Northern Trust Corp Reduces Stock Position in Myers Industries, Inc. (NYSE:MYE)

Northern Trust Corp lowered its stake in Myers Industries, Inc. (NYSE:MYE) by 0.4% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 372,562 shares of the industrial products company’s stock after selling 1,322 shares during the quarter. Northern Trust Corp owned 1.00% of Myers Industries worth $4,113,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Aquatic Capital Management LLC boosted its holdings in Myers Industries by 103.1% in 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 during the last quarter. Aigen Investment Management LP purchased a new stake in Myers Industries in the fourth quarter worth approximately $138,000. Polymer Capital Management US LLC purchased a new stake in Myers Industries in the fourth quarter worth approximately $228,000. Wells Fargo & Company MN boosted its holdings in Myers Industries by 32.9% in 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 during the last quarter. Finally, Fox Run Management L.L.C. purchased a new stake in Myers Industries in the fourth quarter worth approximately $251,000. Hedge funds and other institutional investors own 90.82% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Myers Industries Stock Up 1.2%

MYE opened at $12.22 on Friday. 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. The company has a market capitalization of $456.77 million, a PE ratio of 29.09 and a beta of 1.08. The firm’s 50 day simple moving average is $11.17 and its two-hundred day simple moving average is $11.52.

Myers Industries (NYSE:MYE) last released its quarterly earnings results on Thursday, May 1st. The industrial products company reported $0.22 earnings per share for the quarter, topping the consensus estimate 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 for the quarter, compared to the consensus estimate of $206.80 million. As a group, equities analysts forecast that Myers Industries, Inc. will post 0.95 EPS for the current year.

Myers Industries Announces Dividend

The company 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 of this dividend was Friday, March 14th. This represents a $0.54 annualized dividend and a dividend yield of 4.42%. Myers Industries’s payout ratio is 192.86%.

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