Myers Industries, Inc. (NYSE:MYE – Get Rating) shares shot up 5.2% during trading on Friday following a better than expected earnings announcement. The company traded as high as $23.56 and last traded at $23.44. 2,729 shares were traded during trading, a decline of 97% from the average session volume of 107,691 shares. The stock had previously closed at $22.29.The industrial products company reported $0.50 earnings per share for the quarter, topping analysts’ consensus estimates of $0.26 by $0.24. Myers Industries had a net margin of 4.40% and a return on equity of 17.42%. During the same period last year, the company earned $0.22 earnings per share.
The firm also recently declared a quarterly dividend, which was paid on Monday, April 4th. Shareholders of record on Thursday, March 17th were paid a $0.135 dividend. The ex-dividend date of this dividend was Wednesday, March 16th. This represents a $0.54 dividend on an annualized basis and a yield of 2.29%. Myers Industries’s payout ratio is presently 58.70%.
A number of equities analysts have recently weighed in on the company. Zacks Investment Research raised Myers Industries from a “hold” rating to a “buy” rating and set a $24.00 price objective for the company in a research note on Wednesday. StockNews.com started coverage on Myers Industries in a research note on Thursday, March 31st. They issued a “buy” rating for the company.
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In other news, Director Frederic Jack Liebau, Jr. bought 5,000 shares of Myers Industries stock in a transaction dated Tuesday, March 15th. The shares were purchased at an average cost of $18.42 per share, with a total value of $92,100.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.97% of the stock is owned by insiders.
Several hedge funds have recently bought and sold shares of MYE. Ensign Peak Advisors Inc lifted its holdings in shares of Myers Industries by 67.6% in the 3rd quarter. Ensign Peak Advisors Inc now owns 6,200 shares of the industrial products company’s stock valued at $121,000 after acquiring an additional 2,500 shares during the last quarter. KBC Group NV raised its position in Myers Industries by 65.1% during the first quarter. KBC Group NV now owns 6,029 shares of the industrial products company’s stock valued at $130,000 after purchasing an additional 2,377 shares during the period. Royal Bank of Canada lifted its stake in shares of Myers Industries by 31.9% in the 2nd quarter. Royal Bank of Canada now owns 7,573 shares of the industrial products company’s stock valued at $159,000 after purchasing an additional 1,831 shares during the last quarter. Metropolitan Life Insurance Co NY boosted its holdings in shares of Myers Industries by 15.0% in the 4th quarter. Metropolitan Life Insurance Co NY now owns 9,517 shares of the industrial products company’s stock worth $190,000 after purchasing an additional 1,240 shares during the period. Finally, Man Group plc bought a new position in shares of Myers Industries during the 3rd quarter valued at approximately $243,000. 92.02% of the stock is owned by hedge funds and other institutional investors.
The company has a debt-to-equity ratio of 0.48, a current ratio of 1.66 and a quick ratio of 0.95. The business has a 50-day moving average of $20.09 and a 200-day moving average of $19.53. The company has a market capitalization of $855.12 million, a P/E ratio of 24.23 and a beta of 1.41.
Myers Industries Company Profile (NYSE:MYE)
Myers Industries, Inc engages in distribution of tire service supplies in Ohio. It operates through The Material Handling and Distribution segments. The Material Handling segment offers pallets, small parts bins, bulk shipping containers, OEM parts, storage, organization, and custom plastic products; injection molded, rotationally molded or blow molded products, consumer fuel containers and tanks for water, fuel, and waste handling.
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