Bank of New York Mellon Corp Reduces Position in Myers Industries, Inc. (NYSE:MYE)

Bank of New York Mellon Corp decreased its holdings in Myers Industries, Inc. (NYSE:MYE) by 2.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 473,961 shares of the industrial products company’s stock after selling 12,979 shares during the period. Bank of New York Mellon Corp owned 1.27% of Myers Industries worth $5,233,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Y Intercept Hong Kong Ltd increased its holdings in Myers Industries by 25.7% during the 4th quarter. Y Intercept Hong Kong Ltd now owns 33,119 shares of the industrial products company’s stock worth $366,000 after acquiring an additional 6,766 shares during the period. Access Investment Management LLC boosted its holdings in shares of Myers Industries by 75.0% in the 4th quarter. Access Investment Management LLC now owns 111,315 shares of the industrial products company’s stock worth $1,229,000 after purchasing an additional 47,710 shares in the last quarter. Exchange Traded Concepts LLC increased its position in shares of Myers Industries by 18.1% during the 4th 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 last quarter. Inspire Investing LLC grew its position in Myers Industries by 20.4% during the fourth quarter. Inspire Investing LLC now owns 36,291 shares of the industrial products company’s stock valued at $401,000 after acquiring an additional 6,153 shares during the last quarter. Finally, Janney Montgomery Scott LLC purchased a new position in Myers Industries in the 4th quarter worth $290,000. Institutional investors own 90.82% of the company’s stock.

Wall Street Analyst Weigh In

Separately, StockNews.com raised Myers Industries from a “sell” rating to a “hold” rating in a research note on Friday, March 7th.

Myers Industries Price Performance

Shares of MYE stock opened at $13.01 on Tuesday. 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 fifty-two week low of $9.32 and a fifty-two week high of $23.63. The firm has a market cap of $485.03 million, a P/E ratio of 30.96 and a beta of 1.21. The business’s 50 day moving average price is $11.76 and its 200-day moving average price is $12.23.

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

Myers Industries announced that its board has approved a stock repurchase program on Thursday, March 6th that allows the company to buyback $10.00 million in outstanding shares. This buyback authorization allows the industrial products company to buy up to 2.2% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board of directors believes its stock is undervalued.

Myers Industries Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 4th. Shareholders of record on Friday, March 14th will be issued a $0.135 dividend. The ex-dividend date is Friday, March 14th. This represents a $0.54 annualized dividend and a yield of 4.15%. Myers Industries’s dividend payout ratio (DPR) is presently 284.21%.

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.