Myers Industries, Inc. (NYSE: MYE – Get a rating) announced a quarterly dividend on Monday, June 6, the wall street journal reports. Shareholders of record on Friday, June 17 will be paid a dividend of 0.135 per share by the industrial products company on Tuesday, July 5. This represents a dividend of $0.54 on an annualized basis and a yield of 2.16%. The ex-dividend date is Thursday, June 16.
Myers Industries has a payout ratio of 29.2%, which means its dividend is sufficiently covered by earnings. Equity research analysts expect Myers Industries to earn $1.90 per share next year, meaning the company should continue to be able to cover its $0.54 annual dividend. with an expected future payout ratio of 28.4%.
Myers Industries stock traded down $0.03 in midday trading on Monday, hitting $25.05. 266,839 shares of the company were traded, against an average volume of 127,643. The company’s 50-day simple moving average is $22.38 and its 200-day simple moving average is $19.98. The company has a market capitalization of $910.42 million, a PE ratio of 21.38 and a beta of 1.40. Myers Industries has a one-year low of $15.82 and a one-year high of $25.55. The company has a quick ratio of 1.04, a current ratio of 1.71 and a debt ratio of 0.45.
Myers Industries (NYSE: MYE – Get a rating) last reported results on Thursday, May 5. The industrial products company reported earnings per share (EPS) of $0.50 for the quarter, beating the consensus estimate of $0.28 by $0.22. The company posted revenue of $225.49 million for the quarter, versus analyst estimates of $204.21 million. Myers Industries had a return on equity of 21.67% and a net margin of 5.36%. During the same period a year earlier, the company posted earnings per share of $0.22. On average, sell-side analysts expect Myers Industries to post 1.62 earnings per share for the current year.
A number of research companies have recently published reports on MYE. Zacks Investment Research upgraded Myers Industries from a “hold” rating to a “buy” rating and set a price target of $24.00 for the company in a Wednesday, May 4, report. StockNews.com upgraded Myers Industries from a “buy” rating to a “strong buy” rating in a Thursday, May 26 research report.
In related news, director Frederic Jack Liebau, Jr. purchased 5,000 shares of the company in a trade that took place on Tuesday, March 15. The stock was purchased at an average price of $18.42 per share, for a total transaction of $92,100.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.97% of the shares are held by insiders of the company.
A number of hedge funds and other institutional investors have recently increased or reduced their stake in MYE. Mirabella Financial Services LLP acquired a new position in shares of Myers Industries during Q1 worth approximately $543,000. Jane Street Group LLC purchased a new stock position in Myers Industries during Q1 worth approximately $372,000. Goldman Sachs Group Inc. increased its stake in Myers Industries by 106.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 51,557 shares of the industrial products company worth $1,114,000 after buying an additional 26,555 shares last quarter. Captrust Financial Advisors increased its stake in Myers Industries by 32.8% in Q1. Captrust Financial Advisors now owns 4,494 shares of the industrial products company worth $98,000 after buying 1,109 more shares last quarter. Finally, State Street Corp increased its stake in shares of Myers Industries by 3.1% in the 1st quarter. State Street Corp now owns 1,216,374 shares of the industrial products company valued at $26,435,000 after buying an additional 36,804 shares last quarter. 92.02% of the shares are currently held by institutional investors and hedge funds.
About Myers Industries (Get a rating)
Myers Industries, Inc. engages in the distribution of tire service supplies in Ohio. It operates through the handling and distribution segments. The Material Handling segment offers pallets, small parts bins, bulk shipping containers, OEM parts, storage, organization and custom plastic products; injection molded, rotational molded or blow molded products, consumer fuel containers and tanks for water, fuel and waste management.
Get news and reviews for Myers Industries Daily – Enter your email address below to receive a concise daily summary of breaking news and analyst ratings for Myers Industries and related companies with MarketBeat.com’s FREE daily email newsletter.