Myers Industries (NYSE:MYE) Trading Up 8% - Here's Why

Myers Industries, Inc. (NYSE:MYE - Get Free Report)'s stock price shot up 8% during mid-day trading on Tuesday . The stock traded as high as $13.44 and last traded at $13.44. 122,151 shares changed hands during trading, a decline of 62% from the average session volume of 325,565 shares. The stock had previously closed at $12.44.

Analyst Ratings Changes

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

Myers Industries Price Performance

The company has a debt-to-equity ratio of 1.36, a current ratio of 1.80 and a quick ratio of 1.11. The company has a 50-day simple moving average of $11.28 and a two-hundred day simple moving average of $11.58. The stock has a market capitalization of $513.63 million, a price-to-earnings ratio of 32.72 and a beta of 1.12.

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

Myers Industries Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 3rd. Stockholders of record on Wednesday, June 18th will be issued a dividend of $0.135 per share. This represents a $0.54 annualized dividend and a dividend yield of 3.93%. The ex-dividend date of this dividend is Wednesday, June 18th. Myers Industries's payout ratio is presently 192.86%.

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

Institutional Investors Weigh In On Myers Industries

A number of institutional investors have recently made changes to their positions in MYE. Janney Montgomery Scott LLC acquired a new position in shares of Myers Industries during the fourth quarter worth about $290,000. KLP Kapitalforvaltning AS bought a new position in shares of Myers Industries during the fourth quarter worth approximately $309,000. Nuveen Asset Management LLC increased its stake in shares of Myers Industries by 2.8% during the fourth quarter. Nuveen Asset Management LLC now owns 437,753 shares of the industrial products company's stock worth $4,833,000 after purchasing an additional 11,985 shares during the period. Barington Capital Group L.P. acquired a new stake in Myers Industries during the fourth quarter worth approximately $9,055,000. Finally, D. E. Shaw & Co. Inc. grew its position in Myers Industries by 828.5% during the fourth quarter. D. E. Shaw & Co. Inc. now owns 227,283 shares of the industrial products company's stock worth $2,509,000 after buying an additional 202,805 shares in the last quarter. 90.82% of the stock is owned by institutional investors and hedge funds.

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.