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

Myers Industries, Inc. (NYSE:MYEGet Rating) was the recipient of a large decrease in short interest in the month of May. As of May 15th, there was short interest totalling 506,600 shares, a decrease of 15.8% from the April 30th total of 601,600 shares. Approximately 1.4% of the shares of the company are sold short. Based on an average trading volume of 153,200 shares, the days-to-cover ratio is currently 3.3 days.

Several brokerages have recently commented on MYE. StockNews.com raised shares of Myers Industries from a “buy” rating to a “strong-buy” rating in a report on Thursday, May 26th. Zacks Investment Research raised shares of Myers Industries from a “hold” rating to a “buy” rating and set a $24.00 target price on the stock in a report on Wednesday, May 4th.

Shares of NYSE:MYE opened at $23.80 on Wednesday. The company’s 50 day simple moving average is $22.11 and its 200 day simple moving average is $19.90. The stock has a market capitalization of $864.89 million, a price-to-earnings ratio of 20.00 and a beta of 1.41. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.71 and a quick ratio of 1.04. Myers Industries has a 1 year low of $15.82 and a 1 year high of $25.10.

Myers Industries (NYSE:MYEGet Rating) last announced its quarterly earnings data on Thursday, May 5th. The industrial products company reported $0.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.28 by $0.22. The business had revenue of $225.49 million for the quarter, compared to analysts’ expectations of $204.21 million. Myers Industries had a net margin of 5.36% and a return on equity of 21.67%. During the same period last year, the firm posted $0.22 earnings per share. As a group, analysts anticipate that Myers Industries will post 1.62 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 4th. Investors of record on Thursday, March 17th were paid a $0.135 dividend. The ex-dividend date was Wednesday, March 16th. This represents a $0.54 dividend on an annualized basis and a yield of 2.27%. Myers Industries’s dividend payout ratio (DPR) is 45.38%.

In related news, Director Frederic Jack Liebau, Jr. purchased 5,000 shares of the stock in a transaction on Tuesday, March 15th. The shares were purchased at an average cost of $18.42 per share, with a total value of $92,100.00. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.97% of the stock is owned by corporate insiders.

A number of institutional investors have recently modified their holdings of MYE. First Trust Advisors LP boosted its position in Myers Industries by 1.0% in the first quarter. First Trust Advisors LP now owns 64,443 shares of the industrial products company’s stock valued at $1,103,000 after buying an additional 642 shares in the last quarter. Royal Bank of Canada boosted its position in Myers Industries by 31.9% in the second quarter. Royal Bank of Canada now owns 7,573 shares of the industrial products company’s stock valued at $159,000 after buying an additional 1,831 shares in the last quarter. Citadel Advisors LLC boosted its position in Myers Industries by 41.2% in the second quarter. Citadel Advisors LLC now owns 23,442 shares of the industrial products company’s stock valued at $493,000 after buying an additional 6,843 shares in the last quarter. Millennium Management LLC acquired a new stake in Myers Industries in the second quarter valued at approximately $434,000. Finally, Morgan Stanley boosted its position in Myers Industries by 68.5% in the second quarter. Morgan Stanley now owns 147,149 shares of the industrial products company’s stock valued at $3,089,000 after buying an additional 59,827 shares in the last quarter. Hedge funds and other institutional investors own 92.02% of the company’s stock.

Myers Industries Company Profile (Get Rating)

Myers Industries, Inc engages in distribution of tire service supplies in Ohio. It operates through The Material Handling and Distribution segments. The Material Handling segment offers pallets, small parts bins, bulk shipping containers, OEM parts, storage, organization, and custom plastic products; injection molded, rotationally molded or blow molded products, consumer fuel containers and tanks for water, fuel, and waste handling.

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