13.38 on Friday. The stock has a market capitalization of $497.47 million, a PE ratio of 12.62 and a beta of 1.25. Myers Industries, Inc. has a 1 year low of $13.19 and a 1 year high of $23.63. The company has a debt-to-equity ratio of 1.34, a quick ratio of 1.10 and a current ratio of 1.75. The company’s 50-day simple moving average is $16.96 and its 200-day simple moving average is $19.02.

Myers Industries (NYSE:MYE) last issued its quarterly earnings results on Tuesday, May 7th. The industrial products company reported $0.21 earnings per share (EPS) for the quarter. The business had revenue of $207.10 million for the quarter. Myers Industries had a net margin of 4.90% and a return on equity of 15.99%. Analysts forecast that Myers Industries, Inc. will post 1.38 earnings per share for the current fiscal year.

Myers Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 5th. Stockholders of record on Tuesday, June 18th will be given a dividend of $0.135 per share. The ex-dividend date is Tuesday, June 18th. This represents a $0.54 annualized dividend and a dividend yield of 4.04%. Myers Industries’s dividend payout ratio is presently 50.94%.

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.