Myers Industries (MYE) Downgraded by Zacks Investment Research

Zacks Investment Research downgraded shares of Myers Industries (NYSE:MYE) from a buy rating to a hold rating in a research note issued to investors on Thursday, January 4th.

According to Zacks, “Myers Industries, Inc. is an international manufacturer of polymer products for industrial, agricultural, automotive, commercial, and consumer markets. The Company is also the largest wholesale distributor of tools, equipment, and supplies for the tire service and undervehicle repair industry in the United States. “

A number of other research analysts also recently weighed in on MYE. Wells Fargo & Co raised shares of Myers Industries from a market perform rating to an outperform rating and set a $24.00 target price for the company in a research report on Wednesday, January 3rd. KeyCorp reissued a sell rating and set a $15.00 target price on shares of Myers Industries in a research report on Tuesday, November 7th. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and two have assigned a buy rating to the company. The stock presently has an average rating of Hold and an average price target of $20.67.

Myers Industries (NYSE MYE) traded down $0.45 on Thursday, hitting $21.30. 43,253 shares of the company were exchanged, compared to its average volume of 102,254. Myers Industries has a 12 month low of $13.20 and a 12 month high of $22.65. The company has a quick ratio of 1.06, a current ratio of 1.56 and a debt-to-equity ratio of 1.62. The firm has a market cap of $644.43, a price-to-earnings ratio of 92.61, a PEG ratio of 11.07 and a beta of 1.76.

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

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, January 2nd. Investors of record on Friday, December 1st were issued a $0.135 dividend. This represents a $0.54 annualized dividend and a yield of 2.54%. The ex-dividend date of this dividend was Thursday, November 30th. Myers Industries’s dividend payout ratio (DPR) is presently 234.78%.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Thompson Davis & CO. Inc. boosted its holdings in Myers Industries by 44.4% in the 2nd quarter. Thompson Davis & CO. Inc. now owns 5,656 shares of the industrial products company’s stock worth $102,000 after buying an additional 1,738 shares during the period. KBC Group NV boosted its holdings in Myers Industries by 183.5% in the 2nd quarter. KBC Group NV now owns 5,695 shares of the industrial products company’s stock worth $102,000 after buying an additional 3,686 shares during the period. Public Employees Retirement System of Ohio bought a new position in Myers Industries in the 3rd quarter worth approximately $107,000. Acrospire Investment Management LLC bought a new position in Myers Industries in the 2nd quarter worth approximately $136,000. Finally, BNP Paribas Arbitrage SA boosted its holdings in Myers Industries by 99.8% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 8,637 shares of the industrial products company’s stock worth $155,000 after buying an additional 4,315 shares during the period. 84.87% of the stock is owned by institutional investors.

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Myers Industries Company Profile

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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