Catalyst Funds Management Pty Ltd Makes New $406,000 Investment in Myers Industries, Inc. (NYSE:MYE)

Catalyst Funds Management Pty Ltd acquired a new position in shares of Myers Industries, Inc. (NYSE:MYE) during the 4th quarter, Holdings Channel.com reports. The fund acquired 36,800 shares of the industrial products company’s stock, valued at approximately $406,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Versor Investments LP purchased a new stake in shares of Myers Industries in the third quarter valued at about $218,000. GSA Capital Partners LLP purchased a new stake in shares of Myers Industries in the third quarter valued at about $246,000. Victory Capital Management Inc. boosted its holdings in shares of Myers Industries by 1.1% in the third quarter. Victory Capital Management Inc. now owns 1,034,125 shares of the industrial products company’s stock valued at $14,292,000 after acquiring an additional 11,434 shares in the last quarter. Metis Global Partners LLC purchased a new stake in shares of Myers Industries in the third quarter valued at about $192,000. Finally, Quest Partners LLC purchased a new stake in shares of Myers Industries in the third quarter valued at about $150,000. 90.82% of the stock is owned by hedge funds and other institutional investors.

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.

Myers Industries Trading Up 1.5 %

Shares of MYE opened at $12.76 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. The firm’s 50-day moving average is $11.73 and its two-hundred day moving average is $12.26. Myers Industries, Inc. has a twelve month low of $9.32 and a twelve month high of $23.63. The firm has a market capitalization of $475.71 million, a P/E ratio of 30.37 and a beta of 1.21.

Myers Industries (NYSE:MYE) last issued its earnings results on Thursday, March 6th. The industrial products company reported $0.19 earnings per share for the quarter, topping the consensus estimate of $0.10 by $0.09. Myers Industries had a net margin of 1.88% and a return on equity of 14.75%. The company had revenue of $203.88 million for the quarter, compared to analyst estimates of $203.10 million. On average, research analysts predict that Myers Industries, Inc. will post 0.95 earnings per share for the current fiscal year.

Myers Industries announced that its Board of Directors has initiated a stock repurchase plan on Thursday, March 6th that allows the company to repurchase $10.00 million in outstanding shares. This repurchase authorization allows the industrial products company to buy up to 2.2% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Myers Industries Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 4th. Shareholders of record on Friday, March 14th will be issued a $0.135 dividend. This represents a $0.54 annualized dividend and a dividend yield of 4.23%. The ex-dividend date of this dividend is Friday, March 14th. Myers Industries’s dividend payout ratio (DPR) is presently 284.21%.

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.