GAMMA Investing LLC Purchases 30,745 Shares of Myers Industries, Inc. (NYSE:MYE)

GAMMA Investing LLC lifted its position in Myers Industries, Inc. (NYSE:MYE) by 8,090.8% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 31,125 shares of the industrial products company’s stock after buying an additional 30,745 shares during the period. GAMMA Investing LLC owned approximately 0.08% of Myers Industries worth $371,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of MYE. Aquatic Capital Management LLC increased its position in Myers Industries by 103.1% during the 4th quarter. Aquatic Capital Management LLC now owns 5,484 shares of the industrial products company’s stock valued at $61,000 after buying an additional 2,784 shares in the last quarter. ProShare Advisors LLC purchased a new stake in shares of Myers Industries during the fourth quarter worth about $114,000. Aigen Investment Management LP acquired a new position in shares of Myers Industries during the fourth quarter valued at about $138,000. Graham Capital Management L.P. acquired a new position in shares of Myers Industries during the fourth quarter valued at about $144,000. Finally, Point72 Asset Management L.P. raised its position in shares of Myers Industries by 184.6% in the 4th quarter. Point72 Asset Management L.P. now owns 14,800 shares of the industrial products company’s stock valued at $163,000 after purchasing an additional 9,600 shares during the last quarter. Institutional investors own 90.82% of the company’s stock.

Myers Industries Stock Performance

Shares of MYE opened at $14.28 on Friday. The company has a debt-to-equity ratio of 1.34, a quick ratio of 1.14 and a current ratio of 1.78. The stock has a 50-day moving average of $12.19 and a two-hundred day moving average of $11.81. The stock has a market cap of $533.82 million, a P/E ratio of 51.00 and a beta of 1.12. Myers Industries, Inc. has a one year low of $9.06 and a one year high of $17.39.

Myers Industries (NYSE:MYE) last released its earnings results on Thursday, May 1st. The industrial products company reported $0.22 EPS for the quarter, topping analysts’ consensus estimates of $0.19 by $0.03. The firm had revenue of $206.75 million during the quarter, compared to the consensus estimate of $206.80 million. Myers Industries had a return on equity of 14.02% and a net margin of 1.26%. As a group, research analysts predict that Myers Industries, Inc. will post 0.95 EPS for the current year.

Myers Industries declared that its board has initiated a share 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 repurchase up to 2.2% of its stock through open market purchases. Stock buyback plans are typically a sign 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 will be paid on Thursday, July 3rd. Stockholders of record on Wednesday, June 18th will be paid a $0.135 dividend. The ex-dividend date of this dividend is Wednesday, June 18th. This represents a $0.54 dividend on an annualized basis and a dividend yield of 3.78%. Myers Industries’s payout ratio is currently 192.86%.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on MYE shares. Wall Street Zen downgraded shares of Myers Industries from a “buy” rating to a “hold” rating in a research report on Saturday, June 14th. KeyCorp upgraded shares of Myers Industries from a “sector weight” rating to an “overweight” rating and set a $21.00 price objective for the company in a research note on Friday, June 13th.

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.