Myers Industries Inc. (MYE) Upgraded by Zacks Investment Research to Hold
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. “
Myers Industries (NYSE:MYE) remained flat at $12.46 during trading on Wednesday. The stock had a trading volume of 7,676 shares. The firm has a market cap of $372.49 million, a P/E ratio of 117.55 and a beta of 1.57. The stock has a 50 day moving average of $13.69 and a 200-day moving average of $13.97. Myers Industries has a 12-month low of $10.12 and a 12-month high of $15.86.
Myers Industries (NYSE:MYE) last posted its quarterly earnings data on Wednesday, August 3rd. The company reported $0.21 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.23 by $0.02. The firm earned $144.10 million during the quarter, compared to analysts’ expectations of $152.90 million. Myers Industries had a net margin of 0.45% and a return on equity of 16.92%. The company’s quarterly revenue was down 12.3% on a year-over-year basis. During the same quarter last year, the business posted $0.30 EPS. On average, equities research analysts forecast that Myers Industries will post $0.56 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Monday, October 3rd. Stockholders of record on Friday, September 2nd were given a dividend of $0.135 per share. This represents a $0.54 dividend on an annualized basis and a dividend yield of 4.33%. The ex-dividend date was Wednesday, August 31st. Myers Industries’s dividend payout ratio is currently 600.00%.
In other Myers Industries news, Director Jane Scaccetti acquired 2,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 16th. The stock was bought at an average cost of $14.64 per share, with a total value of $29,280.00. Following the acquisition, the director now owns 4,800 shares in the company, valued at $70,272. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 3.29% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MYE. AJO LP acquired a new position in Myers Industries during the second quarter valued at approximately $1,031,000. SECOR Capital Advisors LP increased its position in Myers Industries by 250.3% in the second quarter. SECOR Capital Advisors LP now owns 40,799 shares of the company’s stock valued at $588,000 after buying an additional 29,152 shares during the period. Los Angeles Capital Management & Equity Research Inc. increased its position in Myers Industries by 13.8% in the second quarter. Los Angeles Capital Management & Equity Research Inc. now owns 24,890 shares of the company’s stock valued at $358,000 after buying an additional 3,025 shares during the period. Gabelli Funds LLC increased its position in Myers Industries by 0.3% in the second quarter. Gabelli Funds LLC now owns 1,542,010 shares of the company’s stock valued at $22,205,000 after buying an additional 4,634 shares during the period. Finally, Gamco Investors INC. ET AL increased its position in Myers Industries by 2.7% in the second quarter. Gamco Investors INC. ET AL now owns 4,949,853 shares of the company’s stock valued at $71,278,000 after buying an additional 128,610 shares during the period. 83.62% of the stock is owned by institutional investors.
Myers Industries Company Profile
Myers Industries, Inc is an international manufacturing and distribution company. The Company operates through two segments: Material Handling, which designs, manufactures and markets a range of plastic and metal products, and Distribution, which is engaged in the distribution of equipment, tools and supplies used for tire servicing and automotive undervehicle repair and the manufacture of tire repair and retreading products.
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