Myers Industries, Inc. (NYSE:MYE) Short Interest Update

Myers Industries, Inc. (NYSE:MYE) was the recipient of a significant increase in short interest during the month of December. As of December 31st, there was short interest totaling 705,944 shares, an increase of 24.5% from the December 15th total of 567,104 shares. Approximately 1.9% of the shares of the stock are sold short. Based on an average daily trading volume, of 195,223 shares, the days-to-cover ratio is currently 3.6 days. Based on an average daily trading volume, of 195,223 shares, the days-to-cover ratio is currently 3.6 days. Approximately 1.9% of the shares of the stock are sold short.

Myers Industries Trading Down 0.4%

NYSE MYE traded down $0.08 during mid-day trading on Monday, reaching $19.94. 333,945 shares of the stock were exchanged, compared to its average volume of 201,246. The company has a debt-to-equity ratio of 1.18, a current ratio of 1.67 and a quick ratio of 1.09. The stock has a market cap of $745.96 million, a P/E ratio of 26.95 and a beta of 1.09. The stock has a 50 day simple moving average of $18.71 and a 200-day simple moving average of $17.11. Myers Industries has a one year low of $9.06 and a one year high of $20.21.

Myers Industries (NYSE:MYE) last announced its earnings results on Thursday, October 30th. The industrial products company reported $0.26 EPS for the quarter, beating the consensus estimate of $0.25 by $0.01. Myers Industries had a return on equity of 13.15% and a net margin of 3.38%.The company had revenue of $205.44 million for the quarter, compared to analyst estimates of $206.40 million. On average, analysts anticipate that Myers Industries will post 0.95 EPS for the current year.

Myers Industries Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, January 5th. Shareholders of record on Wednesday, December 3rd were issued a $0.135 dividend. This represents a $0.54 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date was Wednesday, December 3rd. Myers Industries’s dividend payout ratio (DPR) is presently 72.97%.

Analysts Set New Price Targets

MYE has been the subject of several recent research reports. Wall Street Zen raised Myers Industries from a “buy” rating to a “strong-buy” rating in a research note on Friday, November 28th. Zacks Research raised shares of Myers Industries from a “strong sell” rating to a “hold” rating in a report on Tuesday, December 16th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Myers Industries in a research report on Wednesday, October 8th. One equities research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Myers Industries presently has a consensus rating of “Hold” and an average target price of $21.00.

Insider Buying and Selling at Myers Industries

In other news, CFO Samantha Rutty purchased 3,000 shares of the company’s stock in a transaction dated Friday, November 14th. The stock was bought at an average cost of $17.50 per share, for a total transaction of $52,500.00. Following the purchase, the chief financial officer owned 3,000 shares of the company’s stock, valued at approximately $52,500. The trade was a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Helmuth Ludwig acquired 5,000 shares of Myers Industries stock in a transaction that occurred on Monday, November 3rd. The shares were purchased at an average price of $17.21 per share, for a total transaction of $86,050.00. Following the transaction, the director directly owned 13,436 shares in the company, valued at $231,233.56. The trade was a 59.27% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have bought 9,000 shares of company stock valued at $156,000 over the last quarter. Company insiders own 1.85% of the company’s stock.

Hedge Funds Weigh In On Myers Industries

Institutional investors and hedge funds have recently made changes to their positions in the stock. Advisory Research Inc. grew its stake in Myers Industries by 476.4% in the third quarter. Advisory Research Inc. now owns 706,080 shares of the industrial products company’s stock valued at $11,961,000 after acquiring an additional 583,585 shares during the period. Teton Advisors LLC bought a new position in shares of Myers Industries in the 3rd quarter worth $5,184,000. Simcoe Capital Management LLC bought a new position in shares of Myers Industries in the 3rd quarter worth $4,120,000. Arrowstreet Capital Limited Partnership grew its position in Myers Industries by 84.8% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 512,201 shares of the industrial products company’s stock valued at $7,422,000 after purchasing an additional 235,030 shares during the period. Finally, AQR Capital Management LLC increased its stake in Myers Industries by 137.9% during the 2nd quarter. AQR Capital Management LLC now owns 397,242 shares of the industrial products company’s stock valued at $5,756,000 after purchasing an additional 230,252 shares in the last quarter. Institutional investors own 90.82% of the company’s stock.

Myers Industries Company Profile

Myers Industries, Inc is a diversified manufacturer of polymer products serving industrial, commercial and consumer markets. The company designs, produces and markets a broad range of molded and fabricated plastic components, including pallets, bulk containers, tanks and drums used in material handling and storage applications. Myers Industries leverages proprietary polymer technologies to provide durable, reusable solutions that help customers optimize supply chain efficiency and reduce environmental impact.

Myers operates primarily through two business segments.