Myers Industries, Inc. (NYSE:MYE) Shares Sold by Alliancebernstein L.P.

Alliancebernstein L.P. lessened its stake in Myers Industries, Inc. (NYSE:MYE) by 35.3% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 24,390 shares of the industrial products company’s stock after selling 13,306 shares during the period. Alliancebernstein L.P. owned about 0.07% of Myers Industries worth $269,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in MYE. JPMorgan Chase & Co. lifted its stake in Myers Industries by 78.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 133,506 shares of the industrial products company’s stock worth $1,845,000 after acquiring an additional 58,761 shares in the last quarter. Barclays PLC lifted its position in shares of Myers Industries by 464.7% during the third quarter. Barclays PLC now owns 74,072 shares of the industrial products company’s stock worth $1,024,000 after purchasing an additional 60,954 shares in the last quarter. Janney Montgomery Scott LLC purchased a new position in shares of Myers Industries in the fourth quarter valued at approximately $290,000. KLP Kapitalforvaltning AS acquired a new position in shares of Myers Industries in the fourth quarter valued at approximately $309,000. Finally, State Street Corp increased its stake in Myers Industries by 2.6% during the 3rd quarter. State Street Corp now owns 1,374,246 shares of the industrial products company’s stock worth $19,176,000 after buying an additional 35,456 shares during the period. 90.82% of the stock is currently owned by institutional investors and hedge funds.

Myers Industries Stock Performance

Shares of Myers Industries stock opened at $9.17 on Tuesday. The business has a 50-day simple moving average of $11.26 and a 200-day simple moving average of $11.66. 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 one year low of $9.06 and a one year high of $23.05. The company has a market cap of $342.00 million, a PE ratio of 21.83 and a beta of 1.08.

Myers Industries (NYSE:MYE) last posted its quarterly earnings results 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. The company 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 forecast that Myers Industries, Inc. will post 0.95 EPS for the current fiscal year.

Myers Industries Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 4th. Stockholders of record on Friday, March 14th were given a dividend of $0.135 per share. The ex-dividend date was Friday, March 14th. This represents a $0.54 annualized dividend and a dividend yield of 5.89%. Myers Industries’s dividend payout ratio is currently 284.21%.

Myers Industries announced that its board has authorized a stock repurchase program on Thursday, March 6th that allows the company to buyback $10.00 million in shares. This buyback authorization allows the industrial products company to reacquire up to 2.2% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Analysts Set New Price Targets

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 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.