Price T Rowe Associates Inc. MD Sells 64,101 Shares of Myers Industries, Inc. (NYSE:MYE)

Price T Rowe Associates Inc. MD trimmed its position in shares of Myers Industries, Inc. (NYSE:MYE) by 45.3% during the 4th quarter, Holdings Channel reports. The firm owned 77,388 shares of the industrial products company’s stock after selling 64,101 shares during the period. Price T Rowe Associates Inc. MD’s holdings in Myers Industries were worth $855,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of MYE. Quantessence Capital LLC bought a new stake in shares of Myers Industries during the fourth quarter valued at approximately $690,000. Tower Research Capital LLC TRC grew its position in shares of Myers Industries by 747.2% during the fourth quarter. Tower Research Capital LLC TRC now owns 25,188 shares of the industrial products company’s stock valued at $278,000 after purchasing an additional 22,215 shares in the last quarter. Marshall Wace LLP bought a new stake in shares of Myers Industries in the fourth quarter worth about $2,843,000. Gamco Investors INC. ET AL lifted its position in shares of Myers Industries by 2.9% in the fourth quarter. Gamco Investors INC. ET AL now owns 3,383,485 shares of the industrial products company’s stock worth $37,354,000 after buying an additional 96,400 shares in the last quarter. Finally, Gabelli Funds LLC boosted its stake in Myers Industries by 0.5% during the fourth quarter. Gabelli Funds LLC now owns 1,563,150 shares of the industrial products company’s stock valued at $17,257,000 after buying an additional 8,000 shares during the last quarter. Hedge funds and other institutional investors own 90.82% of the company’s stock.

Analyst Ratings Changes

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

Myers Industries Trading Up 0.6%

Shares of MYE opened at $12.19 on Monday. The stock has a market capitalization of $455.69 million, a PE ratio of 29.02 and a beta of 1.08. The company’s fifty day moving average is $11.19 and its 200 day moving average is $11.48. The company has a debt-to-equity ratio of 1.36, a quick ratio of 1.11 and a current ratio of 1.80. Myers Industries, Inc. has a fifty-two week low of $9.06 and a fifty-two week high of $17.39.

Myers Industries (NYSE:MYE) last issued its quarterly earnings data on Thursday, May 1st. The industrial products company reported $0.22 EPS for the quarter, topping analysts’ consensus estimates of $0.19 by $0.03. The business had revenue of $206.75 million during the quarter, compared to analysts’ expectations of $206.80 million. Myers Industries had a net margin of 1.88% and a return on equity of 14.75%. Sell-side analysts expect that Myers Industries, Inc. will post 0.95 earnings per share for the current fiscal year.

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

Myers Industries Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 4th. Shareholders of record on Friday, March 14th were paid a dividend of $0.135 per share. The ex-dividend date was Friday, March 14th. This represents a $0.54 annualized dividend and a yield of 4.43%. Myers Industries’s payout ratio is currently 192.86%.

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.