Myers Industries (NYSE:MYE) Trading 7.9% Higher After Strong Earnings

Myers Industries, Inc. (NYSE:MYE)’s share price traded up 7.9% during mid-day trading on Friday after the company announced better than expected quarterly earnings. The stock traded as high as $13.21 and last traded at $13.47. 402,787 shares changed hands during trading, an increase of 31% from the average session volume of 308,052 shares. The stock had previously closed at $12.48.

The industrial products company reported $0.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.10 by $0.09. The firm had revenue of $203.88 million for the quarter, compared to the consensus estimate of $203.10 million. Myers Industries had a net margin of 1.88% and a return on equity of 14.75%.

Myers Industries Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 4th. Stockholders of record on Friday, March 14th will be paid a $0.135 dividend. This represents a $0.54 annualized dividend and a dividend yield of 4.11%. The ex-dividend date of this dividend is Friday, March 14th. Myers Industries’s dividend payout ratio (DPR) is presently 128.57%.

Myers Industries declared that its Board of Directors has authorized a stock buyback program on Thursday, March 6th that allows the company to repurchase $10.00 million in outstanding shares. This repurchase authorization allows the industrial products company to buy up to 2.2% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s leadership believes its shares are undervalued.

Analysts Set New Price Targets

Separately, StockNews.com upgraded shares of Myers Industries from a “sell” rating to a “hold” rating in a research note on Friday.

Insiders Place Their Bets

In other news, CEO Dave Basque bought 5,000 shares of the firm’s stock in a transaction on Monday, December 9th. The shares were bought at an average price of $12.41 per share, for a total transaction of $62,050.00. Following the purchase, the chief executive officer now owns 39,152 shares in the company, valued at approximately $485,876.32. The trade was a 14.64 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.40% of the stock is owned by company insiders.

Institutional Investors Weigh In On Myers Industries

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MYE. Access Investment Management LLC bought a new stake in Myers Industries during the 3rd quarter worth approximately $879,000. Versor Investments LP bought a new stake in Myers Industries during the 3rd quarter worth approximately $218,000. GSA Capital Partners LLP bought a new stake in Myers Industries during the 3rd quarter worth approximately $246,000. Victory Capital Management Inc. grew its holdings in Myers Industries by 1.1% during the 3rd quarter. Victory Capital Management Inc. now owns 1,034,125 shares of the industrial products company’s stock valued at $14,292,000 after buying an additional 11,434 shares in the last quarter. Finally, Metis Global Partners LLC purchased a new stake in Myers Industries during the 3rd quarter valued at approximately $192,000. Institutional investors own 90.82% of the company’s stock.

Myers Industries Stock Performance

The company has a debt-to-equity ratio of 1.36, a quick ratio of 1.11 and a current ratio of 1.80. The business’s fifty day simple moving average is $11.49 and its 200-day simple moving average is $12.36. The firm has a market capitalization of $489.63 million, a PE ratio of 31.29 and a beta of 1.21.

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.