Myers Industries (NYSE:MYE) Raised to “Overweight” at KeyCorp

KeyCorp upgraded shares of Myers Industries (NYSE:MYE) from a sector weight rating to an overweight rating in a research note published on Friday morning, MarketBeat reports. They currently have $21.00 price objective on the industrial products company’s stock.

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

Myers Industries Stock Up 1.0%

Myers Industries stock opened at $14.68 on Friday. The stock has a market capitalization of $548.77 million, a PE ratio of 34.95 and a beta of 1.12. Myers Industries has a 12 month low of $9.06 and a 12 month high of $17.39. The business has a 50 day simple moving average of $11.70 and a 200-day simple moving average of $11.71. The company has a debt-to-equity ratio of 1.36, a current ratio of 1.80 and a quick ratio of 1.11.

Myers Industries (NYSE:MYE) last posted its quarterly earnings data on Thursday, May 1st. The industrial products company reported $0.22 EPS for the quarter, beating analysts’ consensus estimates of $0.19 by $0.03. The business had revenue of $206.75 million during the quarter, compared to analysts’ expectations of $206.80 million. Myers Industries had a return on equity of 14.75% and a net margin of 1.88%. On average, analysts anticipate that Myers Industries will post 0.95 EPS for the current fiscal year.

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

Myers Industries Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, July 3rd. Investors of record on Wednesday, June 18th will be given a dividend of $0.135 per share. This represents a $0.54 annualized dividend and a dividend yield of 3.68%. The ex-dividend date of this dividend is Wednesday, June 18th. Myers Industries’s payout ratio is 192.86%.

Institutional Trading of Myers Industries

Large investors have recently made changes to their positions in the company. GAMMA Investing LLC increased its position in shares of Myers Industries by 586.6% during the first quarter. GAMMA Investing LLC now owns 2,609 shares of the industrial products company’s stock worth $31,000 after purchasing an additional 2,229 shares in the last quarter. CWM LLC increased its position in shares of Myers Industries by 829.7% during the first quarter. CWM LLC now owns 4,695 shares of the industrial products company’s stock worth $56,000 after purchasing an additional 4,190 shares in the last quarter. Aquatic Capital Management LLC grew its holdings in Myers Industries by 103.1% in the 4th quarter. Aquatic Capital Management LLC now owns 5,484 shares of the industrial products company’s stock valued at $61,000 after buying an additional 2,784 shares in the last quarter. ProShare Advisors LLC purchased a new stake in Myers Industries in the 4th quarter valued at $114,000. Finally, Ieq Capital LLC purchased a new stake in Myers Industries in the 1st quarter valued at $119,000. 90.82% of the stock is currently owned by hedge funds and other institutional investors.

Myers Industries Company Profile

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.