Myers Industries, Inc. Announces Quarterly Dividend of $0.14 (NYSE:MYE)

Myers Industries, Inc. (NYSE:MYE - Get Free Report) declared a quarterly dividend on Wednesday, June 4th, Wall Street Journal reports. Investors of record on Wednesday, June 18th will be paid a dividend of 0.135 per share by the industrial products company on Thursday, July 3rd. This represents a $0.54 dividend on an annualized basis and a yield of 3.83%. The ex-dividend date of this dividend is Wednesday, June 18th.

Myers Industries has a payout ratio of 34.0% meaning its dividend is sufficiently covered by earnings. Analysts expect Myers Industries to earn $1.17 per share next year, which means the company should continue to be able to cover its $0.54 annual dividend with an expected future payout ratio of 46.2%.

Myers Industries Stock Performance

NYSE:MYE traded up $0.60 during mid-day trading on Friday, reaching $14.11. 359,776 shares of the stock were exchanged, compared to its average volume of 327,623. The company has a 50 day simple moving average of $11.32 and a 200-day simple moving average of $11.60. The stock has a market capitalization of $527.42 million, a P/E ratio of 33.59 and a beta of 1.12. Myers Industries has a 1 year low of $9.06 and a 1 year high of $17.39. The company has a quick ratio of 1.11, a current ratio of 1.80 and a debt-to-equity ratio of 1.36.

Myers Industries (NYSE:MYE - Get Free Report) last issued its earnings results on Thursday, May 1st. The industrial products company reported $0.22 earnings per share for the quarter, beating the consensus estimate of $0.19 by $0.03. Myers Industries had a net margin of 1.88% and a return on equity of 14.75%. The business had revenue of $206.75 million for the quarter, compared to the consensus estimate of $206.80 million. Analysts anticipate that Myers Industries will post 0.95 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen upgraded Myers Industries from a "hold" rating to a "buy" rating in a research report on Friday, May 30th.

Hedge Funds Weigh In On Myers Industries

A number of hedge funds have recently made changes to their positions in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Myers Industries by 4.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 21,835 shares of the industrial products company's stock valued at $260,000 after buying an additional 936 shares during the last quarter. Royal Bank of Canada boosted its position in shares of Myers Industries by 44.5% during the first quarter. Royal Bank of Canada now owns 24,684 shares of the industrial products company's stock worth $295,000 after buying an additional 7,607 shares during the period. AQR Capital Management LLC increased its holdings in shares of Myers Industries by 148.8% during the first quarter. AQR Capital Management LLC now owns 166,990 shares of the industrial products company's stock valued at $1,992,000 after purchasing an additional 99,881 shares during the period. Goldman Sachs Group Inc. lifted its stake in shares of Myers Industries by 12.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 320,996 shares of the industrial products company's stock worth $3,829,000 after acquiring an additional 34,787 shares during the period. Finally, Jane Street Group LLC boosted its holdings in shares of Myers Industries by 52.5% in the first quarter. Jane Street Group LLC now owns 593,017 shares of the industrial products company's stock valued at $7,075,000 after acquiring an additional 204,144 shares in the last quarter. Hedge funds and other institutional investors own 90.82% of the company's stock.

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

Myers Industries Company Profile

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.