ValuEngine upgraded shares of Myers Industries (NYSE:MYE) from a hold rating to a buy rating in a report released on Friday.
A number of other analysts have also issued reports on MYE. KeyCorp reaffirmed a sector weight rating on shares of Myers Industries in a research report on Tuesday, August 28th. Zacks Investment Research raised Myers Industries from a hold rating to a strong-buy rating and set a $27.00 target price on the stock in a research report on Wednesday, September 12th. Cowen started coverage on Myers Industries in a research report on Friday, September 28th. They set a market perform rating on the stock. Finally, TheStreet lowered Myers Industries from a b rating to a c- rating in a research report on Thursday, November 8th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the stock. The company presently has an average rating of Hold and a consensus target price of $23.50.
Shares of MYE traded up $0.02 during midday trading on Friday, reaching $16.23. 177,388 shares of the company were exchanged, compared to its average volume of 123,483. The stock has a market cap of $573.06 million, a PE ratio of 31.82 and a beta of 1.98. Myers Industries has a 1-year low of $15.25 and a 1-year high of $25.70. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.97 and a quick ratio of 1.46.
Myers Industries (NYSE:MYE) last announced its earnings results on Tuesday, November 6th. The industrial products company reported $0.15 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.15. Myers Industries had a positive return on equity of 18.40% and a negative net margin of 4.21%. The business had revenue of $135.22 million for the quarter, compared to analyst estimates of $135.08 million. During the same period in the previous year, the company earned $0.11 earnings per share. The company’s revenue for the quarter was up .1% compared to the same quarter last year. On average, research analysts anticipate that Myers Industries will post 0.72 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 3rd. Stockholders of record on Friday, December 7th will be given a dividend of $0.135 per share. This represents a $0.54 dividend on an annualized basis and a dividend yield of 3.33%. The ex-dividend date is Thursday, December 6th. Myers Industries’s payout ratio is 105.88%.
A number of institutional investors have recently made changes to their positions in the stock. Metropolitan Life Insurance Co. NY increased its holdings in Myers Industries by 31.2% in the second quarter. Metropolitan Life Insurance Co. NY now owns 10,364 shares of the industrial products company’s stock valued at $199,000 after buying an additional 2,462 shares during the last quarter. New York State Teachers Retirement System increased its holdings in Myers Industries by 3.7% in the second quarter. New York State Teachers Retirement System now owns 73,990 shares of the industrial products company’s stock valued at $1,421,000 after buying an additional 2,662 shares during the last quarter. Texas Permanent School Fund increased its holdings in Myers Industries by 20.0% in the second quarter. Texas Permanent School Fund now owns 17,412 shares of the industrial products company’s stock valued at $334,000 after buying an additional 2,904 shares during the last quarter. Strs Ohio increased its holdings in Myers Industries by 9.7% in the second quarter. Strs Ohio now owns 38,400 shares of the industrial products company’s stock valued at $737,000 after buying an additional 3,400 shares during the last quarter. Finally, Louisiana State Employees Retirement System increased its holdings in Myers Industries by 28.1% in the third quarter. Louisiana State Employees Retirement System now owns 15,500 shares of the industrial products company’s stock valued at $360,000 after buying an additional 3,400 shares during the last quarter. 88.45% of the stock is owned by hedge funds and other institutional investors.
About Myers Industries
Myers Industries, Inc manufactures and sells polymer products for industrial, agricultural, automotive, commercial, and consumer markets worldwide. The company's Material Handling segment provides plastic reusable material handling containers, pallets, small parts bins, bulk shipping containers, storage and organization products, and rotationally-molded plastic tanks for water, fuel, and waste handling applications; welded steel service carts, platform trucks, mobile work centers, racks, and cabinets; plastic trim and interior parts used in the production of seat components, consoles, and other applications in the recreational vehicle, marine, and industrial markets; and plastic fuel containers, portable marine fuel tanks and water containers, ammunition containers, and storage totes under the Buckhorn, Akro-Mils, Jamco Products, Ameri-Kart, and Scepter brands.
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