Myers Industries (NYSE:MYE) to Repurchase $10.00 million in Shares

Myers Industries (NYSE:MYE - Get Free Report) announced that its board has authorized a stock buyback program on Thursday, March 6th, RTT News reports. The company plans to repurchase $10.00 million in shares. This repurchase authorization authorizes the industrial products company to purchase up to 2.2% of its stock through open market purchases. Stock repurchase programs are often an indication that the company's board believes its shares are undervalued.

Myers Industries Stock Performance

MYE stock traded up $0.02 during mid-day trading on Monday, reaching $13.14. 910,554 shares of the stock traded hands, compared to its average volume of 336,699. The company has a quick ratio of 1.11, a current ratio of 1.80 and a debt-to-equity ratio of 1.36. The business has a 50-day moving average of $11.58 and a two-hundred day moving average of $12.31. The firm has a market capitalization of $489.60 million, a PE ratio of 31.29 and a beta of 1.21. Myers Industries has a 52 week low of $9.32 and a 52 week high of $23.63.

Myers Industries (NYSE:MYE - Get Free Report) last issued its quarterly earnings results on Thursday, March 6th. The industrial products company reported $0.19 earnings per share for the quarter, beating 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 firm had revenue of $203.88 million during the quarter, compared to the consensus estimate of $203.10 million. As a group, equities analysts predict that Myers Industries will post 0.95 EPS for the current fiscal year.

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Myers Industries Dividend Announcement

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

Analysts Set New Price Targets

Separately, StockNews.com raised shares of Myers Industries from a "sell" rating to a "hold" rating in a research report on Friday.

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.