Myers Industries (NYSE:MYE) Shares Down 5.1% – Should You Sell?

Myers Industries, Inc. (NYSE:MYE) shares dropped 5.1% on Thursday . The company traded as low as $33.23 and last traded at $32.3310. 16,337 shares were traded during mid-day trading, a decline of 95% from the average daily volume of 309,402 shares. The stock had previously closed at $34.08.

Analyst Upgrades and Downgrades

MYE has been the topic of several research analyst reports. Wall Street Zen cut Myers Industries from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. Weiss Ratings cut Myers Industries from a “hold (c+)” rating to a “hold (c)” rating in a research note on Monday, May 11th. Finally, KeyCorp lifted their target price on Myers Industries to $37.00 and gave the stock an “overweight” rating in a report on Tuesday. One equities research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, Myers Industries presently has a consensus rating of “Hold” and a consensus target price of $37.00.

Myers Industries Trading Down 5.5%

The firm has a market capitalization of $1.21 billion, a price-to-earnings ratio of 45.99 and a beta of 0.88. The company has a quick ratio of 1.29, a current ratio of 1.65 and a debt-to-equity ratio of 1.04. The firm’s 50 day moving average is $24.46 and its 200 day moving average is $22.10.

Myers Industries (NYSE:MYE) last posted its quarterly earnings results on Thursday, May 7th. The industrial products company reported $0.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.28 by $0.16. Myers Industries had a net margin of 3.36% and a return on equity of 17.23%. The firm had revenue of $164.58 million for the quarter, compared to analyst estimates of $209.30 million.

Myers Industries Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, July 2nd. Stockholders of record on Wednesday, June 17th will be given a dividend of $0.135 per share. The ex-dividend date of this dividend is Wednesday, June 17th. This represents a $0.54 dividend on an annualized basis and a dividend yield of 1.7%. Myers Industries’s payout ratio is 77.14%.

Institutional Investors Weigh In On Myers Industries

Several hedge funds have recently modified their holdings of MYE. EverSource Wealth Advisors LLC increased its stake in Myers Industries by 372.6% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,900 shares of the industrial products company’s stock worth $28,000 after purchasing an additional 1,498 shares in the last quarter. Kestra Advisory Services LLC purchased a new stake in Myers Industries during the fourth quarter valued at about $38,000. NewEdge Advisors LLC acquired a new position in shares of Myers Industries in the first quarter worth about $43,000. Quarry LP acquired a new position in shares of Myers Industries in the third quarter worth about $48,000. Finally, Aquatic Capital Management LLC purchased a new position in shares of Myers Industries in the third quarter worth approximately $61,000. 90.82% of the stock is owned by hedge funds and other institutional investors.

About Myers Industries

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.