Myers Industries, Inc. Plans Quarterly Dividend of $0.14 (NYSE:MYE)

Myers Industries, Inc. (NYSE:MYE) declared a quarterly dividend on Wednesday, June 4th, Wall Street Journal reports. Stockholders of record on Wednesday, June 18th will be given a dividend of 0.135 per share by the industrial products company on Thursday, July 3rd. This represents a $0.54 dividend on an annualized basis and a dividend yield of 4.00%. The ex-dividend date of this dividend is Wednesday, June 18th.

Myers Industries has a dividend payout ratio of 34.0% indicating that its dividend is sufficiently covered by earnings. Analysts expect Myers Industries to earn $1.17 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 46.2%.

Myers Industries Stock Performance

NYSE MYE opened at $13.51 on Thursday. Myers Industries has a twelve month low of $9.06 and a twelve month high of $17.39. The company has a quick ratio of 1.11, a current ratio of 1.80 and a debt-to-equity ratio of 1.36. The stock has a market cap of $505.03 million, a P/E ratio of 32.17 and a beta of 1.12. The company’s 50-day simple moving average is $11.25 and its 200 day simple moving average is $11.56.

Myers Industries (NYSE:MYE) last released its quarterly earnings data on Thursday, May 1st. The industrial products company reported $0.22 earnings per share for the quarter, beating analysts’ consensus estimates of $0.19 by $0.03. Myers Industries had a return on equity of 14.75% and a net margin of 1.88%. The company had revenue of $206.75 million for the quarter, compared to the consensus estimate of $206.80 million. As a group, research analysts forecast that Myers Industries will post 0.95 earnings per share for the current fiscal year.

Analyst Ratings Changes

Separately, Wall Street Zen upgraded Myers Industries from a “hold” rating to a “buy” rating in a research report on Friday, May 30th.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Myers Industries by 4.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 21,835 shares of the industrial products company’s stock valued at $260,000 after acquiring an additional 936 shares in the last quarter. Royal Bank of Canada grew its stake in shares of Myers Industries by 44.5% during the first quarter. Royal Bank of Canada now owns 24,684 shares of the industrial products company’s stock valued at $295,000 after purchasing an additional 7,607 shares during the last quarter. Millennium Management LLC increased its holdings in shares of Myers Industries by 2.7% in the first quarter. Millennium Management LLC now owns 911,626 shares of the industrial products company’s stock valued at $10,876,000 after purchasing an additional 23,866 shares in the last quarter. Goldman Sachs Group Inc. raised its position in Myers Industries by 12.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 320,996 shares of the industrial products company’s stock worth $3,829,000 after purchasing an additional 34,787 shares during the last quarter. Finally, AQR Capital Management LLC raised its position in Myers Industries by 148.8% in the 1st quarter. AQR Capital Management LLC now owns 166,990 shares of the industrial products company’s stock worth $1,992,000 after purchasing an additional 99,881 shares during the last quarter. Institutional investors and hedge funds own 90.82% of the company’s stock.

Myers Industries declared that its board has approved a stock buyback program on Thursday, March 6th that authorizes the company to buyback $10.00 million in shares. This buyback authorization authorizes the industrial products company to reacquire up to 2.2% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board of directors believes its shares are undervalued.

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.