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 issued to investors on Saturday.

A number of other research firms also recently issued reports on MYE. Zacks Research raised Myers Industries from a “strong sell” rating to a “hold” rating in a research note on Tuesday, December 16th. Weiss Ratings reiterated a “hold (c)” rating on shares of Myers Industries in a research report on Thursday, January 22nd. One investment analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Myers Industries currently has a consensus rating of “Hold” and a consensus target price of $21.00.

Myers Industries Stock Down 0.1%

Shares of MYE stock opened at $20.68 on Friday. The company’s fifty day simple moving average is $21.40 and its two-hundred day simple moving average is $19.09. Myers Industries has a 52 week low of $9.06 and a 52 week high of $24.03. The stock has a market cap of $773.43 million, a P/E ratio of 22.24 and a beta of 1.06. The company has a quick ratio of 1.16, a current ratio of 1.67 and a debt-to-equity ratio of 1.08.

Myers Industries (NYSE:MYE) last issued its quarterly earnings data on Thursday, March 5th. The industrial products company reported $0.31 earnings per share for the quarter, beating analysts’ consensus estimates of $0.23 by $0.08. The firm had revenue of $203.97 million during the quarter, compared to analyst estimates of $202.60 million. Myers Industries had a return on equity of 14.46% and a net margin of 4.23%. Analysts predict that Myers Industries will post 0.95 EPS for the current fiscal year.

Myers Industries Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, April 3rd. Investors of record on Friday, March 13th will be given a $0.135 dividend. The ex-dividend date is Friday, March 13th. This represents a $0.54 annualized dividend and a yield of 2.6%. Myers Industries’s dividend payout ratio (DPR) is currently 58.06%.

Institutional Investors Weigh In On Myers Industries

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Royal Bank of Canada boosted its holdings in shares of Myers Industries by 44.5% in the 1st quarter. Royal Bank of Canada now owns 24,684 shares of the industrial products company’s stock worth $295,000 after purchasing an additional 7,607 shares during the period. AQR Capital Management LLC raised its holdings in Myers Industries by 148.8% during the 1st quarter. AQR Capital Management LLC now owns 166,990 shares of the industrial products company’s stock valued at $1,992,000 after buying an additional 99,881 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Myers Industries by 4.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 21,835 shares of the industrial products company’s stock valued at $260,000 after buying an additional 936 shares during the period. Millennium Management LLC lifted its position in Myers Industries by 2.7% in the first quarter. Millennium Management LLC now owns 911,626 shares of the industrial products company’s stock worth $10,876,000 after buying an additional 23,866 shares during the last quarter. Finally, Goldman Sachs Group Inc. lifted its position in Myers Industries by 12.2% in the first quarter. Goldman Sachs Group Inc. now owns 320,996 shares of the industrial products company’s stock worth $3,829,000 after buying an additional 34,787 shares during the last quarter. 90.82% of the stock is currently owned by hedge funds and other institutional investors.

Myers Industries Company Profile

Myers Industries, Inc is a diversified manufacturer of polymer products serving industrial, commercial and consumer markets. The company designs, produces and markets a broad range of molded and fabricated plastic components, including pallets, bulk containers, tanks and drums used in material handling and storage applications. Myers Industries leverages proprietary polymer technologies to provide durable, reusable solutions that help customers optimize supply chain efficiency and reduce environmental impact.

Myers operates primarily through two business segments.