Myers Industries, Inc. (MYE) to Issue Quarterly Dividend of $0.14 on April 4th

Myers Industries, Inc. (NYSE:MYE) announced a quarterly dividend on Tuesday, March 4th, RTT News reports. Shareholders of record on Friday, March 14th will be paid a dividend of 0.135 per share by the industrial products company on Friday, April 4th. This represents a $0.54 annualized dividend and a yield of 4.18%. The ex-dividend date of this dividend is Friday, March 14th.

Myers Industries has a payout ratio of 33.5% indicating that its dividend is sufficiently covered by earnings. Equities research 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

Myers Industries stock opened at $12.93 on Wednesday. The stock has a 50-day simple moving average of $11.62 and a 200 day simple moving average of $12.29. The stock has a market capitalization of $481.77 million, a price-to-earnings ratio of 30.82 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 company has a quick ratio of 1.11, a current ratio of 1.80 and a debt-to-equity ratio of 1.36.

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

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

Analyst Ratings Changes

Separately, StockNews.com upgraded shares of Myers Industries from a “sell” rating to a “hold” rating in a research report on Friday, March 7th.

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.