Invenomic Capital Management LP Sells 728,254 Shares of Myers Industries, Inc. $MYE

Invenomic Capital Management LP lowered its holdings in Myers Industries, Inc. (NYSE:MYE) by 59.6% in the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 493,301 shares of the industrial products company’s stock after selling 728,254 shares during the quarter. Invenomic Capital Management LP’s holdings in Myers Industries were worth $8,357,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Semanteon Capital Management LP bought a new position in shares of Myers Industries during the third quarter valued at approximately $391,000. Clayton Partners LLC lifted its stake in Myers Industries by 43.8% in the third quarter. Clayton Partners LLC now owns 115,000 shares of the industrial products company’s stock worth $1,948,000 after acquiring an additional 35,000 shares during the period. Oliver Luxxe Assets LLC bought a new stake in Myers Industries in the third quarter valued at $1,178,000. Barington Capital Group L.P. increased its position in Myers Industries by 3.4% during the 2nd quarter. Barington Capital Group L.P. now owns 770,100 shares of the industrial products company’s stock valued at $11,159,000 after purchasing an additional 25,000 shares during the period. Finally, Arrowstreet Capital Limited Partnership increased its position in Myers Industries by 84.8% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 512,201 shares of the industrial products company’s stock valued at $7,422,000 after purchasing an additional 235,030 shares during the period. 90.82% of the stock is currently owned by institutional investors.

Myers Industries Stock Performance

Shares of MYE opened at $20.67 on Monday. The company has a quick ratio of 1.16, a current ratio of 1.67 and a debt-to-equity ratio of 1.08. The business’s 50 day moving average price is $21.15 and its 200-day moving average price is $18.75. Myers Industries, Inc. has a 52 week low of $9.06 and a 52 week high of $24.03. The stock has a market cap of $773.06 million, a P/E ratio of 22.23 and a beta of 1.06.

Myers Industries (NYSE:MYE) last posted its quarterly earnings data on Thursday, March 5th. The industrial products company reported $0.31 earnings per share for the quarter, beating analysts’ consensus estimates of $0.23 by $0.08. The company had revenue of $203.97 million during the quarter, compared to analyst estimates of $202.60 million. Myers Industries had a return on equity of 14.46% and a net margin of 4.23%. Equities research analysts anticipate that Myers Industries, Inc. will post 0.95 earnings per share for the current fiscal year.

Myers Industries Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, April 3rd. Stockholders of record on Friday, March 13th will be paid a $0.135 dividend. This represents a $0.54 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date of this dividend is Friday, March 13th. Myers Industries’s dividend payout ratio is currently 58.06%.

Analyst Upgrades and Downgrades

Several research firms have recently commented on MYE. Wall Street Zen raised shares of Myers Industries from a “buy” rating to a “strong-buy” rating in a research report on Friday, November 28th. Weiss Ratings reiterated a “hold (c)” rating on shares of Myers Industries in a research report on Thursday, January 22nd. Finally, Zacks Research upgraded shares of Myers Industries from a “strong sell” rating to a “hold” rating in a report on Tuesday, December 16th. One investment analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Myers Industries presently has a consensus rating of “Hold” and a consensus price target of $21.00.

Myers Industries Profile

Myers Industries, Inc is a diversified manufacturer of polymer products serving industrial, commercial and consumer markets. The company designs, produces and markets a broad range of molded and fabricated plastic components, including pallets, bulk containers, tanks and drums used in material handling and storage applications. Myers Industries leverages proprietary polymer technologies to provide durable, reusable solutions that help customers optimize supply chain efficiency and reduce environmental impact.

Myers operates primarily through two business segments.