Myers Industries (NYSE:MYE) PT Lowered to $27.00

Myers Industries (NYSE:MYE) had its target price cut by KeyCorp from $30.00 to $27.00 in a report issued on Friday morning, Benzinga reports. They currently have an overweight rating on the industrial products company’s stock.

Separately, StockNews.com cut shares of Myers Industries from a buy rating to a hold rating in a research note on Thursday, May 16th.

Myers Industries Price Performance

Shares of NYSE MYE traded up $0.24 during midday trading on Friday, hitting $14.08. 103,631 shares of the company’s stock were exchanged, compared to its average volume of 271,466. The business’s fifty day moving average price is $14.43 and its two-hundred day moving average price is $18.06. The company has a market cap of $523.54 million, a price-to-earnings ratio of 13.31 and a beta of 1.21. The company has a current ratio of 1.81, a quick ratio of 1.10 and a debt-to-equity ratio of 1.32. Myers Industries has a 12-month low of $12.47 and a 12-month high of $23.63.

Myers Industries (NYSE:MYE) last announced its quarterly earnings data on Thursday, August 1st. The industrial products company reported $0.39 earnings per share for the quarter, topping analysts’ consensus estimates of $0.31 by $0.08. The firm had revenue of $220.24 million during the quarter. Myers Industries had a net margin of 4.79% and a return on equity of 16.27%. During the same quarter in the previous year, the firm posted $0.35 earnings per share.

Myers Industries Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, July 5th. Shareholders of record on Tuesday, June 18th were issued a $0.135 dividend. This represents a $0.54 dividend on an annualized basis and a dividend yield of 3.84%. The ex-dividend date of this dividend was Tuesday, June 18th. Myers Industries’s payout ratio is 50.94%.

Institutional Investors Weigh In On Myers Industries

A number of large investors have recently made changes to their positions in the company. Texas Permanent School Fund Corp grew its holdings in Myers Industries by 1.4% during the 1st quarter. Texas Permanent School Fund Corp now owns 32,240 shares of the industrial products company’s stock valued at $747,000 after buying an additional 442 shares in the last quarter. Principal Financial Group Inc. increased its holdings in shares of Myers Industries by 0.3% in the first quarter. Principal Financial Group Inc. now owns 191,955 shares of the industrial products company’s stock worth $4,448,000 after purchasing an additional 519 shares during the last quarter. nVerses Capital LLC purchased a new position in Myers Industries during the 2nd quarter valued at approximately $25,000. Quest Partners LLC bought a new stake in Myers Industries in the 4th quarter worth approximately $54,000. Finally, Quantbot Technologies LP grew its holdings in shares of Myers Industries by 52.9% in the first quarter. Quantbot Technologies LP now owns 11,349 shares of the industrial products company’s stock valued at $263,000 after purchasing an additional 3,927 shares in the last quarter. 90.82% of the stock is currently owned by institutional investors.

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.