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

Gabelli Funds LLC raised its stake in shares of Myers Industries, Inc. (NYSE:MYE) by 0.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,563,150 shares of the industrial products company’s stock after acquiring an additional 8,000 shares during the period. Gabelli Funds LLC’s holdings in Myers Industries were worth $17,257,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. JPMorgan Chase & Co. raised its position in Myers Industries by 78.6% in the third quarter. JPMorgan Chase & Co. now owns 133,506 shares of the industrial products company’s stock valued at $1,845,000 after purchasing an additional 58,761 shares during the period. Barclays PLC raised its holdings in shares of Myers Industries by 464.7% in the 3rd quarter. Barclays PLC now owns 74,072 shares of the industrial products company’s stock valued at $1,024,000 after buying an additional 60,954 shares during the period. Janney Montgomery Scott LLC acquired a new position in Myers Industries during the 4th quarter worth about $290,000. KLP Kapitalforvaltning AS purchased a new position in Myers Industries during the 4th quarter valued at about $309,000. Finally, State Street Corp grew its position in Myers Industries by 2.6% in the 3rd 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 in the last quarter. 90.82% of the stock is currently owned by institutional investors and hedge funds.

Myers Industries Trading Down 1.1 %

NYSE:MYE opened at $9.55 on Wednesday. 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 has a market cap of $356.33 million, a PE ratio of 22.75 and a beta of 1.08. The stock has a fifty day moving average price of $11.48 and a 200 day moving average price of $11.77. Myers Industries, Inc. has a 12-month low of $9.06 and a 12-month high of $23.05.

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, beating 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 firm had revenue of $203.88 million for the quarter, compared to analysts’ expectations of $203.10 million. Sell-side analysts anticipate that Myers Industries, Inc. will post 0.95 earnings per share for the current fiscal year.

Myers Industries declared that its board has approved a share buyback plan on Thursday, March 6th that authorizes the company to repurchase $10.00 million in outstanding shares. This repurchase authorization authorizes the industrial products company to purchase up to 2.2% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its stock is undervalued.

Myers Industries Dividend Announcement

The firm also recently announced 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. This represents a $0.54 annualized dividend and a dividend yield of 5.65%. The ex-dividend date of this dividend was Friday, March 14th. Myers Industries’s dividend payout ratio (DPR) is presently 284.21%.

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 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.