Zacks Investment Research Downgrades Myers Industries (MYE) to Hold

Zacks Investment Research cut 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. “

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

Myers Industries (NYSE:MYE) traded down $0.20 during trading on Thursday, reaching $21.50. 32,994 shares of the company’s stock traded hands, compared to its average volume of 99,284. The firm has a market cap of $650.48, a PE ratio of 93.48, a price-to-earnings-growth ratio of 11.04 and a beta of 1.76. The company has a debt-to-equity ratio of 1.62, a quick ratio of 1.06 and a current ratio of 1.56. Myers Industries has a 52-week low of $13.20 and a 52-week high of $22.65.

Myers Industries (NYSE:MYE) last released its earnings results on Tuesday, November 7th. The industrial products company reported $0.11 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.11. The firm had revenue of $144.10 million for 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%. Myers Industries’s quarterly revenue was up 8.6% on a year-over-year basis. During the same quarter last year, the company earned $0.04 EPS. equities research analysts anticipate that Myers Industries will post 0.49 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, January 2nd. Stockholders of record on Friday, December 1st were given a dividend of $0.135 per share. The ex-dividend date of this dividend was Thursday, November 30th. This represents a $0.54 annualized dividend and a dividend yield of 2.51%. Myers Industries’s dividend payout ratio (DPR) is 234.78%.

Several large investors have recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in shares of Myers Industries by 4.9% during the 2nd quarter. Vanguard Group Inc. now owns 1,469,679 shares of the industrial products company’s stock valued at $26,381,000 after purchasing an additional 68,905 shares in the last quarter. Northern Trust Corp boosted its position in shares of Myers Industries by 3.9% during the 2nd quarter. Northern Trust Corp now owns 996,343 shares of the industrial products company’s stock valued at $17,885,000 after purchasing an additional 36,983 shares in the last quarter. State Street Corp boosted its position in shares of Myers Industries by 1.6% during the 2nd quarter. State Street Corp now owns 533,846 shares of the industrial products company’s stock valued at $9,581,000 after purchasing an additional 8,375 shares in the last quarter. Bank of New York Mellon Corp boosted its position in shares of Myers Industries by 0.7% during the 3rd quarter. Bank of New York Mellon Corp now owns 462,558 shares of the industrial products company’s stock valued at $9,691,000 after purchasing an additional 3,265 shares in the last quarter. Finally, Rafferty Asset Management LLC bought a new position in shares of Myers Industries during the 2nd quarter valued at about $5,301,000. Institutional investors own 85.45% of the company’s stock.

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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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