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Myers Industries, Inc. (NYSE:MYE - Get Rating) was the target of a large increase in short interest in the month of May. As of May 31st, there was short interest totalling 720,200 shares, an increase of 42.2% from the May 15th total of 506,600 shares. Based on an average trading volume of 155,700 shares, the short-interest ratio is presently 4.6 days. Currently, 2.0% of the company's shares are short sold.
Separately, StockNews.com lowered shares of Myers Industries from a "strong-buy" rating to a "buy" rating in a report on Friday, June 10th.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Bank of America Corp DE grew its position in Myers Industries by 1.8% in the 1st quarter. Bank of America Corp DE now owns 206,893 shares of the industrial products company's stock valued at $4,468,000 after acquiring an additional 3,741 shares in the last quarter. Mirabella Financial Services LLP acquired a new position in Myers Industries in the 1st quarter valued at about $543,000. Jane Street Group LLC acquired a new position in Myers Industries in the 1st quarter valued at about $372,000. Goldman Sachs Group Inc. grew its position in Myers Industries by 106.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 51,557 shares of the industrial products company's stock valued at $1,114,000 after acquiring an additional 26,555 shares in the last quarter. Finally, Captrust Financial Advisors grew its position in shares of Myers Industries by 32.8% during the first quarter. Captrust Financial Advisors now owns 4,494 shares of the industrial products company's stock worth $98,000 after buying an additional 1,109 shares in the last quarter. 92.02% of the stock is owned by institutional investors.
MYE traded down $0.23 on Wednesday, hitting $22.84. The company had a trading volume of 3,409 shares, compared to its average volume of 127,625. The firm has a market cap of $830.10 million, a P/E ratio of 19.39 and a beta of 1.40. Myers Industries has a 1 year low of $15.82 and a 1 year high of $25.55. The company's fifty day moving average price is $22.80 and its 200 day moving average price is $20.17. The company has a current ratio of 1.71, a quick ratio of 1.04 and a debt-to-equity ratio of 0.45.
Myers Industries (NYSE:MYE - Get Rating) last issued its quarterly earnings data on Thursday, May 5th. The industrial products company reported $0.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.28 by $0.22. The firm had revenue of $225.49 million for the quarter, compared to analyst estimates of $204.21 million. Myers Industries had a net margin of 5.36% and a return on equity of 21.67%. During the same period in the previous year, the firm earned $0.22 EPS. On average, analysts predict that Myers Industries will post 1.62 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 5th. Shareholders of record on Friday, June 17th will be given a $0.135 dividend. This represents a $0.54 annualized dividend and a yield of 2.36%. The ex-dividend date is Thursday, June 16th. Myers Industries's dividend payout ratio is currently 45.38%.
About Myers Industries (Get Rating)
Myers Industries, Inc engages in distribution of tire service supplies in Ohio. It operates through The Material 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, rotationally molded or blow molded products, consumer fuel containers and tanks for water, fuel, and waste handling.
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