Myers Industries (NYSE:MYE) Board of Directors Declares Stock Repurchase Program

Myers Industries (NYSE:MYE) announced that its board has authorized a stock repurchase program on Thursday, March 6th, RTT News reports. The company plans to buyback $10.00 million in shares. This buyback authorization allows the industrial products company to purchase up to 2.2% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its shares are undervalued.

Wall Street Analyst Weigh In

Separately, StockNews.com downgraded Myers Industries from a “hold” rating to a “sell” rating in a research report on Tuesday, January 28th.

Myers Industries Stock Performance

MYE stock opened at $12.46 on Friday. 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 business has a 50-day moving average price of $11.47 and a 200 day moving average price of $12.36. The company has a market capitalization of $464.37 million, a P/E ratio of 29.67 and a beta of 1.21. Myers Industries has a 1-year low of $9.32 and a 1-year high of $23.63.

Myers Industries (NYSE:MYE) last released its quarterly earnings data on Thursday, March 6th. The industrial products company reported $0.19 earnings per share for the quarter, beating the consensus estimate of $0.10 by $0.09. The firm had revenue of $203.88 million during the quarter, compared to the consensus estimate of $203.10 million. Myers Industries had a return on equity of 14.75% and a net margin of 1.88%. As a group, equities research analysts forecast that Myers Industries will post 0.95 EPS for the current fiscal year.

Myers Industries Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, April 4th. Shareholders of record on Friday, March 14th will be paid a $0.135 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.54 annualized dividend and a yield of 4.33%. Myers Industries’s dividend payout ratio (DPR) is presently 128.57%.

Insider Buying and Selling at Myers Industries

In other Myers Industries news, CEO Dave Basque purchased 5,000 shares of the company’s stock in a transaction dated Monday, December 9th. The shares were acquired at an average price of $12.41 per share, for a total transaction of $62,050.00. Following the completion of the purchase, the chief executive officer now owns 39,152 shares of the company’s stock, valued at approximately $485,876.32. The trade was a 14.64 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. 1.40% of the stock is owned by insiders.

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.