Myers Industries (NYSE:MYE) Shares Gap Down to $22.99

Myers Industries, Inc. (NYSE:MYE) gapped down prior to trading on Tuesday . The stock had previously closed at $22.99, but opened at $20.10. Myers Industries shares last traded at $18.70, with a volume of 70,928 shares.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on MYE. StockNews.com downgraded Myers Industries from a “strong-buy” rating to a “buy” rating in a report on Wednesday. KeyCorp upped their target price on Myers Industries from $22.00 to $30.00 and gave the company an “overweight” rating in a report on Friday, March 22nd.

Myers Industries Price Performance

The company has a current ratio of 1.55, a quick ratio of 1.00 and a debt-to-equity ratio of 0.14. The business’s 50 day moving average price is $21.65 and its two-hundred day moving average price is $19.54. The stock has a market cap of $635.00 million, a P/E ratio of 13.02 and a beta of 1.31.

Myers Industries (NYSE:MYE) last posted its quarterly earnings data on Tuesday, March 5th. The industrial products company reported $0.29 earnings per share for the quarter, beating the consensus estimate of $0.26 by $0.03. Myers Industries had a return on equity of 18.55% and a net margin of 6.01%. The business had revenue of $191.08 million for the quarter, compared to analysts’ expectations of $191.60 million. During the same period in the previous year, the firm posted $0.32 EPS. As a group, sell-side analysts expect that Myers Industries, Inc. will post 1.38 earnings per share for the current fiscal year.

Myers Industries Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, April 4th. Shareholders of record on Saturday, March 16th were issued a $0.135 dividend. The ex-dividend date was Thursday, March 14th. This represents a $0.54 dividend on an annualized basis and a yield of 3.14%. Myers Industries’s dividend payout ratio (DPR) is 40.91%.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the business. Texas Permanent School Fund Corp raised its position in shares of Myers Industries by 1.4% in the 1st quarter. Texas Permanent School Fund Corp now owns 32,240 shares of the industrial products company’s stock worth $747,000 after purchasing an additional 442 shares during the last quarter. Principal Financial Group Inc. raised its holdings in Myers Industries by 0.3% in the first quarter. Principal Financial Group Inc. now owns 191,955 shares of the industrial products company’s stock worth $4,448,000 after buying an additional 519 shares during the last quarter. Swiss National Bank lifted its stake in shares of Myers Industries by 1.5% in the third quarter. Swiss National Bank now owns 68,700 shares of the industrial products company’s stock worth $1,232,000 after buying an additional 1,000 shares in the last quarter. Barclays PLC grew its holdings in shares of Myers Industries by 6.1% during the third quarter. Barclays PLC now owns 23,985 shares of the industrial products company’s stock valued at $429,000 after buying an additional 1,389 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Myers Industries by 28.3% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,478 shares of the industrial products company’s stock valued at $134,000 after acquiring an additional 1,648 shares in the last quarter. 90.82% of the stock is owned by hedge funds and other institutional investors.

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.