Myers Industries (NYSE:MYE) Shares Gap Down to $22.99

Myers Industries, Inc. (NYSE:MYE - Get Free Report)'s share price gapped down before the market opened on Tuesday . The stock had previously closed at $22.99, but opened at $20.10. Myers Industries shares last traded at $18.70, with a volume of 70,928 shares.

Analyst Ratings Changes

A number of brokerages recently weighed in on MYE. KeyCorp boosted their target price on shares of Myers Industries from $22.00 to $30.00 and gave the stock an "overweight" rating in a report on Friday, March 22nd. StockNews.com upgraded Myers Industries from a "buy" rating to a "strong-buy" rating in a report on Saturday, March 16th.

Myers Industries Stock Performance

The stock's 50 day moving average is $21.69 and its 200 day moving average is $19.54. The company has a current ratio of 1.55, a quick ratio of 1.00 and a debt-to-equity ratio of 0.14. The firm has a market cap of $673.05 million, a price-to-earnings ratio of 13.92 and a beta of 1.31.

Myers Industries (NYSE:MYE - Get Free Report) last released its quarterly earnings results on Tuesday, March 5th. The industrial products company reported $0.29 earnings per share for the quarter, topping the consensus estimate of $0.26 by $0.03. The business had revenue of $191.08 million during the quarter, compared to analysts' expectations of $191.60 million. Myers Industries had a return on equity of 18.55% and a net margin of 6.01%. During the same period last year, the firm posted $0.32 EPS. Analysts anticipate that Myers Industries, Inc. will post 1.38 earnings per share for the current year.

Myers Industries Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, April 4th. Investors of record on Saturday, March 16th were given a dividend of $0.135 per share. This represents a $0.54 dividend on an annualized basis and a yield of 2.96%. The ex-dividend date was Thursday, March 14th. Myers Industries's dividend payout ratio is 40.91%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. Quest Partners LLC bought a new stake in shares of Myers Industries in the fourth quarter valued at approximately $54,000. Quantbot Technologies LP bought a new stake in shares of Myers Industries during the 3rd quarter valued at $87,000. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Myers Industries by 28.3% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,478 shares of the industrial products company's stock worth $134,000 after purchasing an additional 1,648 shares in the last quarter. Central Pacific Bank Trust Division bought a new position in shares of Myers Industries in the first quarter worth $228,000. Finally, Counterpoint Mutual Funds LLC acquired a new position in Myers Industries in the first quarter valued at about $268,000. Institutional investors and hedge funds own 90.82% of the company's stock.

Myers Industries Company Profile

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.