Myers Industries, Inc. (NYSE:MYE) Sees Large Growth in Short Interest

Myers Industries, Inc. (NYSE:MYE) saw a significant growth in short interest in the month of December. As of December 31st, there was short interest totalling 519,200 shares, a growth of 8.7% from the December 15th total of 477,500 shares. Based on an average daily volume of 146,400 shares, the days-to-cover ratio is currently 3.5 days. Approximately 1.5% of the shares of the company are sold short.

MYE stock traded up $0.23 during mid-day trading on Thursday, hitting $16.84. The stock had a trading volume of 123,632 shares, compared to its average volume of 134,893. The company has a current ratio of 2.10, a quick ratio of 1.61 and a debt-to-equity ratio of 0.50. Myers Industries has a 52 week low of $14.84 and a 52 week high of $19.55. The firm has a market capitalization of $587.86 million, a P/E ratio of 22.16 and a beta of 1.56. The firm has a fifty day simple moving average of $16.72 and a 200 day simple moving average of $16.88.

Myers Industries (NYSE:MYE) last released its earnings results on Tuesday, November 5th. The industrial products company reported $0.15 EPS for the quarter, beating the consensus estimate of $0.14 by $0.01. Myers Industries had a net margin of 3.90% and a return on equity of 17.53%. The firm had revenue of $125.48 million for the quarter, compared to analyst estimates of $134.90 million. During the same period last year, the firm earned $0.15 EPS. The business’s quarterly revenue was down 7.2% compared to the same quarter last year. As a group, equities analysts expect that Myers Industries will post 0.77 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Friday, January 3rd. Shareholders of record on Friday, December 6th were issued a $0.135 dividend. This represents a $0.54 annualized dividend and a yield of 3.21%. The ex-dividend date of this dividend was Thursday, December 5th. Myers Industries’s dividend payout ratio is currently 71.05%.

A number of equities analysts recently commented on the stock. ValuEngine raised shares of Myers Industries from a “sell” rating to a “hold” rating in a research report on Tuesday, October 29th. Zacks Investment Research raised shares of Myers Industries from a “sell” rating to a “hold” rating in a research report on Wednesday.

In other Myers Industries news, Director Ronald M. Defeo purchased 10,000 shares of the stock in a transaction that occurred on Friday, November 15th. The shares were acquired at an average cost of $16.25 per share, with a total value of $162,500.00. Following the completion of the transaction, the director now owns 11,570 shares in the company, valued at $188,012.50. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.84% of the stock is owned by corporate insiders.

A number of hedge funds have recently added to or reduced their stakes in the business. Nuveen Asset Management LLC acquired a new stake in shares of Myers Industries in the 2nd quarter valued at approximately $2,607,000. Morgan Stanley boosted its position in Myers Industries by 85.1% during the 2nd quarter. Morgan Stanley now owns 238,602 shares of the industrial products company’s stock worth $4,599,000 after buying an additional 109,730 shares during the period. BlackRock Inc. boosted its position in Myers Industries by 1.9% during the 2nd quarter. BlackRock Inc. now owns 5,270,150 shares of the industrial products company’s stock worth $101,556,000 after buying an additional 98,876 shares during the period. Vanguard Group Inc. boosted its position in Myers Industries by 3.0% during the 2nd quarter. Vanguard Group Inc. now owns 2,380,273 shares of the industrial products company’s stock worth $45,868,000 after buying an additional 70,133 shares during the period. Finally, Bank of America Corp DE boosted its position in Myers Industries by 222.9% during the 2nd quarter. Bank of America Corp DE now owns 83,299 shares of the industrial products company’s stock worth $1,606,000 after buying an additional 57,500 shares during the period. 87.17% of the stock is currently owned by hedge funds and other institutional investors.

Myers Industries Company Profile

Myers Industries, Inc manufactures and sells polymer products for industrial, agricultural, automotive, commercial, and consumer markets worldwide. The company's Material Handling segment provides plastic reusable material handling containers, pallets, small parts bins, bulk shipping containers, storage and organization products, and rotationally-molded plastic tanks for water, fuel, and waste handling applications; welded steel service carts, platform trucks, mobile work centers, racks, and cabinets; plastic trim and interior parts used in the production of seat components, consoles, and other applications in the recreational vehicle, marine, and industrial markets; and plastic fuel containers, portable marine fuel tanks and water containers, ammunition containers, and storage totes under the Buckhorn, Akro-Mils, Jamco Products, Ameri-Kart, and Scepter brands.

See Also: Cost of Goods Sold (COGS)

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