Myers Industries (NYSE:MYE) Shares Up 7.9% Following Better-Than-Expected Earnings

Shares of Myers Industries, Inc. (NYSE:MYE) shot up 7.9% during trading on Friday following a stronger than expected earnings report. The stock traded as high as $13.21 and last traded at $13.47. 402,787 shares were traded during trading, an increase of 31% from the average session volume of 308,052 shares. The stock had previously closed at $12.48.

The industrial products company reported $0.19 earnings per share for the quarter, beating 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 for the quarter, compared to the consensus estimate of $203.10 million.

Myers Industries Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 4th. Shareholders of record on Friday, March 14th will be paid a $0.135 dividend. This represents a $0.54 annualized dividend and a yield of 4.06%. The ex-dividend date of this dividend is Friday, March 14th. Myers Industries’s dividend payout ratio (DPR) is presently 128.57%.

Myers Industries declared that its board has initiated a share buyback 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 reacquire up to 2.2% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

Separately, StockNews.com downgraded shares of Myers Industries from a “hold” rating to a “sell” rating in a research report on Tuesday, January 28th.

Insider Activity

In related news, CEO Dave Basque acquired 5,000 shares of the company’s stock in a transaction that occurred on Monday, December 9th. The shares were acquired at an average price of $12.41 per share, with a total value of $62,050.00. Following the acquisition, the chief executive officer now owns 39,152 shares of the company’s stock, valued at approximately $485,876.32. This trade represents a 14.64 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 1.40% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of MYE. GSA Capital Partners LLP bought a new position in Myers Industries during the 3rd quarter worth approximately $246,000. JPMorgan Chase & Co. boosted its stake in Myers Industries by 78.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 133,506 shares of the industrial products company’s stock worth $1,845,000 after purchasing an additional 58,761 shares in the last quarter. Intech Investment Management LLC purchased a new stake in shares of Myers Industries during the third quarter valued at approximately $972,000. Barclays PLC increased its holdings in shares of Myers Industries by 464.7% in the 3rd quarter. Barclays PLC now owns 74,072 shares of the industrial products company’s stock worth $1,024,000 after purchasing an additional 60,954 shares in the last quarter. Finally, Janney Montgomery Scott LLC purchased a new position in Myers Industries in the 4th quarter worth about $290,000. Hedge funds and other institutional investors own 90.82% of the company’s stock.

Myers Industries Stock Up 6.7 %

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 company has a market cap of $496.12 million, a PE ratio of 31.75 and a beta of 1.21. The company’s fifty day moving average is $11.47 and its 200-day moving average is $12.36.

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.