Myers Industries (NYSE:MYE) Trading Down 5.1% – Should You Sell?

Myers Industries, Inc. (NYSE:MYE) dropped 5.1% on Thursday . The stock traded as low as $33.23 and last traded at $32.3310. 16,337 shares traded hands during trading, a decline of 95% from the average daily volume of 309,402 shares. The stock had previously closed at $34.08.

Analysts Set New Price Targets

A number of research firms have recently issued reports on MYE. Wall Street Zen lowered Myers Industries from a “buy” rating to a “hold” rating in a report on Saturday, May 9th. KeyCorp lifted their price target on Myers Industries to $37.00 and gave the company an “overweight” rating in a report on Tuesday. Finally, Weiss Ratings lowered Myers Industries from a “hold (c+)” rating to a “hold (c)” rating in a research report on Monday, May 11th. One analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $37.00.

Myers Industries Stock Performance

The firm’s fifty day moving average is $24.46 and its 200 day moving average is $22.10. The firm has a market capitalization of $1.21 billion, a price-to-earnings ratio of 45.99 and a beta of 0.88. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.65 and a quick ratio of 1.29.

Myers Industries (NYSE:MYE) last released its quarterly earnings data on Thursday, May 7th. The industrial products company reported $0.44 earnings per share for the quarter, beating the consensus estimate of $0.28 by $0.16. Myers Industries had a net margin of 3.36% and a return on equity of 17.23%. The firm had revenue of $164.58 million for the quarter, compared to analyst estimates of $209.30 million.

Myers Industries Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 2nd. Stockholders of record on Wednesday, June 17th will be issued a dividend of $0.135 per share. This represents a $0.54 annualized dividend and a dividend yield of 1.7%. The ex-dividend date is Wednesday, June 17th. Myers Industries’s payout ratio is currently 77.14%.

Institutional Trading of Myers Industries

Hedge funds and other institutional investors have recently modified their holdings of the company. EverSource Wealth Advisors LLC boosted its position in Myers Industries by 372.6% during the second quarter. EverSource Wealth Advisors LLC now owns 1,900 shares of the industrial products company’s stock valued at $28,000 after purchasing an additional 1,498 shares during the last quarter. Kestra Advisory Services LLC purchased a new position in Myers Industries in the fourth quarter valued at about $38,000. NewEdge Advisors LLC acquired a new position in Myers Industries in the 1st quarter worth about $43,000. Quarry LP acquired a new position in Myers Industries in the 3rd quarter worth about $48,000. Finally, Clearstead Advisors LLC raised its stake in shares of Myers Industries by 56.0% during the 4th quarter. Clearstead Advisors LLC now owns 3,438 shares of the industrial products company’s stock worth $64,000 after purchasing an additional 1,234 shares in the last quarter. 90.82% of the stock is currently owned by hedge funds and other institutional investors.

About Myers Industries

Myers Industries, Inc is a diversified manufacturer of polymer products serving industrial, commercial and consumer markets. The company designs, produces and markets a broad range of molded and fabricated plastic components, including pallets, bulk containers, tanks and drums used in material handling and storage applications. Myers Industries leverages proprietary polymer technologies to provide durable, reusable solutions that help customers optimize supply chain efficiency and reduce environmental impact.

Myers operates primarily through two business segments.