PNC Financial Services Group Inc. Sells 1,256 Shares of Myers Industries, Inc. (NYSE:MYE)

PNC Financial Services Group Inc. trimmed its holdings in shares of Myers Industries, Inc. (NYSE:MYE) by 16.1% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 6,523 shares of the industrial products company’s stock after selling 1,256 shares during the period. PNC Financial Services Group Inc.’s holdings in Myers Industries were worth $72,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of MYE. Hotchkis & Wiley Capital Management LLC raised its holdings in Myers Industries by 60.2% during the third quarter. Hotchkis & Wiley Capital Management LLC now owns 624,010 shares of the industrial products company’s stock worth $8,624,000 after acquiring an additional 234,390 shares in the last quarter. Intech Investment Management LLC bought a new stake in shares of Myers Industries during the 3rd quarter worth approximately $972,000. Barclays PLC boosted its holdings in shares of Myers Industries by 464.7% in the 3rd quarter. Barclays PLC now owns 74,072 shares of the industrial products company’s stock valued at $1,024,000 after buying an additional 60,954 shares during the last quarter. JPMorgan Chase & Co. grew its stake in shares of Myers Industries by 78.6% in the third quarter. JPMorgan Chase & Co. now owns 133,506 shares of the industrial products company’s stock valued at $1,845,000 after buying an additional 58,761 shares in the last quarter. Finally, Access Investment Management LLC raised its position in Myers Industries by 75.0% during the fourth quarter. Access Investment Management LLC now owns 111,315 shares of the industrial products company’s stock worth $1,229,000 after acquiring an additional 47,710 shares in the last quarter. Institutional investors own 90.82% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Myers Industries Stock Performance

MYE opened at $11.98 on Wednesday. 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, Inc. has a 12-month low of $9.32 and a 12-month high of $23.47. The business has a 50 day moving average of $11.94 and a 200-day moving average of $12.13. The stock has a market cap of $446.81 million, a price-to-earnings ratio of 28.52 and a beta of 1.21.

Myers Industries (NYSE:MYE) last released its quarterly earnings data on Thursday, March 6th. The industrial products company reported $0.19 EPS for the quarter, topping analysts’ consensus estimates of $0.10 by $0.09. The firm had revenue of $203.88 million during 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%. On average, equities research analysts expect that Myers Industries, Inc. will post 0.95 earnings per share for the current year.

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 given a dividend of $0.135 per share. The ex-dividend date is Friday, March 14th. This represents a $0.54 annualized dividend and a yield of 4.51%. Myers Industries’s dividend payout ratio (DPR) is presently 284.21%.

Myers Industries declared that its Board of Directors has authorized a share buyback program 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 buy up to 2.2% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.

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.