Myers Industries (NYSE:MYE) Cut to Buy at Wall Street Zen

Wall Street Zen cut shares of Myers Industries (NYSE:MYE) from a strong-buy rating to a buy rating in a research note published on Tuesday,Wall Street Zen reports.

Several other brokerages also recently weighed in on MYE. KeyCorp upped their target price on shares of Myers Industries from $26.00 to $37.00 and gave the company an “overweight” rating in a research note on Tuesday, June 30th. Weiss Ratings raised Myers Industries from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, October 2nd. Two analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat.com, Myers Industries currently has an average rating of “Moderate Buy” and a consensus target price of $37.00.

Myers Industries Stock Performance

NYSE MYE opened at $32.82 on Tuesday. The stock has a market capitalization of $1.23 billion, a price-to-earnings ratio of 33.84 and a beta of 0.83. The business’s 50 day moving average is $31.63 and its two-hundred day moving average is $28.48. Myers Industries has a 12-month low of $16.46 and a 12-month high of $37.45. The company has a current ratio of 1.61, a quick ratio of 1.21 and a debt-to-equity ratio of 0.91.

Myers Industries (NYSE:MYE) last posted its earnings results on Thursday, July 30th. The industrial products company reported $0.53 earnings per share for the quarter, beating the consensus estimate of $0.36 by $0.17. The company had revenue of $179.20 million for the quarter, compared to analyst estimates of $166.00 million. Myers Industries had a return on equity of 19.86% and a net margin of 4.86%.

Myers Industries Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, October 5th. Investors of record on Friday, September 18th were given a dividend of $0.1350 per share. This represents a $0.54 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date of this dividend was Friday, September 18th. Myers Industries’s dividend payout ratio is currently 55.67%.

Hedge Funds Weigh In On Myers Industries

A number of large investors have recently bought and sold shares of MYE. Sterling Capital Management LLC boosted its stake in Myers Industries by 907.4% in the third quarter. Sterling Capital Management LLC now owns 6,800 shares of the industrial products company’s stock valued at $209,000 after acquiring an additional 6,125 shares during the period. Inspire Investing LLC grew its holdings in shares of Myers Industries by 6.4% during the third quarter. Inspire Investing LLC now owns 20,667 shares of the industrial products company’s stock valued at $636,000 after purchasing an additional 1,250 shares during the last quarter. Sowell Financial Services LLC bought a new position in shares of Myers Industries during the third quarter valued at approximately $3,278,000. CWA Asset Management Group LLC raised its position in shares of Myers Industries by 12.7% during the 3rd quarter. CWA Asset Management Group LLC now owns 29,209 shares of the industrial products company’s stock worth $899,000 after purchasing an additional 3,284 shares during the period. Finally, Tidal Investments LLC acquired a new stake in shares of Myers Industries during the 2nd quarter worth approximately $926,000. Institutional investors own 90.82% of the company’s stock.

About Myers Industries

Myers Industries, Inc is a manufacturer and distributor of products serving industrial, agricultural, automotive, commercial and consumer markets. Founded in 1933 and headquartered in Akron, Ohio, the company operates primarily in North America.

Through its material-handling businesses, Myers Industries produces reusable plastic containers, totes, pallets, drums, tanks and other molded products. These products are used to store, transport and protect materials across industries such as manufacturing, food processing, agriculture, healthcare and logistics.

The company also distributes tire-service supplies, equipment and related products to tire dealers, retreaders, commercial fleets and automotive service providers.