Myers Industries, Inc. (NYSE:MYE) Shares Sold by American Century Companies Inc.

American Century Companies Inc. trimmed its holdings in Myers Industries, Inc. (NYSE:MYE) by 8.0% during the fourth quarter, Holdings Channel.com reports. The fund owned 434,459 shares of the industrial products company’s stock after selling 37,567 shares during the period. American Century Companies Inc.’s holdings in Myers Industries were worth $4,796,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Point72 DIFC Ltd acquired a new stake in shares of Myers Industries in the third quarter valued at approximately $28,000. Point72 Asset Management L.P. acquired a new stake in Myers Industries during the 3rd quarter valued at $72,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in Myers Industries during the third quarter worth $85,000. Aigen Investment Management LP acquired a new position in shares of Myers Industries in the fourth quarter worth $138,000. Finally, Versor Investments LP lifted its position in shares of Myers Industries by 49.4% in the fourth quarter. Versor Investments LP now owns 23,600 shares of the industrial products company’s stock valued at $261,000 after acquiring an additional 7,800 shares in the last quarter. 90.82% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

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

Myers Industries Stock Down 3.2 %

Shares of NYSE MYE opened at $10.34 on Friday. The firm has a market cap of $385.79 million, a P/E ratio of 24.63 and a beta of 1.08. 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 1 year low of $9.32 and a 1 year high of $23.05. The firm’s 50 day moving average price is $11.93 and its 200 day moving average price is $12.03.

Myers Industries (NYSE:MYE) last posted its quarterly earnings data on Thursday, March 6th. The industrial products company reported $0.19 earnings per share (EPS) for the quarter, topping the consensus estimate 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 return on equity of 14.75% and a net margin of 1.88%. As a group, sell-side analysts anticipate that Myers Industries, Inc. will post 0.95 earnings per share for the current year.

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

Myers Industries Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 4th. Stockholders of record on Friday, March 14th were paid a dividend of $0.135 per share. This represents a $0.54 dividend on an annualized basis and a dividend yield of 5.22%. The ex-dividend date of this dividend was Friday, March 14th. Myers Industries’s dividend payout ratio is currently 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.