Myers Industries, Inc. (MYE) Earns Sell Rating from KeyCorp

KeyCorp reissued their sell rating on shares of Myers Industries, Inc. (NYSE:MYE) in a research note issued to investors on Tuesday, November 7th. KeyCorp currently has a $15.00 target price on the industrial products company’s stock. KeyCorp also issued estimates for Myers Industries’ Q4 2017 earnings at $0.10 EPS, FY2017 earnings at $0.50 EPS and FY2018 earnings at $0.59 EPS.

“We are slightly increasing our 2017 adj. EPS estimate from $0.48 to $0.50 on lower D&A expense, while we are increasing our 2018 estimate from $0.51 to $0.59 on higher EBITDA; the Company called out a better agricultural market heading into 2018 and some new food processing customers. MYE also talked about robust” M&A discussions it’s having, while acknowledging that it’s a seller’s market. Key Investment Points On our 2017 estimate, MYE is trading at an EV/EBITDA multiple of ~12x compared to the 10-year average of ~8x. MYE is generating good cash flow and making itself a more efficient company, and we think management deserves credit. That said, we don’t think these steps warrant the multiple at which the stock is trading. Consequently, we reiterate our UW rating on valuation.”,” KeyCorp’s analyst wrote.

MYE has been the subject of several other reports. Zacks Investment Research cut shares of Myers Industries from a buy rating to a hold rating in a report on Wednesday, October 4th. BidaskClub cut shares of Myers Industries from a hold rating to a sell rating in a research note on Monday, July 31st. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and one has assigned a buy rating to the stock. The stock presently has an average rating of Hold and an average price target of $17.50.

Myers Industries (MYE) opened at $20.70 on Tuesday. The stock has a market cap of $630.07, a P/E ratio of 50.49, a PEG ratio of 14.08 and a beta of 1.78. The company has a quick ratio of 1.06, a current ratio of 1.56 and a debt-to-equity ratio of 1.62. Myers Industries has a 52 week low of $13.20 and a 52 week high of $22.65.

Myers Industries (NYSE:MYE) last announced its earnings results on Tuesday, November 7th. The industrial products company reported $0.11 EPS for the quarter, hitting the consensus estimate of $0.11. The company had revenue of $144.10 million during the quarter, compared to analysts’ expectations of $138.93 million. Myers Industries had a net margin of 1.24% and a return on equity of 12.93%. The business’s revenue for the quarter was up 8.6% on a year-over-year basis. During the same period last year, the company posted $0.04 earnings per share. research analysts expect that Myers Industries will post 0.49 earnings per share for the current fiscal year.

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The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 2nd. Stockholders of record on Friday, December 1st will be given a $0.135 dividend. This represents a $0.54 dividend on an annualized basis and a dividend yield of 2.61%. The ex-dividend date of this dividend is Thursday, November 30th. Myers Industries’s dividend payout ratio is 234.78%.

Large investors have recently added to or reduced their stakes in the company. Prudential Financial Inc. increased its position in Myers Industries by 14.3% during the second quarter. Prudential Financial Inc. now owns 42,252 shares of the industrial products company’s stock worth $758,000 after acquiring an additional 5,270 shares during the period. Principal Financial Group Inc. boosted its stake in Myers Industries by 3.6% during the first quarter. Principal Financial Group Inc. now owns 166,212 shares of the industrial products company’s stock worth $2,634,000 after buying an additional 5,836 shares in the last quarter. Texas Permanent School Fund boosted its stake in Myers Industries by 1.4% during the second quarter. Texas Permanent School Fund now owns 16,031 shares of the industrial products company’s stock worth $288,000 after buying an additional 216 shares in the last quarter. North Star Investment Management Corp. boosted its stake in Myers Industries by 0.4% during the second quarter. North Star Investment Management Corp. now owns 157,116 shares of the industrial products company’s stock worth $2,820,000 after buying an additional 654 shares in the last quarter. Finally, Vanguard Group Inc. boosted its stake in Myers Industries by 4.5% during the first quarter. Vanguard Group Inc. now owns 1,400,774 shares of the industrial products company’s stock worth $22,202,000 after buying an additional 59,870 shares in the last quarter. 83.19% of the stock is currently owned by institutional investors.

About Myers Industries

Myers Industries, Inc is an international manufacturing and distribution company. The Company operates through two segments: Material Handling and Distribution. As of December 31, 2016, the Company operated 15 manufacturing facilities, 20 sales offices, four distribution centers and three distribution branches located throughout North, Central and South America.

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