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 Friday morning, Zacks.com reports.
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. “
Shares of NYSE:MYE traded up $0.11 during midday trading on Friday, hitting $16.17. The company had a trading volume of 104,796 shares, compared to its average volume of 93,123. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.61 and a current ratio of 2.26. The firm has a market cap of $573.42 million, a P/E ratio of 21.28 and a beta of 1.63. Myers Industries has a 12-month low of $14.24 and a 12-month high of $25.70. The business has a fifty day simple moving average of $18.23.
Myers Industries (NYSE:MYE) last posted its quarterly earnings data on Tuesday, July 30th. The industrial products company reported $0.27 EPS for the quarter, topping the consensus estimate of $0.25 by $0.02. The firm had revenue of $134.30 million during the quarter, compared to analyst estimates of $138.00 million. Myers Industries had a positive return on equity of 17.51% and a negative net margin of 0.99%. Myers Industries’s revenue was down 4.5% on a year-over-year basis. During the same period in the prior year, the business posted $0.27 EPS. On average, equities analysts expect that Myers Industries will post 0.8 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 2nd. Stockholders of record on Tuesday, September 3rd will be paid a $0.135 dividend. This represents a $0.54 annualized dividend and a dividend yield of 3.34%. Myers Industries’s dividend payout ratio (DPR) is 71.05%.
Several large investors have recently bought and sold shares of the company. Norges Bank purchased a new stake in shares of Myers Industries in the 4th quarter worth $10,933,000. Geode Capital Management LLC increased its stake in shares of Myers Industries by 5.7% in the 4th quarter. Geode Capital Management LLC now owns 621,331 shares of the industrial products company’s stock worth $9,388,000 after purchasing an additional 33,596 shares in the last quarter. Bank of New York Mellon Corp increased its stake in shares of Myers Industries by 2.2% in the 4th quarter. Bank of New York Mellon Corp now owns 553,864 shares of the industrial products company’s stock worth $8,369,000 after purchasing an additional 12,171 shares in the last quarter. Principal Financial Group Inc. increased its stake in shares of Myers Industries by 3.1% in the 4th quarter. Principal Financial Group Inc. now owns 297,950 shares of the industrial products company’s stock worth $4,502,000 after purchasing an additional 8,917 shares in the last quarter. Finally, Federated Investors Inc. PA increased its stake in shares of Myers Industries by 11.5% in the 1st quarter. Federated Investors Inc. PA now owns 283,204 shares of the industrial products company’s stock worth $4,845,000 after purchasing an additional 29,136 shares in the last quarter. Hedge funds and other institutional investors own 87.09% of the company’s stock.
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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