Myers Industries (NYSE:MYE) Trading Up 4.5% - Should You Buy?

Myers Industries, Inc. (NYSE:MYE - Get Free Report)'s stock price rose 4.5% on Friday . The company traded as high as $15.19 and last traded at $15.19. Approximately 188,903 shares were traded during mid-day 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

Several analysts recently commented on the stock. KeyCorp raised 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. Wall Street Zen lowered shares of Myers Industries from a "buy" rating to a "hold" rating in a research note on Saturday.

Myers Industries Price Performance

The stock's fifty day moving average price is $11.81 and its 200-day moving average price is $11.74. 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 firm has a market cap of $556.06 million, a price-to-earnings ratio of 35.42 and a beta of 1.12.

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 (EPS) for the quarter, beating analysts' consensus estimates 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 analyst estimates of $206.80 million. Equities research analysts predict that Myers Industries, Inc. will post 0.95 EPS for the current fiscal year.

Myers Industries Announces Dividend

The company also recently declared 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. The ex-dividend date of this dividend is Wednesday, June 18th. This represents a $0.54 dividend on an annualized basis and a dividend yield of 3.63%. Myers Industries's dividend payout ratio is currently 192.86%.

Myers Industries announced that its board has initiated a share buyback plan on Thursday, March 6th that permits the company to buyback $10.00 million in outstanding shares. This buyback authorization permits the industrial products company to reacquire up to 2.2% of its stock through open market purchases. Stock buyback plans are usually a sign that the company's board of directors believes its shares are undervalued.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in MYE. Barington Capital Group L.P. acquired a new position in Myers Industries in the 4th quarter valued at approximately $9,055,000. Millennium Management LLC increased its stake in shares of Myers Industries by 824.9% during the 4th quarter. Millennium Management LLC now owns 887,760 shares of the industrial products company's stock worth $9,801,000 after purchasing an additional 791,780 shares during the last quarter. Nuveen LLC bought a new stake in shares of Myers Industries during the 1st quarter worth $9,247,000. Invenomic Capital Management LP boosted its holdings in shares of Myers Industries by 163.3% during the 1st 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 during the period. Finally, Ameriprise Financial Inc. boosted its holdings in shares of Myers Industries by 175.7% during the 4th 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 during the period. 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.