Myers Industries, Inc. (NYSE:MYE) Shares Sold by Rhumbline Advisers

Rhumbline Advisers reduced its stake in Myers Industries, Inc. (NYSE:MYE) by 51.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 51,709 shares of the industrial products company’s stock after selling 54,315 shares during the period. Rhumbline Advisers owned approximately 0.14% of Myers Industries worth $571,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in MYE. 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 valued at $274,000 after purchasing an additional 3,793 shares during the period. Inspire Investing LLC lifted its holdings in Myers Industries by 20.4% in the 4th 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 in the last quarter. Janney Montgomery Scott LLC purchased a new position in Myers Industries in the 4th quarter valued at about $290,000. JPMorgan Chase & Co. grew its stake in shares of Myers Industries by 78.6% during the third quarter. JPMorgan Chase & Co. now owns 133,506 shares of the industrial products company’s stock valued at $1,845,000 after acquiring an additional 58,761 shares in the last quarter. Finally, Barclays PLC increased its position in shares of Myers Industries by 464.7% during the third quarter. Barclays PLC now owns 74,072 shares of the industrial products company’s stock worth $1,024,000 after acquiring an additional 60,954 shares during the last quarter. 90.82% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Separately, StockNews.com raised Myers Industries from a “sell” rating to a “hold” rating in a research report on Friday.

Insider Activity

In other Myers Industries news, CEO Dave Basque bought 5,000 shares of the business’s stock in a transaction that occurred on Monday, December 9th. The stock was acquired at an average cost of $12.41 per share, with a total value of $62,050.00. Following the completion of the purchase, the chief executive officer now directly owns 39,152 shares in the company, valued at approximately $485,876.32. This trade represents a 14.64 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this link. Insiders own 1.40% of the company’s stock.

Myers Industries Trading Up 5.3 %

NYSE MYE opened at $13.14 on Friday. 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, Inc. has a one year low of $9.32 and a one year high of $23.63. The company has a 50-day simple moving average of $11.49 and a 200-day simple moving average of $12.36. The firm has a market capitalization of $489.63 million, a PE ratio of 31.29 and a beta of 1.21.

Myers Industries (NYSE:MYE) last issued its earnings results on Thursday, March 6th. The industrial products company reported $0.19 earnings per share for the quarter, topping the consensus estimate of $0.10 by $0.09. Myers Industries had a return on equity of 14.75% and a net margin of 1.88%. The firm had revenue of $203.88 million for the quarter, compared to analyst estimates of $203.10 million. On average, equities analysts forecast that Myers Industries, Inc. will post 0.95 earnings per share for the current year.

Myers Industries Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, April 4th. Stockholders of record on Friday, March 14th will be paid a $0.135 dividend. This represents a $0.54 dividend on an annualized basis and a dividend yield of 4.11%. The ex-dividend date of this dividend is Friday, March 14th. Myers Industries’s dividend payout ratio is currently 128.57%.

Myers Industries announced that its Board of Directors has initiated a stock repurchase plan on Thursday, March 6th that permits the company to buyback $10.00 million in outstanding shares. This buyback authorization permits the industrial products company to repurchase up to 2.2% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.

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.