Myers Industries, Inc. (NYSE:MYE) Short Interest Update

Key Points

• Short interest jumped 37.5% in March to 807,456 shares (about 2.2% of the stock) with a days-to-cover ratio of 2.4, indicating a notable rise in bearish positioning.
• Myers beat quarterly estimates (EPS $0.31 vs. $0.23) and announced a $0.135 quarterly dividend (annualized $0.54, ~2.6% yield) with a dividend payout ratio around 58%.
• Market and analyst context: MYE was trading near $20.71 (50-day/200-day MAs $21.39/$19.03), has a market cap of about $774M, a consensus "Hold" rating with a $21 price target, and ~90.8% institutional ownership.

Myers Industries, Inc. (NYSE:MYE - Get Free Report) was the recipient of a large increase in short interest during the month of March. As of March 13th, there was short interest totaling 807,456 shares, an increase of 37.5% from the February 26th total of 587,067 shares. Approximately 2.2% of the shares of the stock are short sold. Based on an average daily trading volume, of 337,624 shares, the days-to-cover ratio is currently 2.4 days.

Myers Industries Trading Down 1.3%

MYE stock traded down $0.27 during midday trading on Friday, hitting $20.71. The stock had a trading volume of 136,073 shares, compared to its average volume of 301,848. The company's 50-day moving average price is $21.39 and its 200 day moving average price is $19.03. The company has a debt-to-equity ratio of 1.08, a current ratio of 1.67 and a quick ratio of 1.16. The firm has a market cap of $774.37 million, a PE ratio of 22.26 and a beta of 1.06. Myers Industries has a 12-month low of $9.06 and a 12-month high of $24.03.

Myers Industries (NYSE:MYE - Get Free Report) last issued its quarterly earnings results on Thursday, March 5th. The industrial products company reported $0.31 earnings per share for the quarter, topping analysts' consensus estimates of $0.23 by $0.08. The company had revenue of $203.97 million for the quarter, compared to analyst estimates of $202.60 million. Myers Industries had a return on equity of 14.46% and a net margin of 4.23%. On average, equities research analysts predict that Myers Industries will post 0.95 earnings per share for the current fiscal year.

Myers Industries Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 3rd. Shareholders of record on Friday, March 13th will be paid a $0.135 dividend. This represents a $0.54 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date of this dividend is Friday, March 13th. Myers Industries's dividend payout ratio (DPR) is presently 58.06%.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on MYE shares. Weiss Ratings reissued a "hold (c)" rating on shares of Myers Industries in a report on Thursday, January 22nd. Wall Street Zen cut Myers Industries from a "strong-buy" rating to a "buy" rating in a research report on Saturday. Finally, Zacks Research raised shares of Myers Industries from a "strong sell" rating to a "hold" rating in a research note on Tuesday, December 16th. One research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Myers Industries presently has a consensus rating of "Hold" and a consensus price target of $21.00.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of MYE. State of Alaska Department of Revenue purchased a new position in shares of Myers Industries in the 3rd quarter valued at $25,000. EverSource Wealth Advisors LLC lifted its holdings in shares of Myers Industries by 372.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,900 shares of the industrial products company's stock valued at $28,000 after acquiring an additional 1,498 shares in the last quarter. Kestra Advisory Services LLC purchased a new stake in Myers Industries during the 4th quarter worth $38,000. Quarry LP acquired a new stake in Myers Industries in the 3rd quarter valued at $48,000. Finally, New York State Teachers Retirement System acquired a new stake in Myers Industries in the 3rd quarter valued at $57,000. Institutional investors and hedge funds own 90.82% of the company's stock.

About Myers Industries

Myers Industries, Inc is a diversified manufacturer of polymer products serving industrial, commercial and consumer markets. The company designs, produces and markets a broad range of molded and fabricated plastic components, including pallets, bulk containers, tanks and drums used in material handling and storage applications. Myers Industries leverages proprietary polymer technologies to provide durable, reusable solutions that help customers optimize supply chain efficiency and reduce environmental impact.

Myers operates primarily through two business segments.

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