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

Myers Industries, Inc. (NYSE:MYE) was the recipient of a significant growth in short interest in the month of December. As of December 31st, there was short interest totaling 705,944 shares, a growth of 24.5% from the December 15th total of 567,104 shares. Based on an average daily volume of 195,223 shares, the days-to-cover ratio is presently 3.6 days. Approximately 1.9% of the shares of the company are short sold. Approximately 1.9% of the shares of the company are short sold. Based on an average daily volume of 195,223 shares, the days-to-cover ratio is presently 3.6 days.

Analyst Upgrades and Downgrades

Several analysts recently commented on the company. Zacks Research raised Myers Industries from a “strong sell” rating to a “hold” rating in a report on Tuesday, December 16th. Weiss Ratings restated a “hold (c)” rating on shares of Myers Industries in a research report on Wednesday, October 8th. Finally, Wall Street Zen raised shares of Myers Industries from a “buy” rating to a “strong-buy” rating in a report on Friday, November 28th. One research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $21.00.

Myers Industries Price Performance

MYE traded down $0.28 during trading on Tuesday, hitting $19.68. The company’s stock had a trading volume of 55,337 shares, compared to its average volume of 244,951. The firm has a market capitalization of $736.04 million, a price-to-earnings ratio of 26.59 and a beta of 1.09. Myers Industries has a twelve month low of $9.06 and a twelve month high of $20.21. The business’s fifty day simple moving average is $18.71 and its 200 day simple moving average is $17.11. The company has a current ratio of 1.67, a quick ratio of 1.09 and a debt-to-equity ratio of 1.18.

Myers Industries (NYSE:MYE) last released its quarterly earnings results on Thursday, October 30th. The industrial products company reported $0.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.25 by $0.01. The firm had revenue of $205.44 million for the quarter, compared to analysts’ expectations of $206.40 million. Myers Industries had a net margin of 3.38% and a return on equity of 13.15%. On average, equities research analysts forecast that Myers Industries will post 0.95 EPS for the current fiscal year.

Myers Industries Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, January 5th. Investors of record on Wednesday, December 3rd were given a dividend of $0.135 per share. This represents a $0.54 annualized dividend and a dividend yield of 2.7%. The ex-dividend date was Wednesday, December 3rd. Myers Industries’s dividend payout ratio is 72.97%.

Insider Buying and Selling

In other Myers Industries news, Director Helmuth Ludwig acquired 5,000 shares of the business’s stock in a transaction dated Monday, November 3rd. The shares were purchased at an average price of $17.21 per share, for a total transaction of $86,050.00. Following the completion of the purchase, the director directly owned 13,436 shares of the company’s stock, valued at $231,233.56. The trade was a 59.27% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Samantha Rutty bought 3,000 shares of the firm’s stock in a transaction that occurred on Friday, November 14th. The shares were acquired at an average price of $17.50 per share, with a total value of $52,500.00. Following the completion of the transaction, the chief financial officer directly owned 3,000 shares of the company’s stock, valued at $52,500. This trade represents a ∞ increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last quarter, insiders purchased 9,000 shares of company stock worth $156,000. 1.85% of the stock is owned by insiders.

Institutional Investors Weigh In On Myers Industries

Institutional investors have recently bought and sold shares of the company. State of Alaska Department of Revenue acquired a new position in shares of Myers Industries during the third quarter valued at approximately $25,000. EverSource Wealth Advisors LLC increased its position in shares of Myers Industries by 372.6% during the second quarter. EverSource Wealth Advisors LLC now owns 1,900 shares of the industrial products company’s stock worth $28,000 after purchasing an additional 1,498 shares in the last quarter. Huntington National Bank acquired a new position in Myers Industries in the 2nd quarter valued at $29,000. Quarry LP purchased a new position in Myers Industries in the 3rd quarter valued at $48,000. Finally, New York State Teachers Retirement System acquired a new stake in Myers Industries during the 3rd quarter worth $57,000. 90.82% of the stock is currently owned by institutional investors and hedge funds.

About Myers Industries

Myers Industries, Inc is a diversified manufacturer of polymer products serving industrial, commercial and consumer markets. The company designs, produces and markets a broad range of molded and fabricated plastic components, including pallets, bulk containers, tanks and drums used in material handling and storage applications. Myers Industries leverages proprietary polymer technologies to provide durable, reusable solutions that help customers optimize supply chain efficiency and reduce environmental impact.

Myers operates primarily through two business segments.