Corebridge Financial Inc. Sells 2,841 Shares of Myers Industries, Inc. (NYSE:MYE)

Corebridge Financial Inc. decreased its holdings in Myers Industries, Inc. (NYSE:MYE) by 13.5% during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 18,259 shares of the industrial products company’s stock after selling 2,841 shares during the quarter. Corebridge Financial Inc.’s holdings in Myers Industries were worth $202,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in MYE. Boston Partners raised its stake in shares of Myers Industries by 105.5% in the fourth quarter. Boston Partners now owns 187,073 shares of the industrial products company’s stock worth $2,065,000 after purchasing an additional 96,022 shares during the last quarter. Barclays PLC raised its position 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 buying an additional 60,954 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in Myers Industries by 78.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 133,506 shares of the industrial products company’s stock valued at $1,845,000 after acquiring an additional 58,761 shares in the last quarter. Tieton Capital Management LLC lifted its stake in Myers Industries by 23.3% during 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 acquiring an additional 57,410 shares in the last quarter. Finally, Access Investment Management LLC boosted its holdings in Myers Industries by 75.0% during the 4th quarter. Access Investment Management LLC now owns 111,315 shares of the industrial products company’s stock worth $1,229,000 after acquiring an additional 47,710 shares during the last quarter. Institutional investors and hedge funds own 90.82% of the company’s stock.

Myers Industries Price Performance

Myers Industries stock opened at $9.70 on Friday. Myers Industries, Inc. has a 52 week low of $9.06 and a 52 week high of $23.05. The company’s 50 day moving average price is $11.59 and its two-hundred day moving average price is $11.83. The stock has a market cap of $361.58 million, a P/E ratio of 23.08 and a beta of 1.08. The company has a quick ratio of 1.11, a current ratio of 1.80 and a debt-to-equity ratio of 1.36.

Myers Industries (NYSE:MYE) last issued its quarterly earnings results on Thursday, March 6th. The industrial products company reported $0.19 EPS for the quarter, topping analysts’ consensus estimates of $0.10 by $0.09. Myers Industries had a return on equity of 14.75% and a net margin of 1.88%. The business had revenue of $203.88 million for the quarter, compared to analyst estimates of $203.10 million. On average, equities analysts predict that Myers Industries, Inc. will post 0.95 earnings per share for the current year.

Myers Industries Dividend Announcement

The business 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 dividend on an annualized basis and a dividend yield of 5.57%. The ex-dividend date was Friday, March 14th. Myers Industries’s dividend payout ratio (DPR) is currently 284.21%.

Myers Industries announced that its Board of Directors has approved a stock repurchase program on Thursday, March 6th that authorizes the company to repurchase $10.00 million in outstanding shares. This repurchase authorization authorizes the industrial products company to reacquire up to 2.2% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

Analyst Upgrades and Downgrades

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

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.