Myers Industries, Inc. (NYSE:MYE) Sees Large Growth in Short Interest

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

Myers Industries Trading Down 0.4%

Shares of Myers Industries stock traded down $0.08 on Monday, hitting $19.94. 333,945 shares of the company’s stock traded hands, compared to its average volume of 201,246. The company has a fifty day moving average of $18.71 and a two-hundred day moving average of $17.11. Myers Industries has a one year low of $9.06 and a one year high of $20.21. The company has a market capitalization of $745.96 million, a price-to-earnings ratio of 26.95 and a beta of 1.09. The company has a debt-to-equity ratio of 1.18, a current ratio of 1.67 and a quick ratio of 1.09.

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

Myers Industries Dividend Announcement

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%.

Wall Street Analyst Weigh In

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

Insider Activity at Myers Industries

In other Myers Industries news, CFO Samantha Rutty purchased 3,000 shares of the company’s stock in a transaction dated Friday, November 14th. The stock was purchased at an average price of $17.50 per share, with a total value of $52,500.00. Following the completion of 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 transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Helmuth Ludwig purchased 5,000 shares of the business’s stock in a transaction dated Monday, November 3rd. The shares were acquired at an average price of $17.21 per share, for a total transaction of $86,050.00. Following the acquisition, the director owned 13,436 shares of the company’s stock, valued at $231,233.56. This trade represents a 59.27% increase in their position. The SEC filing for this purchase provides additional information. Over the last 90 days, insiders acquired 9,000 shares of company stock valued at $156,000. Corporate insiders own 1.85% of the company’s stock.

Hedge Funds Weigh In On Myers Industries

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Gamco Investors INC. ET AL grew its stake in shares of Myers Industries by 3.2% in the 2nd quarter. Gamco Investors INC. ET AL now owns 3,593,462 shares of the industrial products company’s stock valued at $52,069,000 after buying an additional 110,560 shares during the period. Vanguard Group Inc. boosted its holdings in Myers Industries by 4.9% in the third quarter. Vanguard Group Inc. now owns 2,867,574 shares of the industrial products company’s stock worth $48,577,000 after acquiring an additional 133,496 shares in the last quarter. Allspring Global Investments Holdings LLC grew its stake in Myers Industries by 2.3% in the third quarter. Allspring Global Investments Holdings LLC now owns 2,291,134 shares of the industrial products company’s stock valued at $39,064,000 after acquiring an additional 51,968 shares during the period. Millennium Management LLC increased its holdings in shares of Myers Industries by 2.7% during the first quarter. Millennium Management LLC now owns 911,626 shares of the industrial products company’s stock valued at $10,876,000 after acquiring an additional 23,866 shares in the last quarter. Finally, Geode Capital Management LLC raised its position in shares of Myers Industries by 1.9% during the second quarter. Geode Capital Management LLC now owns 888,732 shares of the industrial products company’s stock worth $12,880,000 after purchasing an additional 16,265 shares during the period. Institutional investors own 90.82% of the company’s stock.

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.