Myers Industries (NYSE:MYE) Board Announces Stock Buyback Plan

Myers Industries (NYSE:MYE) announced that its Board of Directors has approved a share repurchase program on Thursday, March 6th, RTT News reports. The company plans to buyback $10.00 million in outstanding shares. This buyback authorization permits the industrial products company to reacquire up to 2.2% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its shares are undervalued.

Analyst Ratings Changes

Separately, StockNews.com raised shares of Myers Industries from a “sell” rating to a “hold” rating in a research note on Friday.

Myers Industries Price Performance

Shares of NYSE MYE opened at $13.14 on Friday. The stock has a market capitalization of $489.63 million, a price-to-earnings ratio of 31.29 and a beta of 1.21. Myers Industries has a 12 month low of $9.32 and a 12 month high of $23.63. The firm’s 50 day simple moving average is $11.53 and its 200-day simple moving average is $12.33. The company has a debt-to-equity ratio of 1.36, a current ratio of 1.80 and a quick ratio of 1.11.

Myers Industries (NYSE:MYE) last issued its quarterly earnings data on Thursday, March 6th. The industrial products company reported $0.19 EPS for the quarter, topping analysts’ consensus estimates of $0.10 by $0.09. The business had revenue of $203.88 million for the quarter, compared to analysts’ expectations of $203.10 million. Myers Industries had a net margin of 1.88% and a return on equity of 14.75%. Analysts expect that Myers Industries will post 0.95 EPS for the current year.

Myers Industries Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, April 4th. Investors of record on Friday, March 14th will be paid a $0.135 dividend. The ex-dividend date is Friday, March 14th. This represents a $0.54 dividend on an annualized basis and a yield of 4.11%. Myers Industries’s dividend payout ratio is currently 128.57%.

Insider Activity at Myers Industries

In related news, CEO Dave Basque purchased 5,000 shares of the company’s stock in a transaction that occurred on Monday, December 9th. The shares were purchased at an average price of $12.41 per share, with a total value of $62,050.00. Following the purchase, the chief executive officer now owns 39,152 shares of the company’s stock, valued at $485,876.32. The trade was a 14.64 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.40% of the stock is owned by corporate insiders.

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.