Renaissance Technologies LLC Purchases 167,894 Shares of Myers Industries, Inc. (NYSE:MYE)

Renaissance Technologies LLC lifted its position in Myers Industries, Inc. (NYSE:MYE) by 11.8% in the 4th quarter, HoldingsChannel.com reports. The fund owned 1,586,991 shares of the industrial products company’s stock after buying an additional 167,894 shares during the period. Renaissance Technologies LLC’s holdings in Myers Industries were worth $17,520,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Aigen Investment Management LP bought a new stake in shares of Myers Industries in the 4th quarter valued at about $138,000. Polymer Capital Management US LLC purchased a new position in Myers Industries during the fourth quarter valued at approximately $228,000. Wells Fargo & Company MN raised its stake in Myers Industries by 32.9% in the fourth quarter. Wells Fargo & Company MN now owns 22,464 shares of the industrial products company’s stock worth $248,000 after buying an additional 5,566 shares in the last quarter. Fox Run Management L.L.C. purchased a new stake in Myers Industries during the fourth quarter worth $251,000. Finally, Versor Investments LP increased its holdings in shares of Myers Industries by 49.4% in the 4th quarter. Versor Investments LP now owns 23,600 shares of the industrial products company’s stock valued at $261,000 after acquiring an additional 7,800 shares during the period. 90.82% of the stock is owned by hedge funds and other institutional investors.

Myers Industries Stock Up 3.6 %

Shares of Myers Industries stock opened at $9.70 on Monday. 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 company has a market cap of $361.58 million, a P/E ratio of 23.08 and a beta of 1.08. The firm’s 50 day moving average price is $11.59 and its 200-day moving average price is $11.82. Myers Industries, Inc. has a 52-week low of $9.06 and a 52-week high of $23.05.

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

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

Myers Industries Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, April 4th. Investors of record on Friday, March 14th were given a dividend of $0.135 per share. This represents a $0.54 annualized dividend and a yield of 5.57%. The ex-dividend date was Friday, March 14th. Myers Industries’s dividend payout ratio is currently 284.21%.

Wall Street Analyst Weigh In

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

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.