Myers Industries (NYSE:MYE) Stock Price Up 4.5% - Here's What Happened

Myers Industries, Inc. (NYSE:MYE - Get Free Report) rose 4.5% during mid-day trading on Friday . The company traded as high as $15.19 and last traded at $15.19. Approximately 188,903 shares changed hands during trading, a decline of 38% from the average daily volume of 306,137 shares. The stock had previously closed at $14.54.

Analysts Set New Price Targets

MYE has been the topic of a number of recent research reports. Wall Street Zen downgraded shares of Myers Industries from a "buy" rating to a "hold" rating in a research note on Saturday. KeyCorp upgraded shares of Myers Industries from a "sector weight" rating to an "overweight" rating and set a $21.00 target price for the company in a research note on Friday.

Myers Industries Trading Up 1.0%

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's fifty day moving average is $11.70 and its 200-day moving average is $11.71. The stock has a market cap of $548.77 million, a PE ratio of 34.95 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 earnings per share (EPS) 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 analyst estimates of $206.80 million. Myers Industries had a net margin of 1.88% and a return on equity of 14.75%. On average, analysts predict that Myers Industries, Inc. will post 0.95 earnings per share for the current fiscal year.

Myers Industries Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 3rd. Stockholders of record on Wednesday, June 18th will be paid a $0.135 dividend. This represents a $0.54 dividend on an annualized basis and a dividend yield of 3.68%. The ex-dividend date is Wednesday, June 18th. Myers Industries's dividend payout ratio (DPR) is 192.86%.

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

Institutional Trading of Myers Industries

A number of large investors have recently bought and sold shares of MYE. Barington Capital Group L.P. purchased a new stake in Myers Industries during the fourth quarter worth about $9,055,000. Millennium Management LLC boosted its holdings in Myers Industries by 824.9% during the fourth quarter. Millennium Management LLC now owns 887,760 shares of the industrial products company's stock worth $9,801,000 after buying an additional 791,780 shares in the last quarter. Nuveen LLC purchased a new stake in Myers Industries during the first quarter worth about $9,247,000. Invenomic Capital Management LP boosted its holdings in Myers Industries by 163.3% during the first quarter. Invenomic Capital Management LP now owns 1,018,116 shares of the industrial products company's stock worth $12,146,000 after buying an additional 631,463 shares in the last quarter. Finally, Ameriprise Financial Inc. boosted its holdings in Myers Industries by 175.7% during the fourth quarter. Ameriprise Financial Inc. now owns 805,608 shares of the industrial products company's stock worth $8,895,000 after buying an additional 513,431 shares in the last quarter. Institutional investors and hedge funds 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.