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

Myers Industries, Inc. (NYSE:MYE - Get Free Report) announced a quarterly dividend on Wednesday, June 4th, Wall Street Journal reports. Investors of record on Wednesday, June 18th will be given a dividend of 0.135 per share by the industrial products company on Thursday, July 3rd. This represents a $0.54 annualized dividend and a yield of 3.98%. The ex-dividend date of this dividend is Wednesday, June 18th.

Myers Industries has a dividend payout ratio of 34.0% indicating that its dividend is sufficiently covered by earnings. Equities research 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 Trading Up 0.5%

NYSE:MYE traded up $0.07 during trading hours on Thursday, hitting $13.56. The company had a trading volume of 77,444 shares, compared to its average volume of 325,820. The company has a market capitalization of $506.90 million, a PE ratio of 32.29 and a beta of 1.12. The stock has a 50-day moving average price of $11.25 and a 200 day moving average price of $11.56. Myers Industries has a 52 week low of $9.06 and a 52 week high of $17.39. 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 - Get Free Report) last released its quarterly 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. The business had revenue of $206.75 million for the quarter, compared to analysts' expectations of $206.80 million. Myers Industries had a net margin of 1.88% and a return on equity of 14.75%. On average, equities research analysts predict that Myers Industries will post 0.95 EPS for the current fiscal year.

Myers Industries announced that its Board of Directors has approved a share buyback plan on Thursday, March 6th that allows the company to buyback $10.00 million in outstanding shares. This buyback authorization allows the industrial products company to reacquire up to 2.2% of its stock through open market purchases. Stock buyback plans are often an indication that the company's management believes its stock is undervalued.

Analysts Set New Price Targets

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

Institutional Trading of Myers Industries

A number of hedge funds have recently modified their holdings of MYE. Millennium Management LLC boosted its stake in Myers Industries by 2.7% in the 1st quarter. Millennium Management LLC now owns 911,626 shares of the industrial products company's stock worth $10,876,000 after purchasing an additional 23,866 shares in the last quarter. Jane Street Group LLC boosted its stake in Myers Industries by 52.5% in the 1st quarter. Jane Street Group LLC now owns 593,017 shares of the industrial products company's stock worth $7,075,000 after purchasing an additional 204,144 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in 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 purchasing an additional 34,787 shares in the last quarter. AQR Capital Management LLC boosted its stake in Myers Industries by 148.8% in the 1st quarter. AQR Capital Management LLC now owns 166,990 shares of the industrial products company's stock worth $1,992,000 after purchasing an additional 99,881 shares in the last quarter. Finally, Royal Bank of Canada boosted its stake in Myers Industries by 44.5% in the 1st quarter. Royal Bank of Canada now owns 24,684 shares of the industrial products company's stock worth $295,000 after purchasing an additional 7,607 shares in the last quarter. Institutional investors own 90.82% of the company's stock.

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.