Short Interest in Myers Industries, Inc. (NYSE:MYE) Grows By 37.5%

Myers Industries, Inc. (NYSE:MYE) was the target of a large growth in short interest in March. As of March 13th, there was short interest totaling 807,456 shares, a growth of 37.5% from the February 26th total of 587,067 shares. Currently, 2.2% of the shares of the stock are short sold. Based on an average trading volume of 337,624 shares, the short-interest ratio is currently 2.4 days.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. State of Alaska Department of Revenue acquired a new position in shares of Myers Industries in the 3rd quarter worth approximately $25,000. EverSource Wealth Advisors LLC increased its position in shares of Myers Industries by 372.6% during the second quarter. EverSource Wealth Advisors LLC now owns 1,900 shares of the industrial products company’s stock worth $28,000 after buying an additional 1,498 shares during the period. Kestra Advisory Services LLC acquired a new stake in shares of Myers Industries during the fourth quarter worth $38,000. Quarry LP bought a new position in Myers Industries during the third quarter worth $48,000. Finally, New York State Teachers Retirement System bought a new position in Myers Industries during the third quarter worth $57,000. Institutional investors own 90.82% of the company’s stock.

Myers Industries Stock Performance

NYSE MYE opened at $20.68 on Tuesday. The company has a market capitalization of $773.43 million, a price-to-earnings ratio of 22.24 and a beta of 1.06. The company has a quick ratio of 1.16, a current ratio of 1.67 and a debt-to-equity ratio of 1.08. Myers Industries has a twelve month low of $9.06 and a twelve month high of $24.03. The stock has a fifty day simple moving average of $21.40 and a 200 day simple moving average of $19.09.

Myers Industries (NYSE:MYE) last announced its earnings results on Thursday, March 5th. The industrial products company reported $0.31 EPS for the quarter, topping the consensus estimate of $0.23 by $0.08. The firm had revenue of $203.97 million for the quarter, compared to the consensus estimate of $202.60 million. Myers Industries had a return on equity of 14.46% and a net margin of 4.23%. Sell-side analysts expect 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 will be paid on Friday, April 3rd. Investors of record on Friday, March 13th will be issued a $0.135 dividend. The ex-dividend date is Friday, March 13th. This represents a $0.54 annualized dividend and a yield of 2.6%. Myers Industries’s dividend payout ratio is presently 58.06%.

Analyst Upgrades and Downgrades

MYE has been the subject of several research analyst reports. Weiss Ratings restated a “hold (c)” rating on shares of Myers Industries in a research report on Thursday, January 22nd. Zacks Research upgraded Myers Industries from a “strong sell” rating to a “hold” rating in a research note on Tuesday, December 16th. Finally, Wall Street Zen cut Myers Industries from a “strong-buy” rating to a “buy” rating in a report on Saturday. One analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, Myers Industries presently has an average rating of “Hold” and an average price target of $21.00.

Myers Industries Company Profile

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.