Price T Rowe Associates Inc. MD Sells 64,101 Shares of Myers Industries, Inc. (NYSE:MYE)

Price T Rowe Associates Inc. MD reduced its position in Myers Industries, Inc. (NYSE:MYE) by 45.3% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 77,388 shares of the industrial products company’s stock after selling 64,101 shares during the period. Price T Rowe Associates Inc. MD owned about 0.21% of Myers Industries worth $855,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Aigen Investment Management LP purchased a new position in shares of Myers Industries in the fourth quarter worth $138,000. Polymer Capital Management US LLC bought a new stake in Myers Industries in the 4th quarter worth about $228,000. Wells Fargo & Company MN raised its position in Myers Industries by 32.9% in the 4th quarter. Wells Fargo & Company MN now owns 22,464 shares of the industrial products company’s stock worth $248,000 after buying an additional 5,566 shares during the last quarter. Fox Run Management L.L.C. purchased a new position in Myers Industries in the 4th quarter worth about $251,000. Finally, Versor Investments LP lifted its stake in Myers Industries by 49.4% during the 4th 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 during the period. 90.82% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Separately, StockNews.com upgraded shares of 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 opened at $12.19 on Monday. The firm has a fifty day simple moving average of $11.19 and a two-hundred day simple moving average of $11.48. The firm has a market cap of $455.69 million, a PE ratio of 29.02 and a beta of 1.08. The company has a current ratio of 1.80, a quick ratio of 1.11 and a debt-to-equity ratio of 1.36. Myers Industries, Inc. has a 1-year low of $9.06 and a 1-year high of $17.39.

Myers Industries (NYSE:MYE) last posted its earnings results on Thursday, May 1st. The industrial products company reported $0.22 earnings per share for the quarter, beating analysts’ consensus estimates of $0.19 by $0.03. The company had revenue of $206.75 million for the quarter, compared to the consensus estimate of $206.80 million. Myers Industries had a return on equity of 14.75% and a net margin of 1.88%. On average, equities analysts anticipate that Myers Industries, Inc. will post 0.95 EPS for the current year.

Myers Industries Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 4th. Investors of record on Friday, March 14th were issued a $0.135 dividend. This represents a $0.54 dividend on an annualized basis and a dividend yield of 4.43%. The ex-dividend date of this dividend was Friday, March 14th. Myers Industries’s payout ratio is 192.86%.

Myers Industries declared that its board has authorized a stock buyback 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 purchase up to 2.2% of its stock through open market purchases. Stock repurchase programs are usually a sign 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.