2 Dividend Stocks To Double Up On This Week

Last week, the Fed didn’t just act in line with expectations of the third consecutive 75-bps interest rate hike; it also set expectations for further aggressive rate hikes until inflation is…

controlled. Moreover, Fed Chairman Jerome Powell acknowledged the economic pain this rapid monetary tightening may cause. “No one knows whether this process will lead to a recession or, if so, how significant that recession would be,” he said.

According to a model created by JPMorgan Chase & Co. strategists, S&P 500’s 6.5% rout since the Fed turned extremely hawkish last week implies a 92% probability of U.S. recession, up from 51% in August. With the fears of an economic slowdown and market volatility stuck in a vicious feedback loop, businesses seem to brace themselves for a rough ride ahead.

To dodge the elevated market volatility, investors should look for reliable stocks that provide consistent dividends for generating a stable income stream. So, high-yield dividend stocks Myers Industries, Inc. (MYE) and Pfizer Inc. (PFE) could be worth considering now.

Myers Industries, Inc. (MYE)

MYE is involved in manufacturing and distribution internationally. The company operates through two segments: Material Handling and Distribution.

On September 1, MYE announced the approval of a quarterly cash dividend of $0.135 per share which would be paid out on October 4, 2022. The company’s $0.54 per share forward annual dividend translates to a yield of 3.19% at the current price. This compares to a 4-year average dividend yield of 3.10%. The current payout ratio is 38.30%.

On June 1, MYE announced the acquisition of Mohawk Rubber Sales of New England Inc assets. The company expects Mohawk’s complementary geographic coverage, additional sales, and customer service capability to add value to its distribution segment and help it successfully execute its 3-horizon strategy.

For the second quarter of fiscal 2022 ended June 30, MYE’s net sales increased 24.4% year-over-year to $233.2 million. During the same period, the company’s adjusted operating income and net income increased 56.4% and 58.9% year-over-year to $23.62 million and $16.58 million, respectively. In addition, the adjusted net income per diluted share came in at $0.45, up 55.2% from the previous-year quarter.


Analysts expect MYE’s revenue and EPS for the fiscal year ending December 2022 to increase 18.9% and 62.4% year-over-year to $905.25 million and $1.58, respectively. Both metrics are expected to keep rising over the next two fiscals. The company has surpassed the consensus EPS estimates in three of its trailing four quarters.

MYE’s stock has gained 2.7% intraday to close the last trading session at $16.94.

MYE’s stable prospects are reflected in its POWR Ratings. The stock has an overall rating of B, translating to Buy in our proprietary rating system. The POWR Ratings assess stocks by 118 different factors, each with its own weighting.

MYE also has a grade of B for Growth and Quality. It is ranked #5 of 36 stocks in the A-rated Industrial – Manufacturing industry.

Beyond what is stated above, we’ve also rated MYE for Value, Momentum, Sentiment, and Stability. Get all MYE’s ratings here.

Pfizer Inc. (PFE)

PFE is a world-renowned research-based biopharmaceutical company. The company discovers, develops, manufactures, sells, and distributes biopharmaceutical products, such as medicines, vaccines, and other therapies. The company operates through two segments: Biopharma and PC1.

On September 26, PFE and BioNTech SE (BNTX) announced the completion of the submission to the U.S. Food and Drug Administration (FDA) requesting…

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