Polymer Capital Management US LLC Takes $228,000 Position in Myers Industries, Inc. (NYSE:MYE)

Polymer Capital Management US LLC acquired a new position in Myers Industries, Inc. (NYSE:MYE) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 20,619 shares of the industrial products company’s stock, valued at approximately $228,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Point72 DIFC Ltd acquired a new stake in shares of Myers Industries in the third quarter valued at about $28,000. Point72 Asset Management L.P. bought a new stake in Myers Industries in the third quarter valued at approximately $72,000. Aigen Investment Management LP acquired a new stake in Myers Industries during the 4th quarter valued at approximately $138,000. Wells Fargo & Company MN raised its holdings in Myers Industries by 32.9% during the 4th quarter. Wells Fargo & Company MN now owns 22,464 shares of the industrial products company’s stock worth $248,000 after purchasing an additional 5,566 shares during the last quarter. Finally, Fox Run Management L.L.C. bought a new position in Myers Industries during the 4th quarter worth approximately $251,000. 90.82% of the stock is currently owned by institutional investors and hedge funds.

Myers Industries Stock Down 7.2 %

Shares of Myers Industries stock opened at $9.53 on Wednesday. The firm has a market cap of $355.43 million, a price-to-earnings ratio of 22.69 and a beta of 1.08. The stock’s 50-day moving average is $11.78 and its 200 day moving average is $11.94. The company has a debt-to-equity ratio of 1.36, a current ratio of 1.80 and a quick ratio of 1.11. Myers Industries, Inc. has a one year low of $9.32 and a one year high of $23.05.

Myers Industries (NYSE:MYE) last announced its quarterly earnings data on Thursday, March 6th. The industrial products company reported $0.19 EPS for the quarter, topping the consensus estimate of $0.10 by $0.09. Myers Industries had a net margin of 1.88% and a return on equity of 14.75%. The company had revenue of $203.88 million during the quarter, compared to the consensus estimate of $203.10 million. Equities research analysts anticipate that Myers Industries, Inc. will post 0.95 EPS for the current year.

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

Myers Industries Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 4th. Stockholders of record on Friday, March 14th were issued a dividend of $0.135 per share. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.54 annualized dividend and a dividend yield of 5.67%. Myers Industries’s dividend payout ratio is currently 284.21%.

Wall Street Analyst Weigh In

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

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.