Myers Industries, Inc. (MYE) Sees Unusually-High Trading Volume After Dividend Announcement
Shares of Myers Industries, Inc. (NYSE:MYE) saw unusually-strong trading volume on Monday following a dividend announcement from the company. Approximately 979,923 shares changed hands during mid-day trading, an increase of 944% from the previous session’s volume of 93,859 shares.The stock last traded at $16.05 and had previously closed at $16.00.
The newly announced dividend which will be paid on Tuesday, October 3rd. Shareholders of record on Friday, September 8th will be given a $0.135 dividend. This represents a $0.54 dividend on an annualized basis and a yield of 3.06%. The ex-dividend date is Thursday, September 7th. Myers Industries’s dividend payout ratio is currently 415.38%.
A number of analysts have issued reports on MYE shares. TheStreet raised Myers Industries from a “c” rating to a “b-” rating in a research report on Monday, May 8th. Zacks Investment Research raised Myers Industries from a “hold” rating to a “buy” rating and set a $20.00 target price for the company in a research report on Friday, August 4th. KeyCorp reissued a “sell” rating on shares of Myers Industries in a research report on Tuesday, August 1st. Finally, BidaskClub downgraded Myers Industries from a “hold” rating to a “sell” rating in a research report on Monday, July 31st. Two investment analysts have rated the stock with a sell rating and two have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $16.50.
The company has a 50-day moving average price of $18.05 and a 200-day moving average price of $16.19. The company has a market capitalization of $532.22 million, a PE ratio of 132.71 and a beta of 1.76.
Myers Industries (NYSE:MYE) last posted its quarterly earnings data on Tuesday, August 1st. The industrial products company reported $0.17 EPS for the quarter, topping the consensus estimate of $0.15 by $0.02. The firm had revenue of $142.30 million during the quarter, compared to analyst estimates of $142.95 million. Myers Industries had a return on equity of 10.71% and a net margin of 0.74%. Myers Industries’s revenue was down 1.2% on a year-over-year basis. During the same period in the prior year, the business posted $0.21 EPS. On average, equities research analysts anticipate that Myers Industries, Inc. will post $0.51 EPS for the current fiscal year.
In other news, major shareholder Gamco Investors, Inc. Et Al sold 3,000 shares of the company’s stock in a transaction on Thursday, June 8th. The stock was sold at an average price of $18.44, for a total value of $55,320.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.75% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of MYE. KBC Group NV increased its position in shares of Myers Industries by 183.5% in the second quarter. KBC Group NV now owns 5,695 shares of the industrial products company’s stock valued at $102,000 after buying an additional 3,686 shares in the last quarter. BNP Paribas Arbitrage SA increased its position in shares of Myers Industries by 99.8% in the second quarter. BNP Paribas Arbitrage SA now owns 8,637 shares of the industrial products company’s stock valued at $155,000 after buying an additional 4,315 shares in the last quarter. Hartford Investment Management Co. purchased a new position in shares of Myers Industries during the first quarter valued at $167,000. Arizona State Retirement System increased its position in shares of Myers Industries by 0.9% in the first quarter. Arizona State Retirement System now owns 11,386 shares of the industrial products company’s stock valued at $180,000 after buying an additional 100 shares in the last quarter. Finally, UBS Asset Management Americas Inc. purchased a new position in shares of Myers Industries during the first quarter valued at $187,000. 84.08% of the stock is owned by institutional investors.
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Myers Industries Company Profile
Myers Industries, Inc is an international manufacturing and distribution company. The Company operates through two segments: Material Handling and Distribution. As of December 31, 2016, the Company operated 15 manufacturing facilities, 20 sales offices, four distribution centers and three distribution branches located throughout North, Central and South America.
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