Myers Industries (NYSE:MYE) Upgraded at StockNews.com

StockNews.com upgraded shares of Myers Industries (NYSE:MYE) from a sell rating to a hold rating in a research report report published on Friday.

Myers Industries Price Performance

Shares of NYSE MYE opened at $13.14 on Friday. The firm has a 50-day moving average of $11.49 and a two-hundred day moving average of $12.36. The company has a market capitalization of $489.63 million, a price-to-earnings ratio of 31.29 and a beta of 1.21. The company has a current ratio of 1.80, a quick ratio of 1.11 and a debt-to-equity ratio of 1.36. Myers Industries has a twelve month low of $9.32 and a twelve month high of $23.63.

Myers Industries (NYSE:MYE) last issued its earnings results on Thursday, March 6th. The industrial products company reported $0.19 earnings per share for the quarter, topping analysts’ consensus estimates of $0.10 by $0.09. The firm had revenue of $203.88 million during the quarter, compared to analysts’ expectations of $203.10 million. Myers Industries had a net margin of 1.88% and a return on equity of 14.75%. As a group, analysts expect that Myers Industries will post 0.95 earnings per share for the current fiscal year.

Myers Industries Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, April 4th. Stockholders of record on Friday, March 14th will be issued a dividend of $0.135 per share. This represents a $0.54 annualized dividend and a dividend yield of 4.11%. The ex-dividend date is Friday, March 14th. Myers Industries’s dividend payout ratio is 128.57%.

Myers Industries declared that its board has authorized a share buyback plan on Thursday, March 6th that authorizes the company to repurchase $10.00 million in shares. This repurchase authorization authorizes the industrial products company to buy up to 2.2% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling

In other news, CEO Dave Basque purchased 5,000 shares of Myers Industries stock in a transaction that occurred on Monday, December 9th. The stock was acquired at an average price of $12.41 per share, for a total transaction of $62,050.00. Following the transaction, the chief executive officer now owns 39,152 shares in the company, valued at $485,876.32. The trade was a 14.64 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available at this link. 1.40% of the stock is currently owned by company insiders.

Institutional Trading of Myers Industries

Several large investors have recently added to or reduced their stakes in the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Myers Industries by 15.9% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 91,545 shares of the industrial products company’s stock worth $1,011,000 after buying an additional 12,567 shares during the period. Squarepoint Ops LLC lifted its stake in Myers Industries by 480.6% in the 4th quarter. Squarepoint Ops LLC now owns 79,756 shares of the industrial products company’s stock worth $881,000 after acquiring an additional 66,018 shares in the last quarter. Two Sigma Investments LP boosted its position in Myers Industries by 126.7% during the 4th quarter. Two Sigma Investments LP now owns 132,933 shares of the industrial products company’s stock worth $1,468,000 after acquiring an additional 74,291 shares during the period. Point72 Asset Management L.P. grew its stake in Myers Industries by 184.6% during the 4th quarter. Point72 Asset Management L.P. now owns 14,800 shares of the industrial products company’s stock valued at $163,000 after acquiring an additional 9,600 shares in the last quarter. Finally, ProShare Advisors LLC acquired a new position in shares of Myers Industries in the 4th quarter valued at about $114,000. 90.82% of the stock is owned by institutional investors and hedge funds.

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.