Gabelli Funds LLC Increases Position in Myers Industries, Inc. (NYSE:MYE)

Gabelli Funds LLC raised its holdings in Myers Industries, Inc. (NYSE:MYE) by 0.5% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,563,150 shares of the industrial products company’s stock after purchasing an additional 8,000 shares during the period. Gabelli Funds LLC owned about 4.20% of Myers Industries worth $17,257,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in MYE. FMR LLC raised its position in Myers Industries by 14.6% during the third quarter. FMR LLC now owns 73,450 shares of the industrial products company’s stock worth $1,015,000 after acquiring an additional 9,349 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Myers Industries by 11.9% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 78,978 shares of the industrial products company’s stock worth $1,091,000 after buying an additional 8,388 shares in the last quarter. State Street Corp raised its holdings in shares of Myers Industries by 2.6% during the third quarter. State Street Corp now owns 1,374,246 shares of the industrial products company’s stock valued at $19,176,000 after acquiring an additional 35,456 shares during the last quarter. Wellington Management Group LLP lifted its position in shares of Myers Industries by 2.3% in the third quarter. Wellington Management Group LLP now owns 323,538 shares of the industrial products company’s stock valued at $4,471,000 after acquiring an additional 7,192 shares in the last quarter. Finally, Barclays PLC boosted its stake in shares of Myers Industries by 464.7% in the third quarter. Barclays PLC now owns 74,072 shares of the industrial products company’s stock worth $1,024,000 after acquiring an additional 60,954 shares during the last quarter. 90.82% of the stock is currently owned by hedge funds and other institutional investors.

Myers Industries Trading Down 1.1 %

Shares of Myers Industries stock opened at $9.55 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 stock’s 50 day simple moving average is $11.48 and its 200-day simple moving average is $11.77. The stock has a market cap of $356.33 million, a P/E ratio of 22.75 and a beta of 1.08. Myers Industries, Inc. has a 1-year low of $9.06 and a 1-year high of $23.05.

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. Myers Industries had a return on equity of 14.75% and a net margin of 1.88%. The business had revenue of $203.88 million for the quarter, compared to analyst estimates of $203.10 million. Analysts predict that Myers Industries, Inc. will post 0.95 EPS for the current fiscal year.

Myers Industries Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, April 4th. Stockholders of record on Friday, March 14th were issued 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 5.65%. Myers Industries’s dividend payout ratio is currently 284.21%.

Myers Industries declared that its Board of Directors has authorized a stock repurchase program on Thursday, March 6th that allows the company to repurchase $10.00 million in shares. This repurchase authorization allows the industrial products company to repurchase up to 2.2% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its stock is undervalued.

Wall Street Analyst Weigh In

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

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.