Invesco Ltd. Sells 486,323 Shares of Myers Industries, Inc. (NYSE:MYE)

Invesco Ltd. decreased its holdings in shares of Myers Industries, Inc. (NYSE:MYE) by 86.3% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 77,206 shares of the industrial products company’s stock after selling 486,323 shares during the period. Invesco Ltd. owned approximately 0.21% of Myers Industries worth $852,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Aigen Investment Management LP purchased a new position in shares of Myers Industries during the fourth quarter worth about $138,000. Polymer Capital Management US LLC purchased a new position in Myers Industries in the 4th quarter worth approximately $228,000. Wells Fargo & Company MN grew its stake 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 in the last quarter. Fox Run Management L.L.C. bought a new position in shares of Myers Industries in the 4th quarter worth $251,000. Finally, Versor Investments LP raised its position in shares of 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 buying an additional 7,800 shares in the last quarter. 90.82% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

Myers Industries Price Performance

MYE opened at $11.06 on Friday. 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 1 year low of $9.06 and a 1 year high of $23.05. The firm has a market cap of $412.38 million, a price-to-earnings ratio of 26.33 and a beta of 1.08. The stock’s 50 day simple moving average is $11.02 and its 200 day simple moving average is $11.55.

Myers Industries (NYSE:MYE) last posted its earnings results on Thursday, March 6th. The industrial products company reported $0.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.10 by $0.09. The firm 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, analysts predict that Myers Industries, Inc. will post 0.95 earnings per share for the current year.

Myers Industries Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, April 4th. Stockholders of record on Friday, March 14th were paid a $0.135 dividend. This represents a $0.54 annualized dividend and a dividend yield of 4.88%. The ex-dividend date of this dividend was Friday, March 14th. Myers Industries’s dividend payout ratio is currently 284.21%.

Myers Industries announced that its Board of Directors has approved a stock repurchase plan on Thursday, March 6th that allows the company to buyback $10.00 million in shares. This buyback authorization allows the industrial products company to buy up to 2.2% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

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.