Myers Industries (NYSE:MYE) Stock Dropped to Buy by Wall Street Zen

Wall Street Zen cut shares of Myers Industries (NYSE:MYE) from a strong-buy rating to a buy rating in a report issued on Sunday morning,Wall Street Zen reports.

Several other analysts have also recently issued reports on the stock. KeyCorp increased their price target on shares of Myers Industries from $26.00 to $37.00 and gave the stock an “overweight” rating in a research report on Tuesday, June 30th. Weiss Ratings cut shares of Myers Industries from a “buy (b-)” rating to a “hold (c+)” rating in a report on Monday, September 14th. One investment analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $37.00.

Myers Industries Trading Down 0.2%

Shares of NYSE MYE opened at $31.57 on Friday. The company has a current ratio of 1.61, a quick ratio of 1.21 and a debt-to-equity ratio of 0.91. The stock has a market capitalization of $1.19 billion, a PE ratio of 32.54 and a beta of 0.83. Myers Industries has a twelve month low of $15.54 and a twelve month high of $37.45. The stock has a fifty day simple moving average of $32.38 and a 200-day simple moving average of $27.45.

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

Myers Industries Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, October 5th. Stockholders of record on Friday, September 18th will be given a dividend of $0.1350 per share. This represents a $0.54 annualized dividend and a dividend yield of 1.7%. The ex-dividend date of this dividend is Friday, September 18th. Myers Industries’s dividend payout ratio (DPR) is 55.67%.

Hedge Funds Weigh In On Myers Industries

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MYE. Strs Ohio boosted its holdings in shares of Myers Industries by 5.5% in the first quarter. Strs Ohio now owns 13,500 shares of the industrial products company’s stock valued at $286,000 after acquiring an additional 700 shares in the last quarter. Diversified Trust Co increased its stake in shares of Myers Industries by 8.9% during the first quarter. Diversified Trust Co now owns 12,981 shares of the industrial products company’s stock worth $275,000 after acquiring an additional 1,063 shares during the period. Public Employees Retirement System of Ohio purchased a new position in Myers Industries during the second quarter worth about $40,000. Bank of New York Mellon Corp raised its holdings in Myers Industries by 0.4% during the first quarter. Bank of New York Mellon Corp now owns 417,591 shares of the industrial products company’s stock worth $8,845,000 after purchasing an additional 1,525 shares in the last quarter. Finally, NewEdge Advisors LLC acquired a new stake in Myers Industries in the first quarter valued at about $43,000. 90.82% of the stock is owned by institutional investors and hedge funds.

Myers Industries Company Profile

Myers Industries, Inc is a diversified manufacturer and distributor headquartered in Akron, Ohio. Founded in 1933, the company serves industrial, commercial, agricultural, automotive, and other end markets through its businesses in material handling and tire service distribution.

Its material handling operations produce reusable plastic products, including pallets, totes, containers, bulk bins, drums, tanks, and other molded components. These products are used for the storage, transport, and handling of materials across manufacturing, supply chain, agricultural, and commercial applications.