Myers Industries, Inc. (NYSE:MYE) Sees Significant Decline in Short Interest

Myers Industries, Inc. (NYSE:MYE) was the recipient of a large decline in short interest in November. As of November 30th, there was short interest totalling 931,800 shares, a decline of 16.8% from the November 15th total of 1,120,000 shares. Based on an average daily volume of 422,500 shares, the short-interest ratio is currently 2.2 days.

Wall Street Analysts Forecast Growth

Separately, KeyCorp downgraded shares of Myers Industries from an “overweight” rating to a “sector weight” rating in a report on Wednesday, November 6th.

Myers Industries Price Performance

Shares of NYSE MYE opened at $12.30 on Friday. The company has a market capitalization of $458.30 million, a PE ratio of 29.29 and a beta of 1.22. 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’s 50 day moving average price is $12.09 and its 200-day moving average price is $13.51. Myers Industries has a twelve month low of $10.35 and a twelve month high of $23.63.

Myers Industries (NYSE:MYE) last issued its quarterly earnings results on Monday, November 4th. The industrial products company reported $0.25 EPS for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.04). The business had revenue of $205.07 million for the quarter. Myers Industries had a return on equity of 14.75% and a net margin of 1.88%. During the same quarter in the prior year, the business earned $0.38 EPS. On average, equities analysts anticipate that Myers Industries will post 0.95 EPS for the current year.

Myers Industries Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, January 3rd. Investors of record on Tuesday, December 3rd will be given a dividend of $0.135 per share. The ex-dividend date of this dividend is Tuesday, December 3rd. This represents a $0.54 annualized dividend and a yield of 4.39%. Myers Industries’s payout ratio is currently 128.57%.

Insiders Place Their Bets

In related news, CEO Dave Basque acquired 5,000 shares of the company’s stock in a transaction on Thursday, December 5th. The shares were acquired at an average cost of $12.13 per share, for a total transaction of $60,650.00. Following the purchase, the chief executive officer now owns 34,152 shares in the company, valued at approximately $414,263.76. The trade was a 17.15 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. In the last ninety days, insiders purchased 19,500 shares of company stock valued at $232,575. Corporate insiders own 1.40% of the company’s stock.

Institutional Trading of Myers Industries

Hedge funds have recently added to or reduced their stakes in the stock. nVerses Capital LLC bought a new position in shares of Myers Industries during the 2nd quarter valued at approximately $25,000. Point72 DIFC Ltd purchased a new position in Myers Industries in the third quarter valued at approximately $28,000. Point72 Asset Management L.P. bought a new position in Myers Industries during the third quarter valued at $72,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Myers Industries in the third quarter worth $85,000. Finally, Quest Partners LLC bought a new stake in shares of Myers Industries in the third quarter valued at $150,000. Institutional investors own 90.82% of the company’s stock.

About Myers Industries

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.