Myers Industries, Inc. (NYSE:MYE) Shares Bought by Ameriprise Financial Inc.

Ameriprise Financial Inc. lifted its holdings in shares of Myers Industries, Inc. (NYSE:MYE) by 175.7% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 805,608 shares of the industrial products company’s stock after buying an additional 513,431 shares during the period. Ameriprise Financial Inc. owned approximately 2.16% of Myers Industries worth $8,895,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in MYE. Aquatic Capital Management LLC raised its holdings in Myers Industries by 103.1% during the fourth quarter. Aquatic Capital Management LLC now owns 5,484 shares of the industrial products company’s stock worth $61,000 after purchasing an additional 2,784 shares in the last quarter. Sei Investments Co. raised its holdings in Myers Industries by 3.8% during the fourth quarter. Sei Investments Co. now owns 76,288 shares of the industrial products company’s stock worth $842,000 after purchasing an additional 2,788 shares in the last quarter. Exchange Traded Concepts LLC raised its holdings in Myers Industries by 18.1% during the fourth quarter. Exchange Traded Concepts LLC now owns 24,778 shares of the industrial products company’s stock worth $274,000 after purchasing an additional 3,793 shares in the last quarter. Wells Fargo & Company MN raised its holdings in Myers Industries by 32.9% during the fourth 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 in the last quarter. Finally, Inspire Investing LLC raised its holdings in Myers Industries by 20.4% during the fourth quarter. Inspire Investing LLC now owns 36,291 shares of the industrial products company’s stock worth $401,000 after purchasing an additional 6,153 shares in the last quarter. Institutional investors and hedge funds own 90.82% of the company’s stock.

Myers Industries Trading Down 0.5%

Shares of MYE opened at $12.39 on Wednesday. The company has a debt-to-equity ratio of 1.36, a current ratio of 1.80 and a quick ratio of 1.11. The firm has a 50 day simple moving average of $11.20 and a 200-day simple moving average of $11.51. Myers Industries, Inc. has a 1-year low of $9.06 and a 1-year high of $17.39. The stock has a market cap of $463.16 million, a price-to-earnings ratio of 29.50 and a beta of 1.08.

Myers Industries (NYSE:MYE) last issued its quarterly earnings data on Thursday, May 1st. The industrial products company reported $0.22 earnings per share for the quarter, topping analysts’ consensus estimates of $0.19 by $0.03. Myers Industries had a net margin of 1.88% and a return on equity of 14.75%. The business had revenue of $206.75 million during the quarter, compared to analysts’ expectations of $206.80 million. Equities analysts forecast that Myers Industries, Inc. will post 0.95 EPS for the current fiscal year.

Myers Industries declared that its Board of Directors has authorized a share buyback 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 purchase up to 2.2% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s board of directors believes its stock is undervalued.

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 paid a dividend of $0.135 per share. The ex-dividend date was Friday, March 14th. This represents a $0.54 dividend on an annualized basis and a dividend yield of 4.36%. Myers Industries’s dividend payout ratio (DPR) is 192.86%.

Wall Street Analysts Forecast Growth

Separately, StockNews.com raised shares of Myers Industries from a “sell” rating to a “hold” rating in a report 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.