Myers Industries, Inc. (NYSE:MYE) Sees Significant Decrease in Short Interest

Myers Industries, Inc. (NYSE:MYE) saw a large drop in short interest during the month of February. As of February 13th, there was short interest totaling 570,995 shares, a drop of 13.8% from the January 29th total of 662,768 shares. Currently, 1.6% of the shares of the company are sold short. Based on an average trading volume of 283,830 shares, the short-interest ratio is currently 2.0 days. Based on an average trading volume of 283,830 shares, the short-interest ratio is currently 2.0 days. Currently, 1.6% of the shares of the company are sold short.

Myers Industries Stock Up 4.8%

MYE traded up $1.04 on Thursday, hitting $22.81. 651,699 shares of the company were exchanged, compared to its average volume of 284,660. The firm has a 50-day moving average price of $20.80 and a two-hundred day moving average price of $18.49. Myers Industries has a twelve month low of $9.06 and a twelve month high of $24.03. The company has a current ratio of 1.67, a quick ratio of 1.09 and a debt-to-equity ratio of 1.18. The company has a market cap of $853.32 million, a price-to-earnings ratio of 30.82 and a beta of 1.06.

Myers Industries Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 3rd. Shareholders of record on Friday, March 13th will be issued a $0.135 dividend. This represents a $0.54 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date of this dividend is Friday, March 13th. Myers Industries’s payout ratio is currently 72.97%.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the company. Wall Street Zen raised Myers Industries from a “buy” rating to a “strong-buy” rating in a report on Friday, November 28th. Weiss Ratings restated a “hold (c)” rating on shares of Myers Industries in a research note on Thursday, January 22nd. Finally, Zacks Research raised shares of Myers Industries from a “strong sell” rating to a “hold” rating in a report on Tuesday, December 16th. One equities research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $21.00.

Hedge Funds Weigh In On Myers Industries

Several hedge funds have recently bought and sold shares of the stock. Pzena Investment Management LLC grew its holdings in shares of Myers Industries by 813.5% during the 4th quarter. Pzena Investment Management LLC now owns 1,302,309 shares of the industrial products company’s stock worth $24,379,000 after purchasing an additional 1,159,746 shares during the period. Advisory Research Inc. raised its position in Myers Industries by 84.5% in the fourth quarter. Advisory Research Inc. now owns 1,302,928 shares of the industrial products company’s stock valued at $24,391,000 after purchasing an additional 596,848 shares during the period. Teton Advisors LLC acquired a new position in shares of Myers Industries during the third quarter worth about $5,184,000. Capital World Investors purchased a new stake in shares of Myers Industries in the fourth quarter worth about $5,671,000. Finally, Simcoe Capital Management LLC purchased a new stake in shares of Myers Industries in the third quarter worth about $4,120,000. Hedge funds and other 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.