Myers Industries, Inc. (NYSE:MYE – Get Rating) announced a quarterly dividend on Monday, June 6th, Wall Street Journal reports. Shareholders of record on Friday, June 17th will be paid a dividend of 0.135 per share by the industrial products company on Tuesday, July 5th. This represents a $0.54 dividend on an annualized basis and a yield of 2.16%. The ex-dividend date is Thursday, June 16th.
Myers Industries has a payout ratio of 29.2% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Myers Industries to earn $1.90 per share next year, which means the company should continue to be able to cover its $0.54 annual dividend with an expected future payout ratio of 28.4%.
Myers Industries stock traded down $0.03 during mid-day trading on Monday, reaching $25.05. 266,839 shares of the company’s stock were exchanged, compared to its average volume of 127,643. The business’s fifty day simple moving average is $22.38 and its 200 day simple moving average is $19.98. The firm has a market capitalization of $910.42 million, a PE ratio of 21.38 and a beta of 1.40. Myers Industries has a one year low of $15.82 and a one year high of $25.55. The company has a quick ratio of 1.04, a current ratio of 1.71 and a debt-to-equity ratio of 0.45.
A number of research firms have recently issued reports on MYE. Zacks Investment Research upgraded Myers Industries from a “hold” rating to a “buy” rating and set a $24.00 price objective for the company in a report on Wednesday, May 4th. StockNews.com raised Myers Industries from a “buy” rating to a “strong-buy” rating in a research report on Thursday, May 26th.
In related news, Director Frederic Jack Liebau, Jr. purchased 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 15th. The stock was bought at an average price of $18.42 per share, for a total transaction of $92,100.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.97% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MYE. Mirabella Financial Services LLP acquired a new position in shares of Myers Industries during the 1st quarter worth about $543,000. Jane Street Group LLC purchased a new position in shares of Myers Industries during the 1st quarter worth approximately $372,000. Goldman Sachs Group Inc. lifted its holdings in Myers Industries by 106.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 51,557 shares of the industrial products company’s stock worth $1,114,000 after buying an additional 26,555 shares in the last quarter. Captrust Financial Advisors lifted its holdings in Myers Industries by 32.8% during the 1st quarter. Captrust Financial Advisors now owns 4,494 shares of the industrial products company’s stock worth $98,000 after buying an additional 1,109 shares in the last quarter. Finally, State Street Corp raised its holdings in shares of Myers Industries by 3.1% in the 1st quarter. State Street Corp now owns 1,216,374 shares of the industrial products company’s stock valued at $26,435,000 after purchasing an additional 36,804 shares in the last quarter. 92.02% of the stock is currently owned by institutional investors and hedge funds.
About Myers Industries (Get Rating)
Myers Industries, Inc engages in distribution of tire service supplies in Ohio. It operates through The Material Handling and Distribution segments. The Material Handling segment offers pallets, small parts bins, bulk shipping containers, OEM parts, storage, organization, and custom plastic products; injection molded, rotationally molded or blow molded products, consumer fuel containers and tanks for water, fuel, and waste handling.
- Get a free copy of the StockNews.com research report on Myers Industries (MYE)
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