Myers Industries (NYSE:MYE) Trading Down 5.2% - Time to Sell?

Key Points

• Myers Industries' shares fell 5.2% to $15.96, significantly below its previous close of $16.83, with trading volume down 87% from the average.
• Analysts have mixed ratings, with Wall Street Zen upgrading the stock to a buy and KeyCorp assigning a target price of $21.00, while noting an average rating of "Moderate Buy".
• The company recently announced a quarterly dividend of $0.135, with an annual yield of 3.3%, despite a high dividend payout ratio of 207.69%.

Shares of Myers Industries, Inc. (NYSE:MYE - Get Free Report) traded down 5.2% during mid-day trading on Thursday . The company traded as low as $15.88 and last traded at $15.96. 36,459 shares were traded during trading, a decline of 87% from the average session volume of 273,281 shares. The stock had previously closed at $16.83.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the stock. Wall Street Zen upgraded shares of Myers Industries from a "hold" rating to a "buy" rating in a research report on Sunday, June 22nd. KeyCorp upgraded shares of Myers Industries from a "sector weight" rating to an "overweight" rating and set a $21.00 price objective on the stock in a report on Friday, June 13th. Finally, Weiss Ratings restated a "hold (c)" rating on shares of Myers Industries in a report on Wednesday. One investment analyst has rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $21.00.

Myers Industries Trading Down 3.9%

The company's fifty day simple moving average is $16.35 and its two-hundred day simple moving average is $14.02. The company has a quick ratio of 1.12, a current ratio of 1.77 and a debt-to-equity ratio of 1.24. The company has a market capitalization of $604.92 million, a price-to-earnings ratio of 62.19 and a beta of 1.15.

Myers Industries (NYSE:MYE - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The industrial products company reported $0.31 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.32 by ($0.01). Myers Industries had a return on equity of 13.02% and a net margin of 1.20%.The company had revenue of $209.58 million for the quarter, compared to the consensus estimate of $220.60 million. Research analysts forecast that Myers Industries, Inc. will post 0.95 earnings per share for the current fiscal year.

Myers Industries Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, October 2nd. Investors of record on Friday, September 12th were given a $0.135 dividend. This represents a $0.54 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date of this dividend was Friday, September 12th. Myers Industries's dividend payout ratio (DPR) is currently 207.69%.

Institutional Trading of Myers Industries

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Nuveen LLC acquired a new position in Myers Industries during the first quarter worth $9,247,000. Invenomic Capital Management LP increased its position in shares of Myers Industries by 163.3% in the first quarter. Invenomic Capital Management LP now owns 1,018,116 shares of the industrial products company's stock valued at $12,146,000 after acquiring an additional 631,463 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its holdings in Myers Industries by 84.8% during the second quarter. Arrowstreet Capital Limited Partnership now owns 512,201 shares of the industrial products company's stock worth $7,422,000 after acquiring an additional 235,030 shares in the last quarter. AQR Capital Management LLC lifted its stake in shares of Myers Industries by 137.9% during the 2nd quarter. AQR Capital Management LLC now owns 397,242 shares of the industrial products company's stock worth $5,756,000 after buying an additional 230,252 shares during the last quarter. Finally, Jane Street Group LLC lifted its stake in shares of Myers Industries by 52.5% during the 1st quarter. Jane Street Group LLC now owns 593,017 shares of the industrial products company's stock worth $7,075,000 after buying an additional 204,144 shares during the last quarter. 90.82% of the stock is currently 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.