Myers Industries, Inc. (NYSE:MYE) Short Interest Update

Myers Industries, Inc. (NYSE:MYE) saw a significant drop in short interest in March. As of March 15th, there was short interest totalling 657,900 shares, a drop of 13.7% from the February 28th total of 762,100 shares. Based on an average daily volume of 343,500 shares, the days-to-cover ratio is currently 1.9 days. Currently, 1.8% of the company’s stock are short sold.

Myers Industries Stock Performance

NYSE:MYE traded down $1.88 during mid-day trading on Thursday, reaching $10.75. 365,681 shares of the stock were exchanged, compared to its average volume of 323,844. The stock has a market capitalization of $400.93 million, a P/E ratio of 25.63 and a beta of 1.21. Myers Industries has a 1 year low of $9.32 and a 1 year high of $23.05. The company has a 50 day simple moving average of $11.99 and a 200-day simple moving average of $12.08. 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 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 business had revenue of $203.88 million for the quarter, compared to analyst estimates of $203.10 million. Analysts anticipate that Myers Industries will post 0.95 earnings per share for the current fiscal year.

Myers Industries Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 4th. Shareholders of record on Friday, March 14th will be paid a dividend of $0.135 per share. This represents a $0.54 annualized dividend and a yield of 5.02%. The ex-dividend date of this dividend is Friday, March 14th. Myers Industries’s dividend payout ratio is presently 284.21%.

Myers Industries declared that its Board of Directors has authorized a stock repurchase plan 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 purchase up to 2.2% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its stock is undervalued.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of MYE. FMR LLC grew its position in Myers Industries by 14.6% in the 3rd quarter. FMR LLC now owns 73,450 shares of the industrial products company’s stock valued at $1,015,000 after buying an additional 9,349 shares during the last quarter. Quantbot Technologies LP lifted its stake in shares of Myers Industries by 8.0% in the 3rd quarter. Quantbot Technologies LP now owns 11,427 shares of the industrial products company’s stock worth $158,000 after acquiring an additional 846 shares during the period. BNP Paribas Financial Markets boosted its holdings in shares of Myers Industries by 73.2% in the third quarter. BNP Paribas Financial Markets now owns 32,181 shares of the industrial products company’s stock valued at $445,000 after acquiring an additional 13,601 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Myers Industries by 11.9% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 78,978 shares of the industrial products company’s stock worth $1,091,000 after acquiring an additional 8,388 shares during the period. Finally, Walleye Capital LLC raised its holdings in Myers Industries by 48.7% during the third quarter. Walleye Capital LLC now owns 43,933 shares of the industrial products company’s stock worth $607,000 after purchasing an additional 14,396 shares in the last quarter. Institutional investors and hedge funds own 90.82% of the company’s stock.

Analyst Ratings Changes

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

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.