Myers Industries, Inc. (NYSE:MYE) Short Interest Up 24.5% in December

Myers Industries, Inc. (NYSE:MYE) was the target of a significant increase in short interest in the month of December. As of December 31st, there was short interest totaling 705,944 shares, an increase 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 shares of the company are sold short. Currently, 1.9% of the shares of the company are sold short. Based on an average trading volume of 195,223 shares, the days-to-cover ratio is presently 3.6 days.

Insider Activity

In other Myers Industries news, Director Helmuth Ludwig purchased 5,000 shares of the company’s stock in a transaction dated Monday, November 3rd. The stock was bought at an average cost of $17.21 per share, for a total transaction of $86,050.00. Following the completion of the transaction, the director owned 13,436 shares in the company, valued at approximately $231,233.56. This represents a 59.27% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Samantha Rutty purchased 3,000 shares of the business’s stock in a transaction that occurred on Friday, November 14th. The stock was bought 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 $52,500. This trade represents a ∞ increase in their position. The SEC filing for this purchase provides additional information. Insiders acquired a total of 9,000 shares of company stock valued at $156,000 in the last quarter. Corporate insiders own 1.85% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of MYE. Advisory Research Inc. grew its position in Myers Industries by 476.4% during the 3rd quarter. Advisory Research Inc. now owns 706,080 shares of the industrial products company’s stock worth $11,961,000 after acquiring an additional 583,585 shares during the last quarter. Teton Advisors LLC acquired a new stake in shares of Myers Industries during the third quarter valued at about $5,184,000. Simcoe Capital Management LLC bought a new stake in shares of Myers Industries during the third quarter worth about $4,120,000. Arrowstreet Capital Limited Partnership grew its holdings in shares of Myers Industries by 84.8% during the second quarter. Arrowstreet Capital Limited Partnership now owns 512,201 shares of the industrial products company’s stock worth $7,422,000 after purchasing an additional 235,030 shares during the last quarter. Finally, AQR Capital Management LLC increased its stake in shares of Myers Industries by 137.9% in the second quarter. AQR Capital Management LLC now owns 397,242 shares of the industrial products company’s stock valued at $5,756,000 after buying an additional 230,252 shares during the period. 90.82% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the company. Zacks Research raised Myers Industries from a “strong sell” rating to a “hold” rating in a report on Tuesday, December 16th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Myers Industries in a research report on Wednesday, October 8th. Finally, Wall Street Zen raised shares of Myers Industries from a “buy” rating to a “strong-buy” rating in a report on Friday, November 28th. One research analyst has rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $21.00.

Myers Industries Price Performance

Shares of MYE stock traded down $0.08 on Monday, hitting $19.94. 333,945 shares of the company’s stock were exchanged, compared to its average volume of 201,246. The company has a 50 day moving average of $18.71 and a 200 day moving average of $17.11. The stock has a market cap of $745.96 million, a P/E 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 has a 12 month low of $9.06 and a 12 month high of $20.21.

Myers Industries (NYSE:MYE) last issued its earnings results on Thursday, October 30th. The industrial products company reported $0.26 EPS for the quarter, topping the consensus estimate of $0.25 by $0.01. Myers Industries had a return on equity of 13.15% and a net margin of 3.38%.The firm had revenue of $205.44 million during the quarter, compared to the consensus estimate of $206.40 million. On average, equities research analysts predict that Myers Industries will post 0.95 EPS for the current year.

Myers Industries Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, January 5th. Shareholders of record on Wednesday, December 3rd were given a $0.135 dividend. The ex-dividend date was Wednesday, December 3rd. This represents a $0.54 dividend on an annualized basis and a yield of 2.7%. Myers Industries’s dividend payout ratio (DPR) is currently 72.97%.

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.