Geode Capital Management LLC Buys 10,666 Shares of Myers Industries, Inc. (NYSE:MYE)

Geode Capital Management LLC grew its stake in shares of Myers Industries, Inc. (NYSE:MYE) by 1.3% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 832,442 shares of the industrial products company’s stock after purchasing an additional 10,666 shares during the quarter. Geode Capital Management LLC’s holdings in Myers Industries were worth $11,507,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in MYE. Barclays PLC lifted its stake in Myers Industries by 464.7% in the 3rd quarter. Barclays PLC now owns 74,072 shares of the industrial products company’s stock valued at $1,024,000 after purchasing an additional 60,954 shares during the last quarter. Wellington Management Group LLP raised its stake in Myers Industries by 2.3% in the third quarter. Wellington Management Group LLP now owns 323,538 shares of the industrial products company’s stock valued at $4,471,000 after buying an additional 7,192 shares during the period. State Street Corp lifted its position in shares of Myers Industries by 2.6% in the third quarter. State Street Corp now owns 1,374,246 shares of the industrial products company’s stock valued at $19,176,000 after buying an additional 35,456 shares during the last quarter. Point72 DIFC Ltd bought a new position in shares of Myers Industries during the 3rd quarter worth approximately $28,000. Finally, Point72 Asset Management L.P. acquired a new position in shares of Myers Industries during the 3rd quarter worth approximately $72,000. Institutional investors own 90.82% of the company’s stock.

Myers Industries Price Performance

NYSE:MYE opened at $11.04 on Wednesday. The company has a debt-to-equity ratio of 1.36, a quick ratio of 1.11 and a current ratio of 1.80. The firm has a market cap of $411.35 million, a price-to-earnings ratio of 26.29 and a beta of 1.22. Myers Industries, Inc. has a 52 week low of $10.35 and a 52 week high of $23.63. The firm’s 50-day simple moving average is $11.80 and its 200 day simple moving average is $13.17.

Myers Industries (NYSE:MYE) last announced its earnings results on Monday, November 4th. The industrial products company reported $0.25 EPS for the quarter, missing the consensus estimate of $0.29 by ($0.04). The business had revenue of $205.07 million for the quarter. Myers Industries had a return on equity of 14.75% and a net margin of 1.88%. During the same quarter in the previous year, the company earned $0.38 earnings per share. As a group, sell-side analysts predict that Myers Industries, Inc. will post 0.95 earnings per share for the current year.

Myers Industries Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, January 3rd. Stockholders of record on Tuesday, December 3rd will be given a dividend of $0.135 per share. The ex-dividend date of this dividend is Tuesday, December 3rd. This represents a $0.54 dividend on an annualized basis and a dividend yield of 4.89%. Myers Industries’s payout ratio is 128.57%.

Insider Buying and Selling

In other news, CEO Dave Basque acquired 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, December 3rd. The shares were acquired at an average cost of $11.33 per share, with a total value of $56,650.00. Following the completion of the purchase, the chief executive officer now directly owns 29,152 shares of the company’s stock, valued at $330,292.16. The trade was a 20.70 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Over the last quarter, insiders have purchased 19,500 shares of company stock worth $232,575. Company insiders own 1.40% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. StockNews.com cut shares of Myers Industries from a “hold” rating to a “sell” rating in a research note on Friday, December 27th. KeyCorp cut Myers Industries from an “overweight” rating to a “sector weight” rating in a report on Wednesday, November 6th.

Myers Industries Profile

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.