Myers Industries, Inc. (NYSE:MYE) Declares Quarterly Dividend of $0.14

Myers Industries, Inc. (NYSE:MYE) announced a quarterly dividend on Tuesday, March 4th, RTT News reports. Shareholders of record on Friday, March 14th will be paid a dividend of 0.135 per share by the industrial products company on Friday, April 4th. This represents a $0.54 annualized dividend and a yield of 4.18%. The ex-dividend date is Friday, March 14th.

Myers Industries has a dividend payout ratio of 33.5% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Myers Industries to earn $1.17 per share next year, which means the company should continue to be able to cover its $0.54 annual dividend with an expected future payout ratio of 46.2%.

Myers Industries Stock Down 1.4 %

NYSE MYE opened at $12.93 on Wednesday. Myers Industries has a one year low of $9.32 and a one year high of $23.63. The company has a market cap of $481.77 million, a P/E ratio of 30.82 and a beta of 1.21. 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 business has a fifty day moving average price of $11.62 and a 200 day moving average price of $12.29.

Myers Industries (NYSE:MYE) last released its quarterly earnings data on Thursday, March 6th. The industrial products company reported $0.19 earnings per share (EPS) for the quarter, topping the consensus estimate 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 during the quarter, compared to analysts’ expectations of $203.10 million. Research analysts anticipate that Myers Industries will post 0.95 EPS for the current fiscal year.

Myers Industries declared that its Board of Directors has authorized a stock repurchase program on Thursday, March 6th that authorizes the company to buyback $10.00 million in outstanding shares. This buyback authorization authorizes the industrial products company to repurchase up to 2.2% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management 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 Company 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.