Short Interest in Myers Industries, Inc. (NYSE:MYE) Decreases By 16.8%

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

Wall Street Analysts Forecast Growth

Separately, KeyCorp lowered Myers Industries from an “overweight” rating to a “sector weight” rating in a research note on Wednesday, November 6th.

Insider Activity

In other news, CEO Dave Basque purchased 5,000 shares of Myers Industries stock in a transaction dated Thursday, December 5th. The stock was purchased at an average cost of $12.13 per share, for a total transaction of $60,650.00. Following the transaction, the chief executive officer now directly owns 34,152 shares of the company’s stock, valued at approximately $414,263.76. This trade represents a 17.15 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders have purchased a total of 19,500 shares of company stock worth $232,575 over the last ninety days. Company insiders own 1.40% of the company’s stock.

Institutional Trading of Myers Industries

A number of hedge funds have recently bought and sold shares of the company. Barclays PLC raised its stake in shares of Myers Industries by 464.7% during the third quarter. Barclays PLC now owns 74,072 shares of the industrial products company’s stock worth $1,024,000 after acquiring an additional 60,954 shares in the last quarter. Geode Capital Management LLC raised its position in Myers Industries by 1.3% in the 3rd quarter. Geode Capital Management LLC now owns 832,442 shares of the industrial products company’s stock worth $11,507,000 after purchasing an additional 10,666 shares during the period. Wellington Management Group LLP lifted its stake in Myers Industries by 2.3% in the third quarter. Wellington Management Group LLP now owns 323,538 shares of the industrial products company’s stock worth $4,471,000 after purchasing an additional 7,192 shares during the last quarter. State Street Corp boosted its position in Myers Industries by 2.6% during the third quarter. State Street Corp now owns 1,374,246 shares of the industrial products company’s stock valued at $19,176,000 after buying an additional 35,456 shares during the period. Finally, Point72 DIFC Ltd bought a new position in shares of Myers Industries during the third quarter valued at about $28,000. Institutional investors own 90.82% of the company’s stock.

Myers Industries Trading Up 2.9 %

Shares of Myers Industries stock opened at $12.30 on Monday. The company has a 50 day simple moving average of $12.09 and a two-hundred day simple moving average of $13.49. The firm has a market cap of $458.30 million, a PE ratio of 29.29 and a beta of 1.22. Myers Industries has a 1 year low of $10.35 and a 1 year high of $23.63. The company has a debt-to-equity ratio of 1.36, a current ratio of 1.80 and a quick ratio of 1.11.

Myers Industries (NYSE:MYE) last announced its earnings results on Monday, November 4th. The industrial products company reported $0.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.29 by ($0.04). The company had revenue of $205.07 million during the quarter. Myers Industries had a return on equity of 14.75% and a net margin of 1.88%. During the same period in the previous year, the business earned $0.38 EPS. Analysts expect that Myers Industries will post 0.95 earnings per share for the current fiscal year.

Myers Industries Dividend Announcement

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

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.