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

Myers Industries, Inc. (NYSE:MYE - Get Free Report) was the recipient of a significant drop in short interest during the month of March. As of March 15th, there was short interest totalling 657,900 shares, a drop of 13.7% from the February 28th total of 762,100 shares. Approximately 1.8% of the company's stock are sold short. Based on an average daily volume of 343,500 shares, the short-interest ratio is currently 1.9 days.

Hedge Funds Weigh In On Myers Industries

Several institutional investors have recently made changes to their positions in the business. GAMMA Investing LLC boosted its stake in shares of Myers Industries by 8,090.8% during the 1st quarter. GAMMA Investing LLC now owns 31,125 shares of the industrial products company's stock worth $371,000 after acquiring an additional 30,745 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Myers Industries by 15.9% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 91,545 shares of the industrial products company's stock worth $1,011,000 after buying an additional 12,567 shares during the period. Squarepoint Ops LLC grew its stake in shares of Myers Industries by 480.6% during the 4th quarter. Squarepoint Ops LLC now owns 79,756 shares of the industrial products company's stock valued at $881,000 after acquiring an additional 66,018 shares during the period. Two Sigma Investments LP raised its stake in Myers Industries by 126.7% during the 4th quarter. Two Sigma Investments LP now owns 132,933 shares of the industrial products company's stock worth $1,468,000 after acquiring an additional 74,291 shares during the period. Finally, Point72 Asset Management L.P. boosted its position in shares of Myers Industries by 184.6% in the fourth quarter. Point72 Asset Management L.P. now owns 14,800 shares of the industrial products company's stock worth $163,000 after purchasing an additional 9,600 shares during the period. Institutional investors own 90.82% of the company's stock.

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Analysts Set New Price Targets

Separately, StockNews.com raised Myers Industries from a "sell" rating to a "hold" rating in a report on Friday, March 7th.

Myers Industries Stock Down 1.1 %

MYE stock traded down $0.11 during midday trading on Monday, hitting $10.27. The company's stock had a trading volume of 556,677 shares, compared to its average volume of 327,273. The company has a market cap of $383.07 million, a PE ratio of 24.45 and a beta of 1.08. The firm's 50-day moving average is $11.93 and its 200-day moving average is $12.02. Myers Industries has a 12 month low of $9.32 and a 12 month high of $23.05. The company has a current ratio of 1.80, a quick ratio of 1.11 and a debt-to-equity ratio of 1.36.

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

Myers Industries announced that its board has initiated a share buyback plan on Thursday, March 6th that permits the company to buyback $10.00 million in shares. This buyback authorization permits the industrial products company to repurchase up to 2.2% of its stock through open market purchases. Stock buyback plans are often an indication that the company's leadership believes its stock is undervalued.

Myers Industries Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, April 4th. Stockholders of record on Friday, March 14th were paid a $0.135 dividend. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.54 dividend on an annualized basis and a dividend yield of 5.26%. Myers Industries's dividend payout ratio (DPR) is currently 284.21%.

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.