Myers Industries (NYSE:MYE) Stock Rating Lowered by ValuEngine

ValuEngine cut shares of Myers Industries (NYSE:MYE) from a hold rating to a sell rating in a report published on Tuesday morning, ValuEngine reports.

A number of other analysts have also weighed in on the stock. Cowen raised shares of Myers Industries from a market perform rating to an outperform rating and upped their target price for the stock from $20.00 to $22.00 in a report on Tuesday, August 27th. Zacks Investment Research raised shares of Myers Industries from a sell rating to a hold rating in a report on Wednesday, October 2nd.

NYSE MYE opened at $16.40 on Tuesday. The company’s 50 day moving average is $17.01 and its 200-day moving average is $17.46. Myers Industries has a 12-month low of $14.24 and a 12-month high of $19.55. The company has a quick ratio of 1.77, a current ratio of 2.26 and a debt-to-equity ratio of 0.50. The firm has a market cap of $574.29 million, a P/E ratio of 21.58 and a beta of 1.57.

Myers Industries (NYSE:MYE) last posted its quarterly earnings results on Tuesday, July 30th. The industrial products company reported $0.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.25 by $0.02. Myers Industries had a negative net margin of 0.99% and a positive return on equity of 17.51%. The company had revenue of $134.30 million for the quarter, compared to analyst estimates of $138.00 million. During the same quarter in the previous year, the firm posted $0.27 earnings per share. The company’s quarterly revenue was down 4.5% compared to the same quarter last year. Equities analysts expect that Myers Industries will post 0.79 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Wednesday, October 2nd. Investors of record on Tuesday, September 3rd were issued a dividend of $0.135 per share. This represents a $0.54 dividend on an annualized basis and a yield of 3.29%. The ex-dividend date of this dividend was Friday, August 30th. Myers Industries’s dividend payout ratio (DPR) is presently 71.05%.

Institutional investors have recently bought and sold shares of the stock. Trust Co. of Vermont bought a new stake in Myers Industries during the 2nd quarter worth approximately $39,000. Aperio Group LLC bought a new stake in Myers Industries during the 2nd quarter worth approximately $92,000. Bank of Montreal Can increased its holdings in Myers Industries by 118.4% during the 2nd quarter. Bank of Montreal Can now owns 5,453 shares of the industrial products company’s stock worth $105,000 after acquiring an additional 2,956 shares during the period. Marshall Wace North America L.P. bought a new stake in Myers Industries during the 1st quarter worth approximately $144,000. Finally, Convergence Investment Partners LLC bought a new stake in Myers Industries during the 2nd quarter worth approximately $169,000. 87.11% of the stock is currently owned by institutional investors and hedge funds.

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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