Norges Bank Makes New $3.18 Million Investment in Myers Industries, Inc. (NYSE:MYE)

Norges Bank bought a new stake in Myers Industries, Inc. (NYSE:MYE - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 288,038 shares of the industrial products company's stock, valued at approximately $3,180,000. Norges Bank owned about 0.77% of Myers Industries as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of MYE. State Street Corp lifted its position in 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 worth $19,176,000 after purchasing an additional 35,456 shares during the period. Geode Capital Management LLC raised its position in Myers Industries by 1.3% in the third quarter. Geode Capital Management LLC now owns 832,442 shares of the industrial products company's stock worth $11,507,000 after purchasing an additional 10,666 shares in the last quarter. Wellington Management Group LLP lifted its stake in Myers Industries by 2.3% during the third quarter. Wellington Management Group LLP now owns 323,538 shares of the industrial products company's stock worth $4,471,000 after purchasing an additional 7,192 shares during the period. Tieton Capital Management LLC grew its stake in shares of Myers Industries by 23.3% in the 4th quarter. Tieton Capital Management LLC now owns 304,330 shares of the industrial products company's stock valued at $3,360,000 after purchasing an additional 57,410 shares during the period. Finally, JPMorgan Chase & Co. raised its holdings in shares of Myers Industries by 70.5% in the 4th quarter. JPMorgan Chase & Co. now owns 227,635 shares of the industrial products company's stock worth $2,513,000 after buying an additional 94,129 shares in the last quarter. Institutional investors own 90.82% of the company's stock.

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Analyst Upgrades and Downgrades

Separately, StockNews.com raised shares of Myers Industries from a "sell" rating to a "hold" rating in a report on Friday, March 7th.

Myers Industries Price Performance

Shares of MYE stock traded down $0.11 during trading hours on Wednesday, hitting $9.44. 9,308 shares of the company's stock were exchanged, compared to its average volume of 330,021. The stock's 50-day moving average is $11.48 and its 200-day moving average is $11.77. The stock has a market cap of $352.07 million, a price-to-earnings ratio of 22.47 and a beta of 1.08. The company has a debt-to-equity ratio of 1.36, a current ratio of 1.80 and a quick ratio of 1.11. Myers Industries, Inc. has a 52 week low of $9.06 and a 52 week high of $23.05.

Myers Industries (NYSE:MYE - Get Free Report) last announced its earnings results on Thursday, March 6th. The industrial products company reported $0.19 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.10 by $0.09. Myers Industries had a net margin of 1.88% and a return on equity of 14.75%. The company had revenue of $203.88 million for the quarter, compared to analyst estimates of $203.10 million. As a group, research analysts forecast that Myers Industries, Inc. will post 0.95 EPS for the current year.

Myers Industries Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, April 4th. Investors of record on Friday, March 14th were issued a $0.135 dividend. This represents a $0.54 annualized dividend and a yield of 5.72%. The ex-dividend date of this dividend was Friday, March 14th. Myers Industries's dividend payout ratio is 284.21%.

Myers Industries declared that its Board of Directors has initiated a stock repurchase plan on Thursday, March 6th that allows the company to repurchase $10.00 million in outstanding shares. This repurchase authorization allows the industrial products company to buy up to 2.2% of its shares through open market purchases. Shares repurchase plans are often a sign that the company's management believes its shares are undervalued.

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.