Myers Industries Inc. (MYE) Rating Lowered to Underweight at KeyCorp
Myers Industries Inc. (NYSE:MYE) was downgraded by investment analysts at KeyCorp from a “sector weight” rating to an “underweight” rating in a note issued to investors on Tuesday. They currently have a $13.00 target price on the stock. KeyCorp’s target price would indicate a potential downside of 8.13% from the company’s current price.
Separately, Zacks Investment Research raised shares of Myers Industries from a “sell” rating to a “hold” rating in a report on Wednesday, October 5th.
Shares of Myers Industries (NYSE:MYE) opened at 14.15 on Tuesday. The company has a 50 day moving average of $13.16 and a 200 day moving average of $13.96. Myers Industries has a 52 week low of $10.12 and a 52 week high of $15.86. The firm has a market cap of $423.40 million, a PE ratio of 132.24 and a beta of 1.51.
Myers Industries (NYSE:MYE) last posted its quarterly earnings results on Tuesday, November 8th. The company reported $0.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.08 by $0.04. The company earned $132.70 million during the quarter, compared to analyst estimates of $131.65 million. Myers Industries had a net margin of 0.48% and a return on equity of 15.52%. The company’s revenue was down 6.3% on a year-over-year basis. During the same period in the prior year, the company earned $0.09 earnings per share. On average, equities research analysts anticipate that Myers Industries will post $0.46 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 3rd. Shareholders of record on Friday, December 2nd will be paid a dividend of $0.135 per share. The ex-dividend date is Wednesday, November 30th. This represents a $0.54 annualized dividend and a yield of 3.82%. Myers Industries’s payout ratio is 600.00%.
A number of hedge funds have recently added to or reduced their stakes in MYE. SG Americas Securities LLC acquired a new stake in Myers Industries during the third quarter valued at $122,000. BlackRock Advisors LLC raised its stake in Myers Industries by 6.9% in the third quarter. BlackRock Advisors LLC now owns 11,137 shares of the company’s stock valued at $145,000 after buying an additional 721 shares during the last quarter. First Trust Advisors LP raised its stake in Myers Industries by 4.9% in the third quarter. First Trust Advisors LP now owns 11,863 shares of the company’s stock valued at $154,000 after buying an additional 551 shares during the last quarter. Seizert Capital Partners LLC acquired a new stake in Myers Industries during the third quarter valued at $163,000. Finally, Menta Capital LLC acquired a new stake in Myers Industries during the second quarter valued at $177,000. Hedge funds and other institutional investors own 84.67% of the company’s stock.
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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