Victory Capital Management Inc. Has $10.96 Million Position in Myers Industries, Inc. (NYSE:MYE)

Victory Capital Management Inc. reduced its stake in shares of Myers Industries, Inc. (NYSE:MYE) by 4.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 993,023 shares of the industrial products company’s stock after selling 41,102 shares during the quarter. Victory Capital Management Inc.’s holdings in Myers Industries were worth $10,963,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Point72 DIFC Ltd acquired a new position in Myers Industries during the third quarter worth $28,000. Point72 Asset Management L.P. bought a new stake in shares of Myers Industries during the third quarter worth $72,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Myers Industries during the third quarter worth $85,000. Quest Partners LLC bought a new stake in shares of Myers Industries during the third quarter worth $150,000. Finally, Quantbot Technologies LP grew its holdings in shares of Myers Industries by 8.0% during the third quarter. Quantbot Technologies LP now owns 11,427 shares of the industrial products company’s stock worth $158,000 after purchasing an additional 846 shares during the last quarter. 90.82% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Separately, StockNews.com upgraded Myers Industries from a “sell” rating to a “hold” rating in a report on Friday, March 7th.

Myers Industries Price Performance

Shares of MYE stock opened at $12.60 on Friday. The stock’s fifty day moving average is $11.66 and its 200-day moving average is $12.30. The company has a debt-to-equity ratio of 1.36, a quick ratio of 1.11 and a current ratio of 1.80. The stock has a market capitalization of $469.29 million, a PE ratio of 29.99 and a beta of 1.21. Myers Industries, Inc. has a 52 week low of $9.32 and a 52 week high of $23.63.

Myers Industries (NYSE:MYE) last posted its quarterly earnings results on Thursday, March 6th. The industrial products company reported $0.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.10 by $0.09. The business had revenue of $203.88 million for the quarter, compared to analysts’ expectations of $203.10 million. Myers Industries had a return on equity of 14.75% and a net margin of 1.88%. Equities research analysts expect 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 will be paid on Friday, April 4th. Investors of record on Friday, March 14th will be issued a $0.135 dividend. This represents a $0.54 annualized dividend and a yield of 4.29%. The ex-dividend date is Friday, March 14th. Myers Industries’s dividend payout ratio is 284.21%.

Myers Industries declared that its board has initiated a stock repurchase plan on Thursday, March 6th that permits the company to repurchase $10.00 million in outstanding shares. This repurchase authorization permits the industrial products company to reacquire up to 2.2% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

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.