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

Shares of Myers Industries, Inc. (NYSE:MYE) gapped down before the market opened 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 changing hands.

Wall Street Analyst Weigh In

Several analysts have weighed in on the stock. StockNews.com raised shares of Myers Industries from a “buy” rating to a “strong-buy” rating in a research note on Saturday, March 16th. KeyCorp boosted their target price on Myers Industries from $22.00 to $30.00 and gave the company an “overweight” rating in a research note on Friday, March 22nd.

Myers Industries Price Performance

The company has a quick ratio of 1.00, a current ratio of 1.55 and a debt-to-equity ratio of 0.14. The firm’s fifty day moving average price is $21.69 and its 200-day moving average price is $19.54. The stock has a market cap of $688.19 million, a P/E ratio of 17.38 and a beta of 1.31.

Myers Industries (NYSE:MYE) last announced its quarterly earnings results on Tuesday, March 5th. The industrial products company reported $0.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.26 by $0.03. The business had revenue of $191.08 million for the quarter, compared to analyst estimates of $191.60 million. Myers Industries had a net margin of 6.01% and a return on equity of 18.55%. During the same quarter last year, the firm earned $0.32 EPS. Analysts forecast that Myers Industries, Inc. will post 1.38 earnings per share for the current year.

Myers Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, April 4th. Shareholders of record on Saturday, March 16th were given a dividend of $0.135 per share. This represents a $0.54 dividend on an annualized basis and a yield of 2.90%. The ex-dividend date was Thursday, March 14th. Myers Industries’s payout ratio is 40.91%.

Institutional Trading of Myers Industries

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Gamco Investors INC. ET AL grew its stake in Myers Industries by 0.3% in the third quarter. Gamco Investors INC. ET AL now owns 3,175,829 shares of the industrial products company’s stock worth $56,943,000 after purchasing an additional 9,550 shares during the period. Vanguard Group Inc. grew its position in shares of Myers Industries by 0.6% in the 3rd quarter. Vanguard Group Inc. now owns 2,583,805 shares of the industrial products company’s stock worth $46,328,000 after buying an additional 16,043 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of Myers Industries by 3.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,603,575 shares of the industrial products company’s stock worth $31,350,000 after acquiring an additional 48,459 shares in the last quarter. Gabelli Funds LLC lifted its position in Myers Industries by 0.4% during the 3rd quarter. Gabelli Funds LLC now owns 1,517,862 shares of the industrial products company’s stock valued at $27,215,000 after acquiring an additional 5,512 shares during the period. Finally, Pacer Advisors Inc. bought a new stake in Myers Industries during the fourth quarter worth about $16,196,000. Hedge funds and other institutional investors own 90.82% of the company’s stock.

Myers Industries Company Profile

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.