Moors & Cabot Inc. Sells 5,781 Shares of Myers Industries, Inc. (NYSE:MYE)

Moors & Cabot Inc. cut its holdings in Myers Industries, Inc. (NYSE:MYE) by 13.9% during the 4th quarter, Holdings Channel reports. The firm owned 35,862 shares of the industrial products company’s stock after selling 5,781 shares during the period. Moors & Cabot Inc.’s holdings in Myers Industries were worth $396,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of MYE. Point72 DIFC Ltd bought a new stake in shares of Myers Industries in the 3rd quarter worth approximately $28,000. Point72 Asset Management L.P. purchased a new stake in Myers Industries in the third quarter worth $72,000. Point72 Asia Singapore Pte. Ltd. bought a new position in Myers Industries in the third quarter worth $85,000. Quest Partners LLC purchased a new position in Myers Industries during the third quarter valued at $150,000. Finally, Quantbot Technologies LP grew its position in shares of Myers Industries by 8.0% in the 3rd quarter. Quantbot Technologies LP now owns 11,427 shares of the industrial products company’s stock worth $158,000 after buying an additional 846 shares during the period. Hedge funds and other institutional investors own 90.82% of the company’s stock.

Wall Street Analyst Weigh In

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

Myers Industries Stock Up 1.5 %

MYE stock opened at $12.76 on Friday. Myers Industries, Inc. has a twelve month low of $9.32 and a twelve month high of $23.63. The company has a quick ratio of 1.11, a current ratio of 1.80 and a debt-to-equity ratio of 1.36. The firm has a market cap of $475.71 million, a PE ratio of 30.37 and a beta of 1.21. The business has a 50 day moving average of $11.73 and a 200 day moving average of $12.26.

Myers Industries (NYSE:MYE) last released its earnings results on Thursday, March 6th. The industrial products company reported $0.19 EPS for the quarter, topping analysts’ consensus estimates of $0.10 by $0.09. The firm 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%. On average, research analysts forecast that Myers Industries, Inc. will post 0.95 EPS for the current fiscal year.

Myers Industries Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, April 4th. Stockholders of record on Friday, March 14th will be paid a $0.135 dividend. The ex-dividend date is Friday, March 14th. This represents a $0.54 annualized dividend and a dividend yield of 4.23%. Myers Industries’s dividend payout ratio is presently 284.21%.

Myers Industries declared that its Board of Directors has authorized a share repurchase program on Thursday, March 6th that permits the company to repurchase $10.00 million in shares. This repurchase authorization permits the industrial products company to repurchase up to 2.2% of its stock through open market purchases. Stock repurchase programs are often 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.