Short Interest in Myers Industries, Inc. (NYSE:MYE) Declines By 13.7%

Myers Industries, Inc. (NYSE:MYE) was the recipient of a significant decrease in short interest during the month of March. As of March 15th, there was short interest totalling 657,900 shares, a decrease of 13.7% from the February 28th total of 762,100 shares. Based on an average daily trading volume, of 343,500 shares, the days-to-cover ratio is presently 1.9 days. Approximately 1.8% of the shares of the company are short sold.

Myers Industries Price Performance

Shares of NYSE MYE traded up $0.19 during trading on Wednesday, hitting $12.50. The company had a trading volume of 53,202 shares, compared to its average volume of 322,951. Myers Industries has a fifty-two week low of $9.32 and a fifty-two week high of $23.05. The company has a quick ratio of 1.11, a current ratio of 1.80 and a debt-to-equity ratio of 1.36. The stock has a fifty day simple moving average of $11.98 and a two-hundred day simple moving average of $12.08. The firm has a market capitalization of $466.16 million, a price-to-earnings ratio of 29.76 and a beta of 1.21.

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

Myers Industries Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 4th. Investors of record on Friday, March 14th will be given a dividend of $0.135 per share. The ex-dividend date is Friday, March 14th. This represents a $0.54 dividend on an annualized basis and a yield of 4.32%. Myers Industries’s payout ratio is presently 284.21%.

Myers Industries announced that its Board of Directors has initiated a share repurchase program on Thursday, March 6th that authorizes the company to repurchase $10.00 million in shares. This repurchase authorization authorizes the industrial products company to repurchase up to 2.2% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Barington Capital Group L.P. purchased a new stake in shares of Myers Industries in the 4th quarter valued at approximately $9,055,000. Millennium Management LLC lifted its position in Myers Industries by 824.9% in the fourth quarter. Millennium Management LLC now owns 887,760 shares of the industrial products company’s stock valued at $9,801,000 after buying an additional 791,780 shares during the last quarter. Ameriprise Financial Inc. boosted its stake in Myers Industries by 175.7% during the fourth quarter. Ameriprise Financial Inc. now owns 805,608 shares of the industrial products company’s stock worth $8,895,000 after buying an additional 513,431 shares during the period. Invenomic Capital Management LP acquired a new stake in shares of Myers Industries during the fourth quarter valued at about $4,269,000. Finally, Jane Street Group LLC raised its stake in shares of Myers Industries by 605.4% in the 4th quarter. Jane Street Group LLC now owns 388,873 shares of the industrial products company’s stock valued at $4,293,000 after acquiring an additional 333,746 shares during the period. Institutional investors and hedge funds own 90.82% of the company’s stock.

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.