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

Bank of New York Mellon Corp reduced its stake in Myers Industries, Inc. (NYSE:MYE) by 2.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund 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’s holdings in Myers Industries were worth $5,233,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. GSA Capital Partners LLP purchased a new stake in shares of Myers Industries during the third quarter valued at approximately $246,000. Victory Capital Management Inc. boosted its stake in Myers Industries by 1.1% during the 3rd quarter. Victory Capital Management Inc. now owns 1,034,125 shares of the industrial products company’s stock valued at $14,292,000 after purchasing an additional 11,434 shares during the last quarter. Metis Global Partners LLC bought a new stake in shares of Myers Industries in the 3rd quarter worth $192,000. Quest Partners LLC bought a new stake in shares of Myers Industries in the 3rd quarter worth $150,000. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Myers Industries in the third quarter worth $187,000. 90.82% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

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

Myers Industries Stock Up 1.8 %

MYE opened at $13.01 on Tuesday. The stock has a market capitalization of $485.03 million, a price-to-earnings ratio of 30.96 and a beta of 1.21. The firm has a 50 day moving average price of $11.76 and a 200-day moving average price of $12.23. Myers Industries, Inc. has a twelve month low of $9.32 and a twelve month high of $23.63. The company has a quick ratio of 1.11, a current ratio of 1.80 and a debt-to-equity ratio of 1.36.

Myers Industries (NYSE:MYE) last announced its earnings results 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 during the quarter, compared to analyst estimates of $203.10 million. Myers Industries had a net margin of 1.88% and a return on equity of 14.75%. Equities research analysts forecast that Myers Industries, Inc. will post 0.95 earnings per share for the current year.

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

Myers Industries Announces Dividend

The company also recently announced 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. This represents a $0.54 dividend on an annualized basis and a yield of 4.15%. The ex-dividend date of this dividend is Friday, March 14th. Myers Industries’s dividend payout ratio is 284.21%.

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.