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

Invenomic Capital Management LP trimmed its position in Myers Industries, Inc. (NYSE:MYE) by 59.6% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 493,301 shares of the industrial products company’s stock after selling 728,254 shares during the quarter. Invenomic Capital Management LP owned approximately 1.32% of Myers Industries worth $8,357,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Royal Bank of Canada boosted its holdings in Myers Industries by 44.5% in the 1st quarter. Royal Bank of Canada now owns 24,684 shares of the industrial products company’s stock valued at $295,000 after purchasing an additional 7,607 shares during the period. AQR Capital Management LLC increased its stake in Myers Industries by 148.8% in the 1st quarter. AQR Capital Management LLC now owns 166,990 shares of the industrial products company’s stock worth $1,992,000 after acquiring an additional 99,881 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Myers Industries by 4.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 21,835 shares of the industrial products company’s stock valued at $260,000 after acquiring an additional 936 shares in the last quarter. Millennium Management LLC boosted its position in shares of Myers Industries by 2.7% during the 1st quarter. Millennium Management LLC now owns 911,626 shares of the industrial products company’s stock valued at $10,876,000 after acquiring an additional 23,866 shares during the last quarter. Finally, Goldman Sachs Group Inc. boosted its position in shares of Myers Industries by 12.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 320,996 shares of the industrial products company’s stock valued at $3,829,000 after acquiring an additional 34,787 shares during the last quarter. 90.82% of the stock is currently owned by institutional investors.

Myers Industries Stock Down 1.9%

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

Myers Industries (NYSE:MYE) last posted its quarterly earnings results on Thursday, March 5th. The industrial products company reported $0.31 EPS 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 net margin of 4.23% and a return on equity of 14.46%. Equities research analysts forecast that Myers Industries, Inc. will post 0.95 EPS for the current year.

Myers Industries Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 3rd. Stockholders of record on Friday, March 13th will be paid a dividend of $0.135 per share. This represents a $0.54 annualized dividend 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 58.06%.

Analysts Set New Price Targets

MYE has been the topic of several research analyst reports. Weiss Ratings restated a “hold (c)” rating on shares of Myers Industries in a research report on Thursday, January 22nd. Zacks Research upgraded shares of Myers Industries from a “strong sell” rating to a “hold” rating in a research report on Tuesday, December 16th. Finally, Wall Street Zen raised shares of Myers Industries from a “buy” rating to a “strong-buy” rating in a research note on Friday, November 28th. One analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Myers Industries presently has an average rating of “Hold” and a consensus target price of $21.00.

About Myers Industries

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.