Myers Industries (NYSE:MYE) Upgraded to "Hold" at StockNews.com

StockNews.com upgraded shares of Myers Industries (NYSE:MYE - Free Report) from a sell rating to a hold rating in a report issued on Friday.

Myers Industries Trading Up 0.2 %

NYSE MYE traded up $0.03 during trading on Friday, hitting $13.14. The stock had a trading volume of 419,295 shares, compared to its average volume of 338,493. The stock has a 50 day simple moving average of $11.62 and a 200 day simple moving average of $12.29. Myers Industries has a one year low of $9.32 and a one year high of $23.63. 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 stock has a market capitalization of $489.41 million, a price-to-earnings ratio of 31.27 and a beta of 1.21.

Myers Industries (NYSE:MYE - Get Free Report) last issued its earnings results on Thursday, March 6th. The industrial products company reported $0.19 EPS for the quarter, topping analysts' consensus estimates of $0.10 by $0.09. Myers Industries had a net margin of 1.88% and a return on equity of 14.75%. The business had revenue of $203.88 million for the quarter, compared to analyst estimates of $203.10 million. Sell-side analysts predict that Myers Industries will post 0.95 earnings per share for the current year.

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Myers Industries Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, April 4th. Investors of record on Friday, March 14th will be given a dividend of $0.135 per share. The ex-dividend date is Friday, March 14th. This represents a $0.54 dividend on an annualized basis and a yield of 4.11%. Myers Industries's payout ratio is 284.21%.

Myers Industries declared that its board has initiated a stock buyback program on Thursday, March 6th that permits the company to repurchase $10.00 million in outstanding shares. This repurchase authorization permits the industrial products company to repurchase up to 2.2% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company's management believes its shares are undervalued.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in MYE. Access Investment Management LLC purchased a new stake in shares of Myers Industries during the third quarter valued at $879,000. Versor Investments LP purchased a new stake in Myers Industries during the 3rd quarter valued at about $218,000. GSA Capital Partners LLP acquired a new position in shares of Myers Industries in the third quarter valued at about $246,000. Victory Capital Management Inc. raised its stake in shares of Myers Industries by 1.1% in the third quarter. Victory Capital Management Inc. now owns 1,034,125 shares of the industrial products company's stock worth $14,292,000 after purchasing an additional 11,434 shares during the last quarter. Finally, Metis Global Partners LLC acquired a new stake in shares of Myers Industries during the third quarter worth about $192,000. 90.82% of the stock is owned by institutional investors and hedge funds.

About Myers Industries

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.