Teacher Retirement System of Texas Boosts Holdings in Myers Industries, Inc. (NYSE:MYE)

Teacher Retirement System of Texas grew its stake in shares of Myers Industries, Inc. (NYSE:MYE) by 41.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 48,898 shares of the industrial products company’s stock after buying an additional 14,414 shares during the period. Teacher Retirement System of Texas owned 0.13% of Myers Industries worth $540,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. Point72 DIFC Ltd purchased a new stake in shares of Myers Industries during the 3rd quarter worth approximately $28,000. Point72 Asset Management L.P. purchased a new stake in Myers Industries during the third quarter valued at $72,000. Point72 Asia Singapore Pte. Ltd. bought a new position in Myers Industries during the third quarter valued at $85,000. Aigen Investment Management LP purchased a new position in shares of Myers Industries in the 4th quarter worth $138,000. Finally, Quantbot Technologies LP increased its holdings in shares of Myers Industries by 8.0% in the 3rd quarter. Quantbot Technologies LP now owns 11,427 shares of the industrial products company’s stock worth $158,000 after buying an additional 846 shares during the last quarter. Hedge funds and other institutional investors own 90.82% of the company’s stock.

Myers Industries Stock Performance

NYSE MYE opened at $11.95 on Tuesday. The business’s 50 day moving average price is $11.97 and its 200-day moving average price is $12.09. Myers Industries, Inc. has a fifty-two week low of $9.32 and a fifty-two week high of $23.22. The company has a market cap of $445.50 million, a P/E ratio of 28.44 and a beta of 1.21. 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) last posted its quarterly earnings data on Thursday, March 6th. The industrial products company reported $0.19 earnings per share for the quarter, beating analysts’ consensus estimates of $0.10 by $0.09. The business had revenue of $203.88 million for the quarter, compared to analysts’ expectations of $203.10 million. Myers Industries had a net margin of 1.88% and a return on equity of 14.75%. Sell-side analysts predict that Myers Industries, Inc. will post 0.95 earnings per share for the current year.

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

Myers Industries Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 4th. Shareholders of record on Friday, March 14th will be given a dividend of $0.135 per share. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.54 annualized dividend and a dividend yield of 4.52%. Myers Industries’s dividend payout ratio (DPR) is presently 284.21%.

Analyst Upgrades and Downgrades

Separately, StockNews.com raised shares of 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.